Newness and novelty: Relating top management team composition to new venture performance |
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| Institution: | 1. Joseph M. Katz Graduate School of Business, University of Pittsburgh, Pittsburgh, PA 15260, USA;2. Department of Management, LeBow College of Business, Drexel University, Philadelphia, PA 19104, USA;3. Department of Management, Peter T. Paul College of Business and Economics, University of New Hampshire, Durham, NH 03824, USA;4. School of Business Administration, Portland State University, Portland, OR 97207, USA;1. Department of Management, Pamplin College of Business, Virginia Polytechnic Institute and State University, United States;2. Michael F. Price College of Business, The University of Oklahoma, 307 W. Brooks Ave., Adams Hall Room 206, United States;1. Institute for Employment Research, Nuremberg & Ludwig-Maximilians-University, Regensburgerstr. 104, Munich, 90478, Germany;2. University of Applied Labour Studies, Wismarsche Str. 405, Schwerin, 19055, Germany;3. Polytechnic of Turin, Corso Duca degli Abruzzi, 24, Turin, 10129, Italy;1. Leadership, Strategy and Organisations Department, Faculty of Management, Bournemouth University, 89 Holdenhurst Road, Bournemouth BH8 8EB, United Kingdom;2. Department of Business Administration, Faculty of Economic and Business Sciences, University of Granada, Granada 18071, Spain |
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| Abstract: | We distinguish novelty from newness and argue that the tasks of new venture top management teams vary with new venture novelty. We argue that as novelty increases, the information processing requirements on the TMT change as well. Because a team's demographic characteristics influence its information processing abilities, venture performance should reflect, at least partially, the fit between the characteristics of the TMT and the level of venture novelty. Evidence from a large sample of ventures supports this view. |
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