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Top management team heterogeneity and firm performance: An empirical research on Chinese listed companies


An empirical study of the 2001–2002 data from 356 Chinese companies listed in the Shanghai and Shenzhen stock exchanges indicates that within the social context of China the characteristics of a firm’s top management team have a different impact on firm performance from those of foreign countries. Also, the tenure heterogeneity and functional experience heterogeneity of the top management team are inversely related to firm performance. This paper analyzes and discusses the findings in detail and points out areas for future research.


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Correspondence to Ping Zhang.

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Translated from Guanli Pinglun 맜理评论 (Management Review), 2006, 18 (5): 54–60

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Zhang, P. Top management team heterogeneity and firm performance: An empirical research on Chinese listed companies. Front. Bus. Res. China 1, 123–134 (2007).

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  • top management team
  • heterogeneity
  • social context