我国上市商业银行高层管理团队人口背景特征与多元化战略选择关系的实证研究
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摘要
自从1984年Hambrick提出了高层阶梯理论后,关于领导者特征与企业战略决策之间关系的研究开始引起管理学界的重视——从对领导者个人特征的研究发展到对整个高层管理团队的研究。21世纪后随着经济和科技的发展,市场竞争日益加剧,决策的不确定性在增加,在如此动态环境下制定正确的企业战略,确保企业今后长久的发展,开始更多的依赖整个高层管理团队的集体智慧。从企业的资源观和能力观而言,企业高层管理团队不仅是一个资源、知识和能力的结合体,而且是企业组织和环境的汇聚点,还是建立企业战略优势的关键之一。对于思考扮演着企业战略决策角色的高层管理团队与企业战略选择之间的潜在关系的研究有助于企业长远的发展。
目前,西方国家对高层管理团队与企业多元化战略选择的关系研究已经很广泛,并且对主要行业分别进行了研究。相比之下,我国随着经济快速发展和与世界接轨的形势需要也开始探讨管理者与企业战略之间的关系,目前我国这方面的研究尚处于起步状态。本篇论文出发点就是转换思想,不再以全部上市公司为研究对象,而是针对性的研究单个行业——我国上市商业银行作为研究样本,结合行业的实际情况,通过定性与定量相结合的研究方法来研究作为决策者的高层管理团队的主要特征与企业多元化战略选择之间的关系。
21世纪初开始我国的银行业进入深度改革阶段,伴随商业银行发生深刻变化的同时,银行多元化经营的趋势也随着经济快速发展过程中民间资本和外资的进入而越加显现。近年来,我国商业银行在金融市场逐步全面开放过程中和全球金融市场创新的推动下,正大力开拓中间业务,力图从过去的单一存贷款业务发展为多元化业务经营的现代银行。并且,我国商业银行的高层管理者们正在逐步以银行家(银行管理者)的角色要求自己,这段时期高层管理者与企业战略之间究竟存在怎样的微妙关系值得研究和探索。
本文通过我国上市商业银行的高层管理团队的人口背景特征和多元化战略之间的定量研究,以期得出两者之间的关系结论,并且为多元化发展的商业银行的高层管理团队建设提供借鉴意义。
本文的研究层次为：第一层次(第1章)是确定研究方向、研究对象、研究方法和研究目的；第二层次(第2-3章)是分析相关理论,结合相关理论提出研究假设；第三层次(第4-5章)是建立模型进行实证分析并且得出结论,提出有待改进之处。其主要内容如下：
第1章为绪论部分。主要包括论文选题背景、研究意义、研究的主要内容、思路方法和框架,以及研究创新与不足。
第2章为文献综述部分。主要对现有的国内外关于高层管理团队人口统计学背景特征和多元化战略关系的实证研究有选择的进行综述,并做了扼要的评述。并且分析本篇论文的理论基础和依据,为下文的实证研究铺垫良好的基础。
第3章为假设部分。在现有的研究基础上,选择我国上市商业银行的高层管理团队为研究对象,提出关于高层管理团队特征与多元化战略之间关系的6个研究假设。即假设1：高层管理团队的平均年龄与企业的多元化战略程度是负相关的；假设2：受教育程度越高,越倾向于企业多元化战略经营；假设3：相比较而言,具有非经济管理类背景的人更倾向于多元化战略经营；假设4：高层管理者的任职高层时间与多元化战略经营呈正相关关系；假设5：曾经任职其他金融行业公司高层管理者更倾向多元化战略；假设6：具有共产党党员或人大代表身份的高层管理团队更倾向于多元化战略经营。
第4章为实证分析部分。主要包括研究样本筛选和变量设计、描述,确定研究方法,收集面板数据,进行描述统计分析、相关性分析,以及回归分析。
第5章为总结部分。指出本文研究的主要结论,即除假设1和假设3未得到支持外,其它假设均得到验证。在此基础上,进一步解释出现结论的原因。同时指出本文研究存在的不足和今后应重点改进的研究内容。
根据国内外现有文献和实证研究基础之上,选择我国商业银行的高层管理团队作为研究对象和样本,研究高层管理团队的背景特征与银行多元化经营战略选择之间的相关性,并进行检验。本文背景特征考虑5个基本因素之外,还将考虑其社会资本特征。此外,本文以存贷款业务所占总业务比重作为衡量银行多元化战略程度的指标,并运用描述统计分析和计量经济学软件测度两者之间的相关关系,并作检验。
本文通过初步探索,归结出以下主要2个创新点：
1.关于管理者人口背景特征与多元化战略选择之间的关系研究,国外发展较快,迄今已有二三十年的历史,并且已经从研究领导者个人特征和行为研究转向研究高层管理团队整体特征研究,并且开始分行业进行研究。相比之下,我国目前这方面的研究还是以全部上市公司为研究对象。所以本论文尝试研究单个行业的研究,研究的结论是否与整个上市公司为研究对象所产生的结论相一致,产生的差别可以说明分行业研究是值得的和有必要的。为了提高说服力和准确性,本文借鉴西方相关问题的研究方法,采用定量定性相结合的研究方法。
2.再次,选择银行业作为实证样本,主要是因为进入21世纪以来我国银行业对外开放,在从垄断经营变为竞争经营的过程中,银行业发展快速,银行管理结构逐步完善。我国银行开始多元化业务经营,发展规模显著。在这种转型情况的条件下,研究高层管理团队特征对战略决策是具有一定意义的。这也是一种值得的研究尝试。
Since 1984 Hambrick made the theory of high-level ladder, the research on the relationship between the leadership characteristics and corporate strategic decision-making has been attracted.The research has being developed from the personal characteristics of the leaders to the top management team who are the strategy makers. With the development of economy and technology, increasing of the market competition, there is a growing recognition on decision-making. Uncertainty is increasing, in such a dynamic environment, making right strategies and ensuring the competitive advantages reliance on the collective wisdom of top management team much greater. From the view of concept of the resources and capabilities, top management team is not only the resource, a combination of knowledge and ability, but also the convergence point of business organizations and the environment, also the key of establishment of strategic advantages. Thinking about the research of the potential relationship between strategic decision-making and the top management team has contributed to the development of enterprises.
