1、外文翻译FIRMPERFORMANCEANDTOPMANAGEMENTTEAMAGE,TENURE,ANDEDUCATIONARESEARCHSYNTHESISMATERIALSOURCEINTERNATIONALJOURNALOFBUSINESSRESEARCHAUTHORABHISHEKSRIVASTAVA,HUNLEE1FIRMPERFORMANCEANDTMTAGE,TENURE,ANDEDUCATION11UPPERECHELONSTHEORYCONSISTENTWITHTHEUPPERECHELONSPERSPECTIVE,HAMBRICKANDMASON1984ARGUEDTHA
2、TYOUNGERTMTSWERELESSCOMMITTEDTOTHESTATUSQUOANDMOREWILLINGTOACCEPTCHANGESEVERALRESEARCHERSHAVEFOUNDTHATYOUNGERMANAGERSWEREMORERECEPTIVETOWARDRISKTAKINGANDPURSUINGMOREINNOVATIVEGROWTHSTRATEGIESGRIMMSMITH,1991BOTWINICK1977ANDBURKEANDLIGHT1981ARGUEDTHATABILITIESINLEARNING,REASONING,ANDMEMORYDECLINEWITHA
3、GEBANTELANDJACKSON1989ARGUEDTHATYOUNGERMANAGERSWOULDHAVESUPERIORTECHNICALKNOWLEDGEBECAUSEOFMORERECENTEDUCATIONALEXPERIENCESWIERSEMAANDBANTEL1992FOUNDAGEWASNEGATIVELYRELATEDTOSTRATEGICCHANGETHEREFORE,WEPROPOSETHEFOLLOWINGHYPOTHESIS1AAVERAGEAGEOFTMTISNEGATIVELYRELATEDTOFIRMPERFORMANCESCHWENK1993PRESEN
4、TEDARGUMENTSONBOTHSIDES,NEGATIVEANDPOSITIVE,ABOUTTHEIMPACTOFTMTORGANIZATIONALTENUREONPERFORMANCEHEARGUEDTHATATEAMWHOSEMEMBERSHAVEALONGERTENUREWOULDBEABLETOFORMULATEMOREEFFECTIVESTRATEGIESBECAUSEEXPERIENCEWOULDRESULTINDEEPERUNDERSTANDINGOFTHEIRCOMPANYONTHEFLIPSIDE,SCHWENKARGUEDTHATEXECUTIVESWITHLONGT
5、ENUREMAYDEVELOPSTRATEGIESBASEDONOUTDATEDASSUMPTIONSOFTHEENVIRONMENTLEADINGTOPOORPERFORMANCEFINKELSTEINANDHAMBRICK1990FOUNDSUPPORTFORARELATIONSHIPBETWEENLONGORGANIZATIONALTENUREANDCONFORMITYTOINDUSTRYPERFORMANCENORMSWIERSEMAANDBANTEL1992FOUNDTHATSHORTORGANIZATIONALTENUREWASPOSITIVELYRELATEDTOSTRATEGI
6、CCHANGEBANTEL1994FOUNDTHATSHORTORGANIZATIONALTENUREWASPOSITIVELYRELATEDTOSTRATEGICPLANNINGOPENNESSINSUMMARY,ALLTHESESTUDIESPROVIDESUPPORTFORTHEARGUMENTTHATLONGERORGANIZATIONALTENURETENDSTOHAVEANEGATIVEEFFECTONFIRMPERFORMANCEHYPOTHESIS2ATHEAVERAGETENUREOFTHETMTISNEGATIVELYRELATEDTOFIRMPERFORMANCEBECK
7、ER1970WASONEOFTHEEARLYRESEARCHERSTOLINKAHIGHERLEVELOFEDUCATIONTOGREATERRECEPTIVITYTOINNOVATIONLIKEWISE,KIMBERLYANDEVANISKO1981DEMONSTRATEDAPOSITIVELINKBETWEENTHEFORMALEDUCATIONOFTOPMANAGERSANDTHEAMOUNTOFINNOVATIONINTHEIRORGANIZATIONSHAMBRICKANDMASON1984ARGUEDTHATEDUCATEDMANAGERSWILLHAVEGREATERCAPABI
