Research On The Influence Of Top Management Teams Tenure Heterogeneity On Strategic Change In Manufacturing Industry

With the continuous deepening of economic globalization and the continuous transformation and upgrading of the domestic economy,Chinese enterprises are facing double pressure from the government and the market.The increasingly complicated operating environment and the increasingly intensification of market competition make it necessary for enterprises to appropriately adjust or change their own development strategies at the right moment in order to maintain their survival and sustainable and healthy development.With the rise of the Upper Echelons Theory,scholars at home and abroad have gradually begun to explore how the demographic background of managers affects the corporate strategic change,especially TMT as a special group.Among all the characteristics of TMT,tenure,to a certain extent,represents the accumulation of individual professional knowledge related to the enterprise,which is particularly closely related to the enterprise.Moreover,there are two completely opposite explanations for the impactof top management teams tenure heterogeneity on the corporate strategic change.Therefore,our study explores the relationship between tenure heterogeneity of TMT and strategic change.On the basis of reviewing and summarizing the existing literature on the tenure heterogeneity of TMT,strategic beliefs and strategic change,we adopts a research method that combines empirical research and text analysis,and takes the panel data of A-shares manufacturing listed enterprises in Shanghai and Shenzhen stock markets from 2012 to2017 as material.The relationship between tenure heterogeneity of TMT and strategic change is explored in the analysis framework of Information Decision Theory.Based on the Attention-Based Theory,Information Decision Theory,and Upper Echelons Theory,our study introduces the strategic beliefs of TMT into the research framework of the tenure heterogeneity of TMT and strategic change.Starting from the pattern of "the tenure characteristics of TMT-strategic beliefs-strategic change",Our study expounds the structural characteristics of the strategic beliefs of TMT,and further analyzes the mechanism of the tenure heterogeneity of TMT on the corporate strategic change,that is,on the premise that the tenure heterogeneity of TMT has a significant impact on the corporate strategic change,the complexity of strategic beliefs and the flexibility of strategic beliefs are introduced into the research framework of the tenure heterogeneity of TMT and strategic change,and mainlyexplores the intermediary effect between the two factors in the framework.Through the empirical verification done by Stata12.0,SPSS26.0,and NVivo12.0,our study finds that there is a significant positive correlation between the heterogeneity in the tenure of TMT and the corporate strategic change.Among the two intermediaries,the complexity of strategic beliefs exerts an intermediary effect between tenure heterogeneity of TMT and strategic change,while the flexibility of strategic beliefs does not play an intermediary role between tenure heterogeneity of TMT and strategic change.Our study aims to contribute to enriching strategic management theories by understanding the emergence of the corporate strategic change from the perspective of Attention-Based Theory,trying to provide a new theoretical explanation for the inconsistency in research conclusions of the heterogeneity in the tenure of TMT on the corporate strategic change.Besides,The conclusion of our study has some reference value for the construction of TMT.