Executive Team Heterogeneity,CEO Power And Corporate Performance

Since the new century,the internal and external environment faced by Chinese enterprises in the development process has become more and more complex,and the competitive pressure has become more and more.In the complex environment,how can the senior management team as the enterprise leadership formulate the correct strategic decision to lead the enterprise to stand out? The difficulty of the enterprise in the development process,and the quality of the enterprise executive team is an important factor affecting the level of strategic decision-making,which will have a significant impact on the business performance of the enterprise.Therefore,research on senior management teams has always been a research hotspot of high-level theory,and executive team heterogeneity is an important aspect of executive team,but in the research on executive team heterogeneity and corporate performance.There has been a phenomenon of inconsistent research results.At the same time,in the company's senior management team,the CEO is the core of the team's leadership,responsible for the day-to-day management activities of the company,and has overall responsibility for the development of the company.Its power will be in the strategic formulation process of the company's senior management team.The results have an impact,so this paper introduces CEO power into the research of executive team heterogeneity and business performance,from the perspective of CEO power to explore the relationship between executive team heterogeneity and business performance,trying to At the present stage,the development and improvement of the organizational structure of corporate executives in China provides theoretical support and practical countermeasures.Based on the theory of high-level team,organizational hierarchy theory and human capital theory,this paper takes the data of China's Shanghai and Shenzhen A-share manufacturing industry from 2015 to 2017 as a sample,and uses the methods of multiple linear regression and adjustment effect to explore the senior management team.The relationship between quality and short-term and long-term business performance of the company and the regulation of CEO power.This paper takes the listed companies in the manufacturing industry as the research object,and studies the relationship between the heterogeneity of the top management team of the manufacturing company and the performance of the company,and also adds the CEO power as the adjustment variable to further explore its heterogeneity and corporate performance for the executive team.The adjustment function is used as a basis to provide reference for the construction of the senior management team of listed companies in the manufacturing industry.The study found:(1)The education level and gender heterogeneity of senior management team have a significant positive impact on the business performance of the company.The age and term heterogeneity of the senior management team have a negative impact on the short-term business performance of the company;(2)The partial structure of the CEO's structural power,expert power,and owner's power has a negative effect on the heterogeneity of the top management team and the business performance of the company.Finally,according to the conclusion of this paper,the opinions of the staff structure of the senior management team are put forward as a reference for corporate governance,and the shortcomings of this paper and the future research direction are pointed out.