8、LITYANDEXPERTISEININFORMATIONSEARCHACTIVITIESSIMILARLY,WIERSEMAANDBANTEL1992SUGGESTEDTHATAHIGHERLEVELOFEDUCATIONISASSOCIATEDWITHHIGHERINFORMATIONPROCESSINGCAPABILITYANDTHEABILITYTODISCRIMINATEAMONGALTERNATESTIMULIBANTELANDJACKSON1989ARGUEDTHATHIGHERLEVELSOFEDUCATIONOFTHETMTWILLLEADTOMORECOMPREHENSIV
9、EDECISIONS,LEADINGTOGREATERINNOVATIONTHEREFORE,WEPROPOSETHEFOLLOWINGHYPOTHESIS3AVERAGEEDUCATIONOFTMTISPOSITIVELYRELATEDTOFIRMPERFORMANCE12HUMANCAPITALTHEORYRECENTWORKGROUNDEDINHUMANCAPITALTHEORYPROVIDESABASISFORREVERSINGTHECAUSALITYOFTWOOFTHEPREVIOUSARGUMENTSREGARDINGTMTCHARACTERISTICSAGEANDTENUREAN
10、DFIRMPERFORMANCEBUCHHOLTZ,RIBBENS,ANDHOULE2003EMPHASIZETHATTOPMANAGEMENTCOMPOSITIONDEPENDSONSELECTIONDECISIONSPERFORMEDBYBOTHTHEFIRMINSELECTINGTHEMANAGEMENT,ANDTHEMANAGEMENTINSELECTINGTHEFIRMTHEFIRMMAYINITIATECHANGESINMANAGEMENTCOMPOSITION,AND,LIKEWISE,MANAGEMENTMAYELECTTOSEEKOPPORTUNITIESATOTHERFIR
11、MSTHEREFORE,TOPMANAGEMENTSELECTIONPROCESSESAREROOTEDINTHEMARKETFORHUMANCAPITAL,INWHICHDECISIONSABOUTTHEAPPROPRIATEMIXOFEXECUTIVEKNOWLEDGEANDSKILLSANDTHEAPPLICATIONOFMANAGEMENTKNOWLEDGEANDSKILLSAREMADEBYBOTHMANAGERSANDFIRMSINTHISMARKETFORHUMANCAPITAL,MANAGERSMUSTMAKEJUDGMENTSABOUTTHECURRENTANDPOTENTI
12、ALPERFORMANCEOFFIRMSTOASSESSTHEATTRACTIVENESSOFTHEOPPORTUNITYWITHTHEFIRMFIRMSMUSTINTURNMAKEJUDGMENTSREGARDINGCURRENTANDFUTUREEXECUTIVEPERFORMANCETHEREIS,HOWEVER,THEPOTENTIALFORAFAIRAMOUNTOFUNCERTAINTYANDALACKOFIMPORTANTINFORMATIONONBOTHSIDESKNOWLEDGEISOFTENTACIT,ANDITISOFTENDIFFICULTTOMAKEANOBJECTIV
13、EASSESSMENTASTOWHETHERORNOTAPARTICULARINDIVIDUALPOSSESSESASPECIFICSKILL,ESPECIALLYWHENTHOSESKILLSARECOMPLEXITISLIKELY,THEREFORE,THATFIRMSWILLRELYONDEMOGRAPHICPROXIESWHENDECIDINGWHETHERORNOTAPARTICULARMANAGERPOSSESSESTHEREQUIREDKNOWLEDGEANDSKILLSNEEDEDTOLEADTHEFIRMTHEIMPLICATIONOFTHESECONDITIONSISTHA
14、TBETTERPERFORMINGFIRMSWILLHAVEMORELEVERAGEINTHEMARKETFORHUMANCAPITALANDWILLBEABLETORECRUITTHOSEMEMBERSOFTOPMANAGEMENTTEAMSWHOHAVEAHIGHLEVELOFEDUCATIONANDHAVEGAINEDADEQUATEEXPERIENCE,THATIS,AREOLDERASBECKER1964ARGUED,COMPANIESAREMORELIKELYTOINVESTINTRAININGTHEEMPLOYEESSOTHATTHEYACQUIREFIRMSPECIFICSKI
15、LLSRATHERTHANGENERALSKILLSAMANAGERWITHAHIGHLEVELOFFIRMSPECIFICSKILLSISLIKELYTOSTAYINTHECOMPANYFORALONGERPERIODBECAUSETHESKILLSWILLFETCHALOWERPRICEOUTSIDETHEEMPLOYINGFIRMLEPAKSNELL,1999BETTERPERFORMINGCOMPANIESARELIKELYTOINVESTMOREHEAVILYINTRAININGANDRETAINEXECUTIVESFORALONGERPERIOD,THEREBYINCREASING
