The relationship between venture capital backing and the top management team quality of firms going public and implications for initial public offerings

2021 ◽  
Vol 36 (6) ◽  
pp. 106148
Author(s):  
Thomas J. Chemmanur ◽  
Manish Gupta ◽  
Karen Simonyan ◽  
Hassan Tehranian
Keyword(s):  
Venture Capital ◽  
Initial Public Offerings ◽  
Top Management Team ◽  
Management Team ◽  
Top Management ◽  
Going Public ◽  
Public Offerings ◽  
The Relationship

scholarly journals A Relationship Model between Top Management Team Cognitive Heterogeneity and Strategic Decision Quality and Its Implications for Sustainability

Complexity ◽  
2020 ◽  
Vol 2020 ◽  
pp. 1-12
Author(s):  
Qiannan Wang ◽  
Yuhui Ge ◽  
Cuihua Hu
Keyword(s):  
Top Management Team ◽  
Management Team ◽  
Strategic Decision ◽  
Decision Quality ◽  
Top Management ◽  
Strategic Decisions ◽  
Entrepreneurial Spirit ◽  
Cognitive Heterogeneity ◽  
The Relationship

To achieve sustainable development, a top management team (TMT) and the quality of its strategic decisions on sustainability are critical. This paper builds a relationship model between top management team (TMT) cognitive heterogeneity and the quality of strategic decisions. This research is important because TMT cognitive heterogeneity can comport decision-making schemes with complex and changing environments. Specifically, this paper explores the intermediary role of the team fusion process composed of different shareholders’ agents in integrating TMT heterogeneous cognition to improve the quality of strategic decisions. It adopts the upper echelon theory, which proposes that decision-makers have limited rationality and face difficulty in collecting and analyzing information in complex and changing environments. A questionnaire survey of 107 Chinese enterprises was conducted. Through the research framework of “cognitive heterogeneity–team fusion–strategic decision quality,” this paper constructs a moderated mediator model with entrepreneurial spirit as the moderating variable. Based on statistical analysis, the following results and contributions are obtained. First, TMT cognitive heterogeneity positively affected strategic decision quality. Second, two dimensions of team fusion—information integration and emotional fusion—mediated the relationship between TMT cognitive heterogeneity and strategic decision quality. Third, entrepreneurial spirit positively moderated the relationship between information integration and strategic decision quality, as well as the relationship between emotional fusion and strategic decision quality. The implications of our results related to sustainability are also discussed.

scholarly journals Top Management Team Characteristics, Competitive Environment and Strategy Implementation

2020 ◽  
Vol 15 (7) ◽  
pp. 147
Author(s):  
Wasike Shadrack Mayende ◽  
Owino Odhiambo Joseph
Keyword(s):  
Top Management Team ◽  
Business Environment ◽  
Strategy Implementation ◽  
Management Team ◽  
Competitive Environment ◽  
Top Management ◽  
Product Term ◽  
Team Characteristics ◽  
The Relationship ◽  
Marketing Agency

Competing favorably in the market requires finding a perfect fit between a firm’s resources and the business environment. Strategy is the stewardship by top management that aligns organizational resources and capabilities to the environment with the ultimate goal of achieving superior and sustainable performance. The current study was designed to determine the influence of competitive environment on the relationship between top management team characteristics and strategy implementation. The study adopted the descriptive cross-sectional survey design. Data was obtained by administering structured questionnaire mailed to top managers in tea factory companies in Kenya. The moderation test was carried out using the product term of the standardized scores for top management team characteristics and competitive environment respectively. Data was processed through regression analysis. While we demonstrate that top management team characteristics had significant influence on strategy implementation, the results of moderation tests were not statistically significant. Consequently, our hypothesized moderating influence of competitive environment on the relationship between top management team characteristics and strategy implementation was not supported. Our findings raise theoretical questions on whether competitive environment is more relevant during strategy formulation process or execution stage. We conclude that companies implementing strategy in stable competitive environment have predictable implementation of planned strategy. We further conclude that external insulation from competition by umbrella marketing agency reduces the influence of factors within the competitive environment on the relationship between top management team characteristics and strategy implementation. However, the temporary insulation of the firm from competition exposes it to competitive disadvantage in the event that the marketing agency is destabilized by forces both from within and external to it.

Do Interaction and Education Moderate Top Management Team Age Heterogeneity and Corporate Social Responsibility?

2018 ◽  
Vol 46 (12) ◽  
pp. 2063-2079 ◽  
Author(s):  
Yawei Liu ◽  
M. Awais Gulzar ◽  
Zhaoguo Zhang ◽  
Qingxiang Yang
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Top Management Team ◽  
Management Team ◽  
Top Management ◽  
Listed Firms ◽  
Upper Echelons Theory ◽  
Csr Strategy ◽  
Corporate Social ◽  
The Relationship

Using Chinese listed firms' data from 2008 to 2012, we explored, on the basis of upper echelons theory, whether and how top management team (TMT) age heterogeneity affects corporate social responsibility (CSR) and if TMT interaction and TMT education moderate this relationship. Results revealed an inverted U-shaped relationship between TMT age heterogeneity and CSR, in which TMT interaction played a moderating role; however, TMT education did not moderate the relationship. These results are helpful and significant for the understanding of CSR strategy, and for the improvement of human resource management.

THE RELATIONSHIP BETWEEN TOP MANAGEMENT TEAM INNOVATION ORIENTATION AND FIRM GROWTH: THE MEDIATING ROLE OF FIRM INNOVATIVENESS

2015 ◽  
Vol 19 (01) ◽  
pp. 1550005 ◽  
Author(s):  
NILS D. KRAICZY ◽  
ANDREAS HACK ◽  
FRANZ W. KELLERMANNS
Keyword(s):  
Firm Growth ◽  
Top Management Team ◽  
Organizational Outcomes ◽  
Management Team ◽  
Top Management ◽  
Upper Echelon ◽  
Team Innovation ◽  
Firm Innovativeness ◽  
Team Characteristics ◽  
The Relationship

Upper echelon theory and research on innovation have considered top management teams and their behaviour and characteristics as important factors that positively influence innovativeness and organizational outcomes. Yet, innovation research has mostly focused on individual new product projects, and their performance and impact on firm performance. Recent research has started to apply a more holistic view in terms of innovation, by considering firm-wide innovation instead of single new products. Upper echelon research has concentrated on direct relationships between top management team characteristics and organizational outcomes. But recent research calls for mediating effects of the relationship between top management team characteristics and organizational outcomes. Hence, this study introduces firm innovativeness as a mediator between top management team innovation orientation and firm growth. Focusing on small and medium-sized firms, which often represent highly innovative firms, results show that firm innovativeness fully mediates the relationship between top management team innovation orientation and firm growth. Implications and future research are discussed.

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