The Effect of Top Management Team Heterogeneity on Post-Financial Crisis Firm Performance among New Ventures in Taiwan: The Moderating Effect of Internationalization.

• Main Authors: Chu-Shan Wang, 王楚善
• Other Authors: Wein-Hong Chen
• Format: Others
• Published: 2014
• Online Access: http://ndltd.ncl.edu.tw/handle/sbjj75

碩士 === 國立東華大學 === 企業管理學系 === 102 === 　　The global financial crisis in 2008 had a profound impact on the global economy. The economic growth rate in Taiwan has also decreased ever since. New ventures in Taiwan has also encountered managerial crises. This study investigates the relationship between top management team heterogeneity and post-financial crisis firm performance among new ventures in Taiwan, as well as the moderating effect of internationalization. This study seeks to understand that whether certain top management team characteristics and internationalization can stimulate managerial learning, which in turn help the firm cope with the global financial crisis and contribute to better firm performance. 　　The high-tech industry, enormously impacted by global financial crisis, is the economic lifeline in Taiwan. The sample of this study comprises 90 new ventures in high-tech industry, including electronics industry and biotechnology and medicine industry. 　　The results indicate that: (1) there is no significant relationship between top management team heterogeneity and post-financial crisis firm performance; (2) internationalization positively moderates the relationship between top management team industrial heterogeneity and post-financial crisis firm performance; (3) internationalization negatively moderates the relationship between top management team international heterogeneity and post-financial crisis firm performance. That is, higher new venture internationalization and higher top management team industrial heterogeneity jointly help new ventures better cope with the global financial crisise. On the other hand, higher new venture internationalization and higher top management team international experience heterogeneity are disadvantageous to post-financial crisis firm performance among new ventures. 　　Incorporating the upper echelons theory, this study fills the research gap in entrepreneurial research on the effect of top management team characteristics. According to this study, new venture internationalization and top management team industrial heterogeneity jointly enhance managerial capabilities to respond to global crises and develop competitive advantages which are not easy to be imitated.