16、THEAVERAGETENUREOFTOPMANAGEMENTTEAMSINTHISCASE,THEN,FIRMPERFORMANCEDRIVESTOPMANAGEMENTTEAMDEMOGRAPHICSBASEDONTHEABOVEHUMANCAPITALARGUMENTS,WEHYPOTHESIZETHEFOLLOWINGHYPOTHESIS1BTHEAVERAGEAGEOFTMTSISPOSITIVELYRELATEDTOFIRMPERFORMANCEHYPOTHESIS2BTHEAVERAGETENUREOFTMTSISPOSITIVELYRELATEDTOFIRMPERFORMANC
17、ETHERELATIONSHIPBETWEENAVERAGEEDUCATIONOFTHETMTANDFIRMPERFORMANCEISLIKELYTOBEPOSITIVEACCORDINGTOHUMANCAPITALTHEORY,CONSISTENTWITHHYPOTHESIS3,STATEDEARLIER2MODERATINGEFFECTOFTIMEPERIODOFSTUDAYANDINDUSTRYFOCUS21ORGANIZATIONALDEMOGRAPHYTHEORYWITHSPECIFICREFERENCETOTENURE,HAVEMAN1995ARGUEDTHAT“EXPLANATI
18、ONSOFORGANIZATIONSTENUREDISTRIBUTIONSMUSTBEROOTEDINEXPLANATIONSOFJOBMOBILITY,BECAUSEMOVEMENTOFEMPLOYEESBETWEENORGANIZATIONSDRIVESCHANGESINORGANIZATIONSTENUREDISTRIBUTIONS“PP588589BASEDONTHISARGUMENT,INTIMESOFENVIRONMENTALCHANGESCOMPANIESARELIKELYTOHAVEATENDENCYTOHIRETOPEXECUTIVESFROMOUTSIDEANDINTIME
19、SOFECONOMICBOOMTHEREISATENDENCYFOREXECUTIVESTOEXPLOREBETTEROPTIONSELSEWHERETOOBTAINTHEEVERINCREASINGTOPEXECUTIVECOMPENSATIONASPFEFFER1983STATED“THERATEOFGROWTHINTHEINDUSTRYCANAFFECTAGIVENORGANIZATIONSDEMOGRAPHY,REGARDLESSOFWHETHERTHEORGANIZATIONITSELFISGROWINGASRAPIDLYASTHEINDUSTRYOFWHICHITISAPART“P
20、311THUS,THERELATIONSHIPBETWEENTENUREANDFIRMPERFORMANCEMIGHTVARYDEPENDINGONTHETIMEPERIODTHATWEARETALKINGABOUTTHELONGLASTINGECONOMICBOOMOF1990SSEEMSLIKEONEPHASEINTHERECENTPASTWHERETHERELATIONSHIPBETWEENFIRMPERFORMANCEANDTENUREISLIKELYTOBEMORENEGATIVECOMPAREDTOSTUDIESTHATHAVETMTANDFIRMPERFORMANCEDATAPE
21、RTAININGTOEARLIERPERIODSBASEDONTHEABOVEARGUMENTS,WEHYPOTHESIZETHEFOLLOWINGHYPOTHESIS4STUDIESTHATCOLLECTEDDATAPERTAININGTO1990SANDLATERWILLSHOWAMORENEGATIVERELATIONSHIPWITHTMTTENUREANDFIRMPERFORMANCECOMPAREDTOSTUDIESTHATCOLLECTEDTMTANDFIRMPERFORMANCEDATAOFEARLIERTIMEPERIODS22MANAGERIALDISCRETIONWEALS
22、OEXPLOREDWHETHERTHERELATIONSHIPBETWEENTMTDEMOGRAPHICSANDFIRMPERFORMANCEDIFFERSACROSSINDUSTRIESFINKELSTEINANDHAMBRICK1990,1996PROPOSEDTHEIDEAOFMANAGERIALDISCRETION,THATIS,THELATITUDEOFACTIONORTHEEXTENTTOWHICHTOPMANAGERSMIGHTMAKEADIFFERENCETOTHEFIRMPERFORMANCETHEYARGUEDTHATTHEEXTENTTOWHICHMANAGERSMAKE
