Research On The Relationship Between Top Management Team Heterogeneity And Strategic Choice Based On Listed Family Business

Currently,the proportion of family businesses in China's listed companies increases gradually.Meanwhile,the family businesses also contribute an important force in promoting national economic development.Listed family firms and other companies have a sound governance structure,but it has a special phenomenon that there are family members in the top management team of the family businesses.This thesis is a study on the heterogeneity of the top management team in family business.According to Hambrick and Mason's theory of the top echelon and the theory of other predecessors,the hypothesis of the relationship between the heterogeneity of top management team and the strategic choice is put forward,and the research sample for empirical analysis is selected from the Shanghai and Shenzhen two listed companies,the relationship between the heterogeneity of top management team and corporate strategic choice was verified at last.Through analyzing and sorting out the domestic and foreign existing literature and representative research results,this thesis first reviews the definition of family business and the executive team to determine the screening criteria of the sample.Then it reviews the literature of the heterogeneity of top management team,strategic choice and the relationship between the two to put forward the theoretical model and related assumptions.Second,taking literature research and the information of the listing Corporation in china into account,six measures of heterogeneity of the top management team in family firm and its method of measurement has been determined.Six measures include blood concentration,age,education level,professional background,professional background,term of office.At the same time,it also puts forward the method and measure method of dividing the strategy type.The main strategies are diversified,integrated,international,alliance,merger and reorganization.Finally,the correlation analysis and Logistics regression were carried out by using SPSS19.0.Based on theoretical and empirical research,this thesis proposes TMT heterogeneity of family enterprises will cause a significant impact on the choice of enterprise strategy.And overall,the family of TMT heterogeneity more general,Enterprises are inclined to choose the integration and alliance strategy.The family enterprise executive team overall smallerheterogeneity,companies are more inclined to choose the strategy of diversification,mergers and acquisitions.The overall heterogeneity of the family enterprise management team has no obvious effect on the international strategy,but some of them will have different effects on the internationalization strategy.Therefore,the heterogeneity of the family enterprise management team and the training of the members of the top management team should be the focus of consideration.