At present, the Western countries have researched the relationship between top management team and strategic choice broadly. In China, with the rapid economic development coursed by the world situation, Chinese enterprises also have begun to explore the relationship, but still be larger research.The starting point of this paper is the research on the relationship between the diversification characteristics of top management team which as decision-makers and strategic choice through some methods, and the research sample is banking industry.
In the beginning of the 21st century, China's banking industry has entered a deep reform period, accompanied with the profound changes in commercial banks at the same time. Banks have diversified apparently along with the trend of rapid economic development and the entry of private capital and foreign capital. In recent years, China's commercial banks,with the gradual process of full liberalization of global financial markets driven by innovation, develops intermediary business, trying to turn from the past a single deposit and loan business to a diversified business. Moreover, China's commercial bankers gradually turn to the role of top managers to bankers (bank manager), a subtle relationship between top managers and corporate strategy is worth to research.
In this paper focuses the relationship between top management teams' characteristics of listed commercial banks in China and diversification strategy.And wishing to provide some positive development about top management team-building.
This study has three levels:first level (Chapter 1) is to determine the directions of research subjects, research methods and research purposes; second level (Chapter 2-3) analysis of the relevant theory, combined with related theory research hypothesis; The third level (chapters 4-5) is the empirical analysis and model building to a conclusion. Ideas clear and concise paper nearly 3 million words which is divided into five chapters:
Chapter 1 Introduction section, includes the background of the paper, the main content, ideas, methods and framework, and significance and innovation.
Chapter 2 relevant literature section, mainly about the background demographic characteristics of the existing top management team at home and abroad and the empirical relationship between it and diversification strategy study options. And analyze the theoretical basis of this paper and the basis for the following empirical studies.