23、ADIFFERENCETOFIRMPERFORMANCEWOULDVARYDEPENDINGONTHEINDUSTRYSTRUCTURE,MARKETGROWTH,DEGREEOFPRODUCTDIFFERENTIATION,NATUREOFCOMPETITION,ANDTHEREGULATORYENVIRONMENTFOREXAMPLE,TOPEXECUTIVESWOULDHAVEAGREATERROLETOPLAYINANINDUSTRYWITHLIMITEDREGULATIONANDAHIGHLEVELOFPRODUCTDIFFERENTIATIONTHUS,THERELATIONSHI
24、PBETWEENTMTDEMOGRAPHICSANDFIRMPERFORMANCEISLIKELYTOVARYACROSSINDUSTRIESSUCHTHATINDUSTRIESASSOCIATEDWITH,FOREXAMPLE,HIGHERGOVERNMENTREGULATIONANDLIMITEDSCOPEFORPRODUCTDIFFERENTIATIONWILLSHOWAWEAKERRELATIONSHIPBETWEENTMTDEMOGRAPHICSANDFIRMPERFORMANCENOTENOUGHINFORMATIONISINCLUDEDONINDUSTRYAFFILIATIONS
25、OFFIRMSINMOSTPASTSTUDIESTOMAKESPECIFICDETERMINATIONSOFINDUSTRYCONTEXTTHEREFORE,GIVENTHEDATA,WECATEGORIZESTUDIESASTHEONESFOCUSEDONSINGLEINDUSTRYANDOTHERSFOCUSEDONMULTIPLEINDUSTRIESANDEXPLOREWHETHERTHISACTSASAMODERATINGVARIABLEHYPOTHESIS5THERELATIONSHIPBETWEENFIRMPERFORMANCEANDTMTTENUREWILLVARYDEPENDI
26、NGONWHETHERTHESTUDYFOCUSEDONSINGLEINDUSTRYVERSUSMULTIPLEINDUSTRIES3METHODWESEARCHEDFORPUBLISHEDARTICLES,CONFERENCEPAPERS,ANDDISSERTATIONSTHROUGHDATABASESEG,EBSCOHOST,ABI/INFORM,ANDDISSERTATIONSABSTRACTSONLINE,REFERENCECITATIONSINJOURNALARTICLES,ANDALISTINGOFARTICLESTHATCITEDTHEHAMBRICKANDMASON1984ST
27、UDYASPERTHESOCIALSCIENCESCITATIONINDEXWEREQUESTEDSOMEAUTHORSTOMAILUSTHEPAPERSTHECRITERIAFORINCLUSIONWERETWOFOLDTHEDATAINTHESTUDYMUSTPERTAINTOTHETOPMANAGEMENTTEAMOFACOMPANYCEO,BOARDOFDIRECTORS,ANDMANAGEMENTTEAMSOFBUSINESSUNITSWEREEXCLUDED,ANDSECONDLY,THEREMUSTBESOMESTATISTICALMEASUREOFTHERELATIONSHIP
28、BETWEENANYOFTHETHREETMTDEMOGRAPHICVARIABLESAGE,TENURE,ANDEDUCATIONANDFIRMPERFORMANCEFOREXAMPLE,STUDIESTHATREPORTEDOTHERFIRMOUTCOMESSUCHASCOMPETITIVEACTION,INNOVATION,ANDINTERNATIONALDIVERSIFICATIONWEREEXCLUDEDSEVERALSTUDIESUSEDACOMMONDATASETANDWEINCLUDEDONLYTHEONETHATCONTAINEDALLTHERELEVANTINFORMATI
29、ONWEFOUND29STUDIESINALL,PROVIDING6,298TOPMANAGEMENTTEAMOBSERVATIONSTHEREWERE12STUDIESTHATREPORTEDRELATIONSHIPSBETWEENTMTAGEANDFIRMPERFORMANCE,24THATREPORTEDRELATIONSHIPSBETWEENTMTTENUREANDFIRMPERFORMANCE,AND13THATREPORTEDRELATIONSHIPSBETWEENTMTEDUCATIONANDFIRMPERFORMANCEWEWEREALSOABLETOFINDANOBJECTI
30、VEMEASUREOFPERFORMANCEOFWHICHRETURNONASSETSROAWASTHEMOSTCOMMONINALMOSTALLOFTHESTUDIESWHERETHEREWASMORETHANONEFIRMPERFORMANCEVARIABLEREPORTED,WEPREFERREDROADEFINEDASOPERATINGINCOMEDIVIDEDBYTOTALASSETSASAMEASUREOFPERFORMANCESINCETHISISAWIDELYUSEDMEASUREOFFIRMPERFORMANCEHAWAWINI,SUBRAMANIAN,VERDIN,2003
