Research On The Impact Of The Top Management Team Faultlines On The Speed Of Enterprise Internationalization

In recent years,the international environment has shown the characteristics of strong volatility,strong antagonism and strong risk,which has a strong impact on Chinese enterprises that are accelerating the speed of internationalization,which means that the environmental,political and economic problems faced by Chinese enterprises in internationalization are more serious.At present,compared with traditional developed country enterprises and other emerging economies,the internationalization process of Chinese enterprises has more characteristics of leaping and non-progressive,and the speed from the establishment of enterprises to entering the international market is very fast.Based on this feature,compared with the traditional static perspective of the internationalization process,the dynamic and time-based perspective of "internationalization speed" is an effective indicator to measure the internationalization process and enterprise operation performance of Chinese enterprises.There are various factors affecting the internationalization process of enterprises.With the development of China’s economy,more and more attention is paid to the quality of enterprise development.It is crucial to gain competitive advantage in international competition.The core competitive advantage of an enterprise comes more from excellent talents with decision-making power,leadership and innovation.Among them,the top management team is the concentrated embodiment of high-quality talents possessed by enterprises,is difficult to copy and scarce resources,and is also the main decision maker for enterprises to determine the direction of enterprise operation and development,which has an extremely important impact on the process of enterprise internationalization.The members of the top management team may split into several sub-teams with consistent internal characteristics due to differences in professional background,tenure,education,gender and other aspects,thus forming the top management team Faultlines.The barriers formed by the internal fragmentation of the high-level team will hinder the sharing and exchange of information and resources,and may even form "hostile" relations between sub-groups,affecting the strategic decisions of the enterprise and the speed of internationalization of the enterprise.In addition,in order to deeply explore the factors that affect the relationship between the top management team Faultlines and the speed of enterprise internationalization,based on the dynamic capability theory and principal-agent theory involved in enterprise operation,this paper studies the impact of dynamic capability and top management shareholding on the relationship between the two variables.Dynamic capability is an indicator of enterprises’ dynamic acquisition of core competitiveness.Higher dynamic capability can activate the positive effect in the top management team Faultlines and alleviate the negative impact of the top management team Faultlines on the speed of internationalization.Since the application of principal-agent theory in enterprise management,executive shareholding is an effective means to stimulate the enthusiasm of senior management members,which is conducive to the consistency of management objectives of senior management team members,thus weakening the negative impact of the top management team Faultlines on the speed of internationalization.This paper selects the manufacturing listed companies of A-shares as the research sample to build a model for empirical testing,and draws conclusions.The final research results of this paper show that the top management team Faultlines has a negative impact on the speed of enterprise internationalization.At the same time,the study found that the executive shareholding and dynamic capacity play a regulatory role in the impact of the TMT Faultlines on the speed of enterprise internationalization: the higher the executive shareholding ratio,the smaller the negative impact of the TMT Faultlines on the speed of enterprise internationalization;The stronger the dynamic capability of the enterprise,the smaller the negative impact of the top management team Faultlines on the internationalization speed of the enterprise.