Top management team diversity and firm performance: exploring a function of age
Top management team diversity and firm performance: exploring a function of age
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DOI：
10.1108/tpm-06-2016-0027
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发表时间：
2017-04
影响因子：
1.7
通讯作者：
Tomohiko Tanikawa;Soyeon Kim;Yuhee Jung
中科院分区：
文献类型：
--
作者：
Tomohiko Tanikawa;Soyeon Kim;Yuhee Jung
目的基于社会情绪选择理论，提出并检验高管团队年龄多样性对企业财务绩效（净资产收益率（ROE）、资产收益率（罗阿））的直接影响以及高管团队年龄多样性和高管团队平均年龄对企业财务绩效的交互影响的假设。设计/方法/方式-本文介绍了867 TMT在韩国制造企业的定量研究结果。采用多元分层回归分析对假设进行检验。结果-结果表明，TMT年龄多样性有一个负的和显着的主要影响ROE，但不是罗阿。研究还表明，当高管团队成员年龄相对较大时，高管团队年龄多样性与企业绩效（ROE）之间的负相关关系减弱。独创性/价值首先，本研究扩展了现有的TMT研究，主要集中在宏观因素，如行业和环境，通过使用微观因素，包括TMT的年龄多样性和TMT的平均年龄。其次，本文结合和扩展了以往的TMT研究，一直占主导地位的“属性”或“趋势”，通过检查的分布属性（多样性）和集中趋势（平均值）对企业的财务业绩的交互作用。最后，本研究指出，社会情绪选择理论可能有助于解释高管团队年龄差异与企业财务绩效之间的关系。
Purpose Based on socioemotional selectivity theory, the authors aimed to develop and test hypotheses that identify the direct effect of top management team (TMT) age diversity on firms’ financial performance (return on equity [ROE], return on assets [ROA]) and the interactive effect of TMT age diversity and TMT average age on firms’ financial performance. Design/methodology/approach The paper presents results from a quantitative study of 867 TMTs in Korean manufacturing firms. Multiple hierarchical regression analysis was used to test the hypotheses. Findings The results show that TMT age diversity had a negative and significant main effect on ROE but not on ROA. They also indicate that the negative relationship between TMT age diversity and firm performance (ROE) was attenuated when the members of TMTs were relatively older. Originality/value First, this study extends existing TMT research, which mainly focuses on macro factors, such as industry and environment, by using micro factors, including TMT age diversity and TMT average age. Second, this paper combines and extends previous TMT studies, which have been dominated by either “property” or “tendency”, by examining the interactive effect of the distributional property (diversity) and central tendency (average) of TMT age on firms’ financial performance. Finally, this study indicates that socioemotional selectivity theory may be useful to explain the link between TMT age diversity and firms’ financial performance.