31、ALSO,ROA,ROERETURNONEQUITY,ROIRETURNONINVESTMENT,ETCTENDTOBEHIGHLYCORRELATEDWITHONEOTHER4RESULTSFOLLOWINGTHERECOMMENDATIONSOFHUNTERANDSCHMIDT1990,WECORRECTEDFORTHESAMPLINGERRORINAGGREGATIONOFRESULTSBYCOMPUTINGTHESAMPLEWEIGHTEDMEANESTIMATEOFTHECORRELATIONOTHERCORRECTIONSEG,MEASUREMENTERRORDIDNOTSEEMA
32、PPROPRIATEFORTHEDATAONHANDOURFINDINGSARESUMMARIZEDINTABLE1ONNEXTPAGETABLE1ESTIMATEDPOPULATIONCORRELATIONOFTMTDEMOGRAPHICSAGE,TENURE,ANDEDUCATIONWITHFIRMPERFORMANCETMTDEMOGRAPHICNUMBEROFSAMPLESIZEMEANCORRELATIONVARIABLEARTICLES,NUMBEROFTOPWITHFIRMPERFORDISSERLATION，MANAGEMENTMANCEESTIMATEDPAPERS,ETCT
33、EAMSPOPUTATIONS,STANDARDDEVIATIONINTHEPARENTHESISAVERAGETMTAGE132372000101AVERAGETMTAGE112139001006AFTEROUTLIERREMOVALAVERAGETMT24439400520TENUREAVERAGETMT22369000710TENUREAFTEROUTLIERREMOVALAVERAGETMT123526007007EDUCATIONAVERAGETMT102966004000EDUCATIONAFTEROUTLIERREMOVALSIGNIFICANTATP005ASSHOWNINTA
34、BLE1,THEAVERAGECORRELATION,ACROSS2,372TOPMANAGEMENTTEAMS,BETWEENTMTAGEANDFIRMPERFORMANCEWAS0001SD01,NOTSIGNIFICANTNSITISIMPORTANTTOCONSIDERTHEEFFECTOFOUTLIERSWHILEAGGREGATINGTHERESULTSHUNTERANDSCHMIDT1990,P207CITEDSEVERALSTUDIESTOARGUETHATTHEDELETIONOFTHETOPANDBOTTOM5OFTHEOBSERVATIONSCANLEADTOAMUCHL
35、ARGERVARIANCEBEINGEXPLAINEDBYTHEARTIFACTSWITHOURSMALLSAMPLESIZETHATWASEQUIVALENTTOREMOVINGTHESTUDIESWITHTHEHIGHESTANDTHELOWESTVALUESOFCORRELATIONSAFTERREMOVINGTHEOUTLIERS,THEAVERAGECORRELATIONACROSS2,139TEAMSDIDNOTCHANGESIGNIFICANTLYANDWAS001SD06,NSTHUS,HYPOTHESES1AAND2AWERENOTSUPPORTEDSOMEOFTHESTUD
36、IESREPORTEDAVERAGETENUREINTHEORGANIZATIONANDOTHERSREPORTEDAVERAGETENUREASMEMBERSOFTMTSINCEBOTHKINDSOFTENUREOPERATEINTHESAMEWAY,ACCORDINGTOUPPERECHELONSTHEORY,WETREATEDTHEMINTHESAMECATEGORYTHEAVERAGECORRELATIONBETWEENTMTTENUREANDFIRMPERFORMANCEACROSS4,394TMTSWAS05SD020,NSAFTERCONTROLLINGFOROUTLIERS,T
37、HEAVERAGECORRELATIONACROSS3,690TEAMSINCREASEDTO07SD10,NSTHUS,HYPOTHESES2AAND2BWEREALSONOTSUPPORTEDTHEAVERAGECORRELATIONBETWEENTMTEDUCATIONANDFIRMPERFORMANCE,ACROSS3,526TMTS,WAS06SD07NSAFTERTHECONTROLFOROUTLIERS,THEAVERAGECORRELATIONACROSS2,966TEAMSDECREASEDTO04SD0,P05THUS,HYPOTHESIS3WASSUPPORTEDFORT
