高管团队异质性与公司业绩关系的实证研究

选取2014-2018年主板上市公司的相关数据作为研究样本,对高管团队异质性与公司业绩之间的关系进行了实证研究。通过引入股权集中度作为调节变量,从高管团队年龄、任期、性别以及受教育水平四个方面特征,探讨高管团队异质性对公司业绩的影响。实证结果显示:高管团队年龄异质性、任期异质性与公司业绩呈负相关;性别异质性、受教育水平异质性与公司业绩呈正相关。股权集中度有利于调节高管团队异质性与公司业绩之间的关系。

The Empirical Study of Executive Team Heterogeneity and Firm Performance Relationship

This paper systematically studies the influence of heterogeneity of senior management team on corporate performance. In this paper, relevant data of main board listed companies from 2014 to 2018 are selected as research samples to conduct an empirical study on the relationship between heterogeneity of senior management team and corporate performance. By introducing ownership concentration as a moderating variable, this paper discusses the influence of heterogeneity of senior management team on corporate performance from four aspects: age, tenure, gender and education level. The empirical results show that age heterogeneity and tenure heterogeneity of senior management team are negatively correlated with corporate performance. Gender heterogeneity and education level heterogeneity are positively correlated with company performance. Ownership concentration helps to regulate the relationship between heterogeneity of senior management team and corporate performance.