Research on Top Management Team Heterogeneity, Company Performance and Strategic Changes in the Transition Economy: An Empirical Research on Chinese Listed

In the period of transition economy, enterprises, facing more and fiercer competition, need continual change strategy adjusted to the environment in dynamic environment, this paper analyzes top management team (TMT) in transition economy and probe into the relationship between top management team heterogeneity, performance and company strategic change. After analysis of the data of 182 firms from Shenzhen and Shanghai listed in stock exchange market, the result shows: Company performance plays a moderate role in the relationship between TMT heterogeneity and strategic change; poorly performing company with higher TMT age heterogeneity is likely to change strategy, on the contrary, there is negative relationship between TMT functional experience heterogeneity and strategic change.