38、HESETOFSTUDIESTHATEXCLUDEDTHETOPANDBOTTOMOUTLIERSHOWEVER,THEEFFECTSIZEISSMALLCOHENCOHEN,1983THESAMPLINGERRORCOULDEXPLAIN1198OFTHEVARIANCEOFSAMPLECORRELATIONSWHENALLSTUDIESWERECONCERNEDAND,WHENTHEOUTLIERSWEREEXCLUDED,THESAMPLINGERRORCOULDEXPLAIN3762OFTHEVARIANCEINSAMPLECORRELATIONSTHUS,THEREISSUBSTAN
39、TIALVARIANCEINTHESAMPLECORRELATIONSTHATCANBEEXPLAINEDBYOTHERFACTORS,ONEOFWHICHISTHEPRESENCEOFMODERATORSHUNTERSCHMIDT,1990WEFOLLOWEDTHESUBGROUPANALYSISAPPROACHSUGGESTEDBYHUNTERANDSCHMIDT1990,P112TODETECTTHEMODERATINGEFFECTSTOTESTTHEMODERATINGEFFECTOFTHETIMEPERIODWHENTHETMTDATAANDFIRMPERFORMANCEDATAWE
40、RECOLLECTED,WETOOKTHEMEANOFTHETIMEPERIODTOWHICHTHEAUTHORSREFERREDINTHESTUDYFOREXAMPLE,THEPERIOD198387WASINTERPRETEDTOMEANTHATTHEDATAPERTAINEDTO1985THESTUDIESWEREDIVIDEDINTOTWOGROUPSTHEONESBEFORE1991ANDTHEONESWHEREDATAWASCOLLECTEDIN1991ORLATERFORSURVEYSTUDIES,WEASSUMEDTHEYEAROFDATACOLLECTIONTOBE2YEAR
41、SBEFORETHEPUBLICATIONDATEOURFINDINGSARESHOWNINTABLE2TABLE2ESTIMATEDPOPULATIONCORRELATIONOFTMTTENUREWITHFIRMPERFORMANCEMODERATORANALYSISWITHSUBGROUPSTMTTENUREMEANCORRELATIONWITHFIRMPERFORMANCETIMEPERIODBEFORE1991010SD0251991ANDLATER008SD015TVALUEDIFFERENCE237BETWEENGROUPMEANSINDUSTRYFOCUSSINGLEINDUST
42、RY004SD018MULTIPLEINDUSTRIES013SD018TVALUEDIFFERENCE244BETWEENGROUPMEANSSIGNIFICANTATP005INTHESUBSETOFSTUDIESPERTAININGTOTMTDATACOLLECTEDIN1991ORLATER,THEAVERAGECORRELATIONWAS008SD25,NSWHEREASITWAS010SD15,NSINTHESUBSETCONTAININGTMTDATABEFORE1991ATTESTREVEALEDASIGNIFICANTDIFFERENCEP005BETWEENTHEESTIM
43、ATEDPOPULATIONMEANSFORTHETWOSUBGROUPSTHUS,THERELATIONSHIPBETWEENTENUREANDFIRMPERFORMANCEDIFFERSACROSSTIMEPERIODS,THEREBYSUPPORTINGHYPOTHESIS4FORTHEPURPOSEOFTESTINGHYPOTHESIS5,THEMODERATINGEFFECTOFINDUSTRYONTHETMTDEMOGRAPHICSFIRMPERFORMANCERELATIONSHIP,WEFOCUSEDONTMTTENUREALONE,OWINGTOTHELOWERSAMPLES
44、IZEOFSTUDIESAVAILABLEWITHTHEOTHERTMTDEMOGRAPHICSAGEANDEDUCATIONWECOULDNOTFINDENOUGHSTUDIESFROMONEINDUSTRYTOCOMPARETHEEFFECTSWITHANOTHERINDUSTRYWEDIVIDEDTHESTUDIESINTOTHOSETHATFOCUSEDONSINGLEINDUSTRY/SECTORANDOTHERSTHATWEREMULTIINDUSTRYSTUDIESINTHESUBSETOFSTUDIESPERTAININGTOSINGLEINDUSTRY,THEAVERAGEC
45、ORRELATIONWAS04SD18,NSWHEREASITWAS13SD18,NSINTHESUBSETCONTAININGTMTDATAFROMMULTIPLEINDUSTRIESATTESTREVEALