An Empirical Study On The Relationship Between Executive Team Heterogeneity And Business Model Innovation In Listed Companies

Today’s era is full of uncertainty and complexity,and subtle changes in the external environment will bring opportunities or challenges to enterprises.Especially since 2019,with the spread of the epidemic in COVID-19,many enterprises failed to respond in time to emergencies and seek business model innovation,which led to the decline or even extinction of enterprises.Therefore,how to promote the innovation of enterprise business model has become the focus of enterprise and academic research.At present,scholars generally believe that business model innovation is an important tool for enterprise transformation and upgrading,and the top management team,as the maker and decision maker of enterprise strategy,is the key factor to realize business model innovation.In particular,the diversified knowledge base and information processing ability of heterogeneous senior management teams can help enterprises make strategic decisions by combining various information.Therefore,it is important for enterprises to carry out innovation activities and improve the level of business model innovation to make rational use of the heterogeneity characteristics of TMT and deeply explore the influence and mechanism of TMT heterogeneity on business model innovation.By systematically sorting out the relevant literature at home and abroad,this thesis aims at improving the innovation level of enterprise business model and taking the heterogeneity of senior management team as the starting point.Based on the theory of high-level echelon,information decision-making theory and dynamic capability theory,this thesis takes the listed companies on the Growth Enterprise Market from2012 to 2020 as the research sample,and empirically investigates the influence and action path of the heterogeneity of the top management team on the innovation of enterprise business model from the perspective of dynamic capability,and considers the regulatory effect of industry competition intensity.The empirical analysis results show that:(1)the heterogeneity of TMT has a significant positive impact on the innovation of business model,and this conclusion still holds after the robustness tests such as changing key variables and direction causality;(2)Dynamic capability plays an intermediary role between TMT heterogeneity and enterprise business model innovation,which shows that TMT heterogeneity will enhance enterprise dynamic capability,strengthen enterprise’s ability to perceive market environment and rebuild internal resources,and then promote enterprises to carry out innovation activities;(3)The intensity of industry competition plays a moderating role between the heterogeneity of top management team and the innovation of enterprise business model,that is,when the intensity of industry competition is high,the highly heterogeneous management team can give full play to the advantages of diversified information and diversified network structure and improve the innovation level of enterprise business model.Through theoretical analysis and empirical test,the conclusion of this thesis further reveals the application scenario of the structure of "TMT characteristics-dynamic capability-enterprise innovation",and enriches the related research on TMT heterogeneity to business model innovation.According to the research conclusion,this thesis puts forward some suggestions from the aspects of enhancing the dynamic ability of enterprises and optimizing the composition of top management teams,which provides theoretical basis and support for enterprises to carry out business model innovation activities.