An Empirical Study On The Growth Of Firms And Top Management Teams In Tourism-Listed Companies

Since the reform and opening up,China has vigorously developed tourism.The government has promulgated a series of policies to promote the development of tourism.Nowadays,tourism has become one of the fastest growing industries with obvious international competitive advantages.As a leader in tourism enterprises,Chinese tourism listed companies play a vital role in the development of China's tourism industry.With the participation of the world's major tourism groups,the competition in the Chinese tourism market has entered a stage of intense heating.Tourism enterprises are faced with complex internal and external environments,which poses new challenges to the quality and capabilities of top management personnel of Chinese tourism enterprises.How to make correct strategic decisions to make enterprises stand out in complex environments is a difficult problem for enterprise development.The formulation of strategic decisions requires the efficient collaboration of senior management team members,and the ability of managers alone is not enough.If tourism companies want to have strong competitiveness,they need high-quality executive team support.Building a reasonable and efficient executive team is increasingly valued by the company.The executive team has a direct and indirect impact on the growth of the company.Therefore,this paper explores the relationship between the characteristics of China's tourism executive team and the growth of the company.Based on the upper echelons theory,the enterprise growth theory and the entrepreneur theory,this paper combines the existing literature,selects 28 tourism listed companies as the research object,and divides the executive characteristics into two aspects: homogeneity and heterogeneity.That is,average age,age heterogeneity,average education level,educational heterogeneity,average tenure,tenure heterogeneity,and female executives.Enterprise growth builds an indicator system by factor analysis of 13 indicators,and adds control variable team size,firm size,market life and financial leverage to the research.On this basis,the status quo of the executive team of listed companies in tourism is analyzed through descriptivestatistical analysis.Second,use correlation analysis to observe the relationship between variables.Finally,the fixed panel model regression analysis is used to analyze the relationship between executive characteristics and corporate growth.The empirical analysis draws the following conclusions: In China's tourism listed companies,there is a significant positive impact on the average age and average education level of executive teams and corporate growth.There is a significant negative impact on the heterogeneity of executive team education and the heterogeneity of tenure and corporate growth.The average term of the executive team and the proportion of women accounted for the positive impact on the growth of the company.The age heterogeneity had a negative impact on the growth of the company,but none of them passed the significant test.According to the research conclusions,this paper proposes suggestions for the composition of the executive team of China's tourism listed companies: First,tourism companies should fully understand the importance of the executive team to the growth of the company.Second,the age of executive team members is controlled at an appropriate level.Third,improve the education level of senior management team members.Fourth,the executive team must not change personnel frequently.Fifth,the senior management team should pay attention to the influence of female executives on the team,so that the appropriate female executives can enter the senior management team to participate in the formulation of strategic decisions.Sixth,establish an effective senior management and selection mechanism.