| Summary: | 碩士 === 輔仁大學 === 國際經營管理碩士學位學程 === 102 === Top Management Team (TMT) plays a central role in leading the operation of the entire organization and wields great influence over the organization’s decision-making and performance. Hence, turnover of TMT directly affects the success of an organization’s operations. This study examines the impact of environmental factors, firm performance, and TMT heterogeneity on TMT turnover.
This study is sampled from data of 372 Taiwanese publicly listed companies in 2009. The empirical results indicate that environmental stability is negatively associated with TMT turnover and complexity is positively associated with TMT turnover. Meanwhile, the lower firm performance will cause the higher TMT turnover. In addition, we find that TMT tenure heterogeneity is positively related with TMT turnover.
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