The study of TMT heterogeneity on corporate
performance is a hot topic in corporate governance. However, the relationship
between TMT heterogeneity and corporate performance is inconclusive, and there
are fewer studies on TMT exogenous factors. Given this, this paper conducts a
study using regression analysis based on the data of listed companies from
2008-2019 in the CSMAR database. The study finds that TMT functional background
and educational heterogeneity have an "inverted U" effect on firm
performance, and digital transformation has a positive effect on TMT
heterogeneity. This study enriches the research on the impact of TMT heterogeneity
on performance and explores the antecedent influences on heterogeneity. Based
on the empirical results, we also propose management recommendations.
JEL classification numbers: C12, D74.
Keywords:TMT heterogeneity, Strategic management, Competition, Firm