Empirical Research On The Effect Of TMT Heterogeneity On The Transformation Strategy Performance After Replacement Of The CEO

With the global economic integration and the continuous expansion of enterprise scale, before single-handed leadership style is very difficult to lead the enterprises to adapt to the new environment, meet the new challenge, replace somebody is a clear division of labor, each team management mode. And management as a special team, responsible for the entire organization, has a significant impact on the implementation of enterprise strategy, the final decision of the enterprise financial performance. Then,with Hambrick and Mason(1984) put forward higher order theory(Upper Echelons Theory), the management features and its role in the strategic management of the attention of the academic circles and business circles they would like to take this series of studies found what characteristics should possess the management efficient. The literature review that based on the previous literature, summed up the characteristics of the management layer, and its correlation with the enterprise performance. In addition, in the review of the literature, management refers to the top management team(Top Management Team, referred to as TMT), and the financial performance is reflected from the enterprise in a certain period of profitability, asset quality, business growth and business results.What characteristics of the new CEO can affect enterprise performance improvement has been one of the hot topics of management, the existing research has reached a different conclusion. A large part of the research based on the theory of high order echelon has discussed the relationship between CEO’s personal characteristics and performance, and less research on the influence of the fit between the successor and the other members of the executive team on the performance improvement. This study based on upper echelons theory to construct the research model and put forward the research hypotheses, select 210 replaced CEO listed companies as the research sample, the inspection of the new CEO Characteristics and TMT heterogeneity of the relationship between enterprise performance improvement. Results show that the new CEO of education negatively to performance improvement, TMT age heterogeneity and tenure heterogeneity of negative to adjust the relationship between the new CEO education, professional education background and performance improvement, TMT age heterogeneity positively regulates the new CEO of the MBA education background and enterprise performance change the relationship between the good.