Chapter 3 assume section based on the existing research, the paper selects senior management team of the listed commercial banks of China as the research object, list the research hypothesis on the relationship between the top management team characteristics and diversification strategy.
Chapter 4 empirical analysis section, mainly including research sample selection and variable design, description, determine the research methods, collection of panel data, statistical describing analysis and correlation analysis, and testing.
Chapter 5 summary and the results of empirical analysis, draw conclusions, summary. And point out the shortcomings in this study and future research directions.
Through the initial exploration, three major innovations are the followings:
First, the paper focuses on the relationship of characteristics of top management team and strategy, no longer the personal characteristic of leader and strategy. The relationship between the manager characteristics and diversification strategy of foreign studies developed rapidly. In contrast, the area of China current research is all the listed companies. Therefore, this paper tries to study a single industry; the resulting difference between a single industry and all industries reinforces the need for sub-sectors.
Secondly, since the 21st century, with the rapid development of the banking sector, and facing the financial crisis, top managers of banks are facing a severe test, the paper which selects banking as the positive sample has a guide and practical significances.
目前,西方国家对高层管理团队与企业多元化战略选择的关系研究已经很广泛,并且对主要行业分别进行了研究。相比之下,我国随着经济快速发展和与世界接轨的形势需要也开始探讨管理者与企业战略之间的关系,目前我国这方面的研究尚处于起步状态。本篇论文出发点就是转换思想,不再以全部上市公司为研究对象,而是针对性的研究单个行业——我国上市商业银行作为研究样本,结合行业的实际情况,通过定性与定量相结合的研究方法来研究作为决策者的高层管理团队的主要特征与企业多元化战略选择之间的关系。
21世纪初开始我国的银行业进入深度改革阶段,伴随商业银行发生深刻变化的同时,银行多元化经营的趋势也随着经济快速发展过程中民间资本和外资的进入而越加显现。近年来,我国商业银行在金融市场逐步全面开放过程中和全球金融市场创新的推动下,正大力开拓中间业务,力图从过去的单一存贷款业务发展为多元化业务经营的现代银行。并且,我国商业银行的高层管理者们正在逐步以银行家(银行管理者)的角色要求自己,这段时期高层管理者与企业战略之间究竟存在怎样的微妙关系值得研究和探索。
本文通过我国上市商业银行的高层管理团队的人口背景特征和多元化战略之间的定量研究,以期得出两者之间的关系结论,并且为多元化发展的商业银行的高层管理团队建设提供借鉴意义。
本文的研究层次为：第一层次(第1章)是确定研究方向、研究对象、研究方法和研究目的；第二层次(第2-3章)是分析相关理论,结合相关理论提出研究假设；第三层次(第4-5章)是建立模型进行实证分析并且得出结论,提出有待改进之处。其主要内容如下：
第1章为绪论部分。主要包括论文选题背景、研究意义、研究的主要内容、思路方法和框架,以及研究创新与不足。
第2章为文献综述部分。主要对现有的国内外关于高层管理团队人口统计学背景特征和多元化战略关系的实证研究有选择的进行综述,并做了扼要的评述。并且分析本篇论文的理论基础和依据,为下文的实证研究铺垫良好的基础。
第3章为假设部分。在现有的研究基础上,选择我国上市商业银行的高层管理团队为研究对象,提出关于高层管理团队特征与多元化战略之间关系的6个研究假设。即假设1：高层管理团队的平均年龄与企业的多元化战略程度是负相关的；假设2：受教育程度越高,越倾向于企业多元化战略经营；假设3：相比较而言,具有非经济管理类背景的人更倾向于多元化战略经营；假设4：高层管理者的任职高层时间与多元化战略经营呈正相关关系；假设5：曾经任职其他金融行业公司高层管理者更倾向多元化战略；假设6：具有共产党党员或人大代表身份的高层管理团队更倾向于多元化战略经营。
第4章为实证分析部分。主要包括研究样本筛选和变量设计、描述,确定研究方法,收集面板数据,进行描述统计分析、相关性分析,以及回归分析。
第5章为总结部分。指出本文研究的主要结论,即除假设1和假设3未得到支持外,其它假设均得到验证。在此基础上,进一步解释出现结论的原因。同时指出本文研究存在的不足和今后应重点改进的研究内容。
根据国内外现有文献和实证研究基础之上,选择我国商业银行的高层管理团队作为研究对象和样本,研究高层管理团队的背景特征与银行多元化经营战略选择之间的相关性,并进行检验。本文背景特征考虑5个基本因素之外,还将考虑其社会资本特征。此外,本文以存贷款业务所占总业务比重作为衡量银行多元化战略程度的指标,并运用描述统计分析和计量经济学软件测度两者之间的相关关系,并作检验。
本文通过初步探索,归结出以下主要2个创新点：
1.关于管理者人口背景特征与多元化战略选择之间的关系研究,国外发展较快,迄今已有二三十年的历史,并且已经从研究领导者个人特征和行为研究转向研究高层管理团队整体特征研究,并且开始分行业进行研究。相比之下,我国目前这方面的研究还是以全部上市公司为研究对象。所以本论文尝试研究单个行业的研究,研究的结论是否与整个上市公司为研究对象所产生的结论相一致,产生的差别可以说明分行业研究是值得的和有必要的。为了提高说服力和准确性,本文借鉴西方相关问题的研究方法,采用定量定性相结合的研究方法。
2.再次,选择银行业作为实证样本,主要是因为进入21世纪以来我国银行业对外开放,在从垄断经营变为竞争经营的过程中,银行业发展快速,银行管理结构逐步完善。我国银行开始多元化业务经营,发展规模显著。在这种转型情况的条件下,研究高层管理团队特征对战略决策是具有一定意义的。这也是一种值得的研究尝试。
