| The continuous and rapid development of China's socialist market economy is mainly attributed to the rapid rise of private economy,and family enterprises,as an important part and backbone of private enterprises,play an irreplaceable role.As an essential feature of family business,family involvement has an impact on corporate performance that cannot be ignored.However,existing studies have drawn opposite conclusions based on different perspectives,so it is necessary to further explore its specific impact mechanism to clarify the logical relationship.Therefore,this paper introduces intermediary variables to study its specific path.Top management team as an enterprise's decision-making groups,has become the core competitive resources and development of the enterprise vane,and top management team is not a collection of separate individuals,the power of play to depend on the solidarity and collaboration between members of the executive,so heterogeneity of top management team effects on corporate performance becomes a hot topic,this paper will analyze the interaction between TMT heterogeneity,family involvement and enterprise performance.This article is based on social emotional wealth theory,the relationship between family involvement and the corporate performance is analyzed,at the same time introduced TMT heterogeneity as mediating variables,on the one hand,explore its mediating effect of family involvement on enterprise performance,on the other hand to preliminary explore its antecedent.In this paper,family involvement is divided into family oxvwnership involvement and family management involvement,top management team heterogeneity can be divided into physiological heterogeneity and cognitive heterogeneity,and adopt the heterogeneity of age?gender,heterogeneity,record of formal schooling,functional background heterogeneity,tenure heterogeneity proxy variables are measured.Taking family companies listed on the gem board from 2013 to 2017 as the research sample,the empirical study was conducted by Stata15.0 statistical analysis software.The results show that:(1)family involvement(family ownership involvement,family management involvement)has a significant positive correlation with enterprise performance;(2)the family involvement(family ownership involvement,family management involvement)has a significant negative correlation with cognitive heterogeneity,cognitive heterogeneity has a significant negative correlation with enterprise performance,and TMT cognitive heterogeneity plays a role of mediator between family involvement and enterprise performance;(3)the involvement of family ownership has no significant correlation with the physiological heterogeneity.The family management involvement has a significant positive correlation with the physiological heterogeneity,while the physiological heterogeneity has a significant negative correlation with the enterprise performance,therefore,the mediating effect of the physiological heterogeneity does not exist.The innovations and theoretical contributions of this paper are as follows:(1)analyze the relationship between family involvement and enterprise performance from perspective of social emotional wealth theory,and introduce mediating variables to explore the specific influence path of family involvement on enterprise performance.(2)taking family enterprises listed on gem as the research sample,and combining with the actual situation to analyze the relation of the heterogeneity of the top management team and family enterprises management,which enriches the research scope of the heterogeneity of top management team.(3)while studying the outcome variables of the heterogeneity of the top management team,the preliminary exploration was made on its antecedent variables.In this paper,the heterogeneity of the top management team was divided into the physiological heterogeneity and cognitive heterogeneity,the effect of each individual feature heterogeneity was studied by using a comprehensive indicators. |
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