A Study On The Impacts Of Top Management Team Background Characteristics On Performance Of Listed Securities Firms

With the deepening reform of China's financial system and the gradual development of the capital market,the securities industry has become increasingly important.The senior management team is in a crucial position in the company's operation and management activities.Their comprehensive quality,management level,and business capability directly affect the performance of the brokerage companies.Their average age,average academic qualifications,professional background,political connections,educational heterogeneity,political heterogeneity,and other factors determine the level of performance to some extent.This article conducts an empirical study on the effect of the background characteristics of the top management team of listed securities firms on the performance of securities and selects data for the period from 2002 to 2016.The results show that:(1)The proportion of female in the senior management team is negatively related to the return on equity(short-term performance),and it is significantly negatively related to Tobin's Q(long-term performance);the gender heterogeneity of the senior management team is negatively related to the return on equity,and it is also significant negatively correlated with Tobin's Q.(2)The average age of the senior management team is significantly negatively correlated with the ROE,and is also significantly negatively correlated with Tobin's Q.The age heterogeneity of the senior management team is not related to ROE and is significantly negatively related to Tobin's Q.(3)There is a non-linear relationship between the average academic record and the return on net assets,and it presents an inverted "U" type relationship.The academic heterogeneity is positively correlated with the ROE and Tobin's Q.(4)The political association of the senior management team is positively correlated to ROE and is not related to Tobin's Q.The political association heterogeneity of the senior management team is positively correlated to ROE and is not related to Tobin's Q.(5)The average age of senior management teams and political connections have interactive effects on performance.The marginal impact of political connections on performance diminishes as the average age of senior executives increases.The average age and average academic record of the senior management team have an interactive effect on performance.The marginal impact of average education on performance decreases as the average age of senior executives increases.This study starts with Upper-echelons Perspective theory and behavioral decision theory,and combines corporate governance theory,information decision theory,and social identity theory.Moreover,from the perspective of the background features of the top management team,this paper establishes an analytical framework for the study of brokerage performance,which provides a new theoretical perspective for the study of the factors affecting brokerage performance.This article has a strong enlightenment significance for the reasonable construction of the senior management team of listed securities companies.