Since 1984 Hambrick made the theory of high-level ladder, the research on the relationship between the leadership characteristics and corporate strategic decision-making has been attracted.The research has being developed from the personal characteristics of the leaders to the top management team who are the strategy makers. With the development of economy and technology, increasing of the market competition, there is a growing recognition on decision-making. Uncertainty is increasing, in such a dynamic environment, making right strategies and ensuring the competitive advantages reliance on the collective wisdom of top management team much greater. From the view of concept of the resources and capabilities, top management team is not only the resource, a combination of knowledge and ability, but also the convergence point of business organizations and the environment, also the key of establishment of strategic advantages. Thinking about the research of the potential relationship between strategic decision-making and the top management team has contributed to the development of enterprises.
At present, the Western countries have researched the relationship between top management team and strategic choice broadly. In China, with the rapid economic development coursed by the world situation, Chinese enterprises also have begun to explore the relationship, but still be larger research.The starting point of this paper is the research on the relationship between the diversification characteristics of top management team which as decision-makers and strategic choice through some methods, and the research sample is banking industry.
In the beginning of the 21st century, China's banking industry has entered a deep reform period, accompanied with the profound changes in commercial banks at the same time. Banks have diversified apparently along with the trend of rapid economic development and the entry of private capital and foreign capital. In recent years, China's commercial banks,with the gradual process of full liberalization of global financial markets driven by innovation, develops intermediary business, trying to turn from the past a single deposit and loan business to a diversified business. Moreover, China's commercial bankers gradually turn to the role of top managers to bankers (bank manager), a subtle relationship between top managers and corporate strategy is worth to research.
In this paper focuses the relationship between top management teams' characteristics of listed commercial banks in China and diversification strategy.And wishing to provide some positive development about top management team-building.
This study has three levels:first level (Chapter 1) is to determine the directions of research subjects, research methods and research purposes; second level (Chapter 2-3) analysis of the relevant theory, combined with related theory research hypothesis; The third level (chapters 4-5) is the empirical analysis and model building to a conclusion. Ideas clear and concise paper nearly 3 million words which is divided into five chapters:
Chapter 1 Introduction section, includes the background of the paper, the main content, ideas, methods and framework, and significance and innovation.
