Research overview on Top Management Team characteristics on the impact of the financial strategy

Since Hambrick and Mason proposed the theory of the Upper Echelon, studies about the relationship between the Top Management Team (TMT) characteristics and Corporate Strategy or Corporate Performance etc. have made a lot of results, but the research between the Top Management Characteristics and the Financial Strategy is still in the exploratory stage. In this paper, we examines recent years relevant research on the relationship between the Top Management Team (mainly refers to the Investment Strategy, the Financing Strategy, the Distribution Strategy) and Financial Strategy are reviewed to investigate age, tenure, functional background, professional background and confidence etc. of the Top Management Team effect on Financial Strategy.