Social Connections Within TMT、Business Model Innovation And New Ventures Performance

The influence of top management team(TMT)features on firm performance has been fully explained by higher-order theories.However,there are insufficient studies on the mediating path through which social connections structure within TMT affects the firm performance.The study finally obtained 969 samples in IT sectors from National Equities Exchange And Quotations.Based on behavior integration theory,imprinting theory and threat rigidity theory,it focus on explore the relationship between social connections within TMT,business model innovation(BMI),and new ventures performance.Furthermore,the moderating effect of CEO-TMT age dissimilarity and negative attainment discrepancy is examined.This thesis aims to discuss the following three issues in depth: Firstly,prior research focusing on direct effect on "TMT-BMI" linkage,it further explores the intermediate mechanism of "TMT-BMI" linkage.That is to say,this thesis explores how TMT with different social connections affect BMI to promote new ventures performance.Secondly,whereas most prior research has focused the difference in the degree of BMI by questionnaire survey,this thesis pays attention to efficiencyand novelty-centered business model design,which contribute to strengthen the scientific exploration of "TMT-BMI" linkage on new ventures performance.Thirdly,Combined with CEO-TMT age dissimilarity and negative attainment discrepancy,this thesis further explores the intermediate mechanism in different contexts.Applying Chinese Panel Study of Entrepreneurial Development(CPSED II)database,The study finally obtained 708 samples in IT sectors from 2013 to 2016,while the hierarchy regression analysis,mediating effect test,moderated mediating effect test was adopted to generate empirical results.the main conclusions are as follows: Firstly,It is found that social connections formed by TMTs’ similar education background and industry experience can improve the new ventures performance,The novelty-centered business model plays a mediation role.On the other hand,the social connections within TMT formed by similar entrepreneurs status and directors status can promote the new ventures performance,The efficiency-centered business model plays a mediation role.Secondly,When the new venture located in different environment,namely there is large age-consistent dissimilarity will weaken social connections formed by TMTs’ similar education background and industry experience through the novelty to promote new ventures performance.However,Age-reverse dissimilarity can enhance social connections formed by TMTs’ similar education background and industry experience through the novelty to promote new ventures performance.Thirdly,When the new venture located in negative attainment discrepancy environment,the social connections within TMT formed by similar entrepreneurs status and directors status through the efficiency to promote new ventures performance is weakened.