Chapter 2 relevant literature section, mainly about the background demographic characteristics of the existing top management team at home and abroad and the empirical relationship between it and diversification strategy study options. And analyze the theoretical basis of this paper and the basis for the following empirical studies.
Chapter 3 assume section based on the existing research, the paper selects senior management team of the listed commercial banks of China as the research object, list the research hypothesis on the relationship between the top management team characteristics and diversification strategy.
Chapter 4 empirical analysis section, mainly including research sample selection and variable design, description, determine the research methods, collection of panel data, statistical describing analysis and correlation analysis, and testing.
Chapter 5 summary and the results of empirical analysis, draw conclusions, summary. And point out the shortcomings in this study and future research directions.
Through the initial exploration, three major innovations are the followings:
First, the paper focuses on the relationship of characteristics of top management team and strategy, no longer the personal characteristic of leader and strategy. The relationship between the manager characteristics and diversification strategy of foreign studies developed rapidly. In contrast, the area of China current research is all the listed companies. Therefore, this paper tries to study a single industry; the resulting difference between a single industry and all industries reinforces the need for sub-sectors.
Secondly, since the 21st century, with the rapid development of the banking sector, and facing the financial crisis, top managers of banks are facing a severe test, the paper which selects banking as the positive sample has a guide and practical significances.
引文
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16. Carpenter,M.A,,&Fredrickson,J.W. Top management teams, global strategic posture, and the moderating role of uncertainty. Academy of Management Journal,2001,44
17. Fredrickson &Child. The relationship between top management demographic characteristics. Organization Studies,2005,26
18. Hambrick,D.C. The organization as a reflection of its top managers. Academy of Management Review,1984,9
19. Hoskisson.&Hitt,M.A. Antecedents and performance outcomes of diversification:a Review and Critique of Theoretical Perspectives. Journal Of Management,1990,16
20. Jackson,J. W.& Mitchell.Strategic decision processes:Comprehensiveness and Performance in an Industry with an Unstable Environment Academy of Management Joumal,1989,27
21. Katz.The effects of group longevity on project communication and performance. Administrative Science Quarterly,1982,27
22. Korsgaard,M.A., Schweiger,D.M.,& Sapienze, H.J. Building commitment, attachment, and trust in strategic decision making:The Role of Procedural Justice. Academy of Management Journal,1995,38
23. Murray. Top management groups heterogeneity and firm Performance. Strategic Management Journal,1989,10)
24. Piteher,&Smith. On studying managerial elites. Strategic Management Journal,1992,13
25. Tihanyi,L.,&Ellstrand,A.E. Composition of the top management team and firm international diversification. Journal of Management,2000,26
26. Wiersema,M.F.,&Bantel,K.A. Top management team demography and Corporate strategic change. Academy of Management Journal,1992,35
1 Jackson,J.W.,& Mitchell.Strategic decision Processes:Comprehensiveness and Performance in an industry with an unstableenvironmen Academy of Management Joumal,1989(27):399-423.
