Team Fault Zone And Enterprise Risk-Taking

Risk-taking level represents the ability of enterprises to make wise decisions and develop new businesses by foreseeing positive results,which is the key factor to realize the sustainable development of enterprises.As the most important decision-making part of an enterprise,the top management team is the core part of corporate governance,and the composition of the top management team directly affects the quality of enterprise decision-making.Therefore,it is a very important issue how the composition of the top management team will affect the risk-taking of enterprises.Based on the theory of fault zones and other factors,this paper takes Shanghai and Shenzhen A-share manufacturing enterprises as research samples and focuses on analyzing the influence mechanism of relationship attributes and task attributes of top management team in the decision-making process of enterprise risk taking.Combined with the logical thinking of "theoretical background--impact effect--impact path--economic consequences",this paper investigates the influence,concrete path and value effect of two types of fault zones on enterprise risk-taking.The results show that:(1)The fault zone based on gender and age has a restraining effect on enterprise risk-taking,while the fault zone based on task attributes positively promotes enterprise risk-taking.(2)In terms of influence path,TMT relational attribute fault zone has a negative correlation with enterprise innovation investment,while the fault zone based on task attributes has a positive correlation with enterprise specialization.(3)In terms of moderating effect,it is found that the external governance level and environmental complexity of enterprises are positively moderating the positive impact of the task attribute fault zone of top management team on enterprise risk-taking.(4)In terms of economic consequences,it is found that TMT task attribute fault zone has a positive impact on enterprise value,and the empirical results show that the task attribute fault zone of top management team has a lagging effect on enterprise value,that is,the positive impact of the task attribute fault zone of top management team on enterprise value will increase with time.In addition,this paper analyzes the mediating effect of enterprise risk-taking between top management team fault zone and enterprise value,and finds that enterprise risk-taking has mediating effect between top management team task attribute fault zone and enterprise value.And through further research,it is found that the external governance level of enterprises positively regulates the intermediary effect of enterprise risk-taking between TMT task attribute fault zone and enterprise value.Based on the micro-level of top management team,this paper studies the relationship between TMT fault zone and enterprise risk-taking,reveals how subgroups within top management team influence enterprise risk-taking,further deepens the understanding of how the demographic composition of top management team has different influences on enterprise risk-taking,At the same time,it also provides a new direction for the research on the influencing factors of enterprise risk taking level.