2 Murray. Top management groups heterogeneity and firm Performance.Srategic Management Journal,1989,(10):125-141
Fredrickson,&Child. The relationship between top management demographic characteristics. Organization Studies,2005,(26):999-1023
4 Hambrick,D.C.The organization as a reflection of its top managers. Academy of Management Review, 1984,9:193-206
5 Hambrick,D.C.The organization as a reflection of its top managers. Academy of Management Review, 1984,9:193-206
6 Hoskisson.,&hitt,M.A. Antecedents and performance outcomes of diversification:a review and critique of theoretical perspectives. Journal Of Management,1990,16:461-509
7 Wiersema, M.F.,& Bantel,K.A. Top management team demography and corporate strategic change. Academy of Management Journal,1992,35:91-121
8孙海法,伍晓奕.企业高管团队研究进展[J].管理科学学报,2003,6：82—89
9曾德明.中国上市公司高层管理团队治理评价研究[J].财经研究,2005,3
10魏立群,王智慧.我国上市公司高管特征与企业绩效的实证研究[J].南开管理评论,2002,4：16-22
11伍剑琴.实证分析高层管理团队任期对绩效的影响[J].河南高等商业专科学校学报,2005,3：21-23
12陈伟民.高层管理团队人口特征、社会资本和企业绩效[J].郑州航空工业管理学院学报,2007,25：89-94
13孙海法,姚振华,严茂胜.高层管理团队人口统计特征对纺织和信息技术公司经营绩效的影响[J].南开管理评论,2006,9：61-67
14孙海法.上市公司高层管理团队组成特征与企业多元化.第三届(2008)中国管理学年会论文集
15陈传明,孙俊华.企业家人口背景特征与多元化战略选择[J].管理世界,2008,5：124-144
16 Katz.The effects of group longevity on project communication and performance. Administrative Science Quarterly,1982,27:81-104
17 Bantel,K.A.,&Jackson, S. E. Top management and innovations in banking:Does the composition of the top team make a difference.Strategic Management Journal,1989,10:107-124
18 Korsgaard, M.A.,Schweiger,D.M.,&Sapienze,H.J. Building commitment, attachment, and trust in strategic decision making:The role of procedural justice. Academy of Management Journal,1995,38: 60-84
19 Tihanyi, L.,&Ellstrand,A.E. Composition of the top management team and firm international diversification. Journal of Management,2000,26:1157-1177
20 Carpenter, M.A.&Fredrickson, J.W. Top management teams,global strategic posture,and the moderating role of uncertainty. Academy of Management Journal,2001,44:533-546
21Piteher,&Smith.On studying managerial elites.Strategic Management Journal,1992,13:162-180
2.陈传明,孙俊华.企业家人口背景特征与多元化战略选择[J].管理世界,2008,(5)
3.孙海法,伍晓奕.企业高层管理团队研究进展[J].管理科学学报,2003,(6)
4. 曾德明.中国上市公司高层管理团队治理评价研究[J].财经研究,2005,(3)
5.魏立群,王智慧.我国上市公司高管特征与企业绩效的实证研究[J].南开管理评论,2002, (4)
6. 孙海法,姚振华,严茂胜.高层管理团队人口统计特征对纺织和信息技术公司经营绩效的影响[J].南开管理评论,2006, (9)
7. 孙海法.上市公司高层管理团队组成特征与企业多元化.第三届(2008)中国管理学年会论文集
8.伍剑琴.实证分析高层管理团队任期对绩效的影响[J].河南高等商业专科学校学报,2005, (3)
9.陈伟民.高层管理团队人口特征、社会资本和企业绩效[J].郑州航空工业管理学院学报,2007,(25)
10.李康梅.中间业务：我国商业银行迎接挑战的战略选择[J].财贸研究。2002,(4)
11.欧阳世伟.拓展我国商业银行中间业务的若干思考[J].国际金融研究,2001,(3)
12.冯嗣全,时静,欧阳令南.股份制商业银行多元化经营与业务创新[J].上海金融学院学报,2004, (2)
13.杨学华.商业银行的多元化发展趋势[J].湖南商学院学报,2002, (4)
14.张豫川.论我国商业银行的多元化战略[J].金融电子化,2002, (4)
15. Bantel,K.A.,&Jackson, S. E. Top management and innovations in banking: Does the Composition of the top team make a difference Strategic Management Journal,1989,10
16. Carpenter,M.A,,&Fredrickson,J.W. Top management teams, global strategic posture, and the moderating role of uncertainty. Academy of Management Journal,2001,44
17. Fredrickson &Child. The relationship between top management demographic characteristics. Organization Studies,2005,26
18. Hambrick,D.C. The organization as a reflection of its top managers. Academy of Management Review,1984,9
19. Hoskisson.&Hitt,M.A. Antecedents and performance outcomes of diversification:a Review and Critique of Theoretical Perspectives. Journal Of Management,1990,16
20. Jackson,J. W.& Mitchell.Strategic decision processes:Comprehensiveness and Performance in an Industry with an Unstable Environment Academy of Management Joumal,1989,27
21. Katz.The effects of group longevity on project communication and performance. Administrative Science Quarterly,1982,27
22. Korsgaard,M.A., Schweiger,D.M.,& Sapienze, H.J. Building commitment, attachment, and trust in strategic decision making:The Role of Procedural Justice. Academy of Management Journal,1995,38
23. Murray. Top management groups heterogeneity and firm Performance. Strategic Management Journal,1989,10)
24. Piteher,&Smith. On studying managerial elites. Strategic Management Journal,1992,13
25. Tihanyi,L.,&Ellstrand,A.E. Composition of the top management team and firm international diversification. Journal of Management,2000,26
26. Wiersema,M.F.,&Bantel,K.A. Top management team demography and Corporate strategic change. Academy of Management Journal,1992,35
1 Jackson,J.W.,& Mitchell.Strategic decision Processes:Comprehensiveness and Performance in an industry with an unstableenvironmen Academy of Management Joumal,1989(27):399-423.
2 Murray. Top management groups heterogeneity and firm Performance.Srategic Management Journal,1989,(10):125-141
Fredrickson,&Child. The relationship between top management demographic characteristics. Organization Studies,2005,(26):999-1023
4 Hambrick,D.C.The organization as a reflection of its top managers. Academy of Management Review, 1984,9:193-206
5 Hambrick,D.C.The organization as a reflection of its top managers. Academy of Management Review, 1984,9:193-206
6 Hoskisson.,&hitt,M.A. Antecedents and performance outcomes of diversification:a review and critique of theoretical perspectives. Journal Of Management,1990,16:461-509
7 Wiersema, M.F.,& Bantel,K.A. Top management team demography and corporate strategic change. Academy of Management Journal,1992,35:91-121
8孙海法,伍晓奕.企业高管团队研究进展[J].管理科学学报,2003,6：82—89
9曾德明.中国上市公司高层管理团队治理评价研究[J].财经研究,2005,3
10魏立群,王智慧.我国上市公司高管特征与企业绩效的实证研究[J].南开管理评论,2002,4：16-22
11伍剑琴.实证分析高层管理团队任期对绩效的影响[J].河南高等商业专科学校学报,2005,3：21-23
12陈伟民.高层管理团队人口特征、社会资本和企业绩效[J].郑州航空工业管理学院学报,2007,25：89-94
13孙海法,姚振华,严茂胜.高层管理团队人口统计特征对纺织和信息技术公司经营绩效的影响[J].南开管理评论,2006,9：61-67
14孙海法.上市公司高层管理团队组成特征与企业多元化.第三届(2008)中国管理学年会论文集
15陈传明,孙俊华.企业家人口背景特征与多元化战略选择[J].管理世界,2008,5：124-144
16 Katz.The effects of group longevity on project communication and performance. Administrative Science Quarterly,1982,27:81-104
17 Bantel,K.A.,&Jackson, S. E. Top management and innovations in banking:Does the composition of the top team make a difference.Strategic Management Journal,1989,10:107-124
18 Korsgaard, M.A.,Schweiger,D.M.,&Sapienze,H.J. Building commitment, attachment, and trust in strategic decision making:The role of procedural justice. Academy of Management Journal,1995,38: 60-84
19 Tihanyi, L.,&Ellstrand,A.E. Composition of the top management team and firm international diversification. Journal of Management,2000,26:1157-1177
20 Carpenter, M.A.&Fredrickson, J.W. Top management teams,global strategic posture,and the moderating role of uncertainty. Academy of Management Journal,2001,44:533-546
21Piteher,&Smith.On studying managerial elites.Strategic Management Journal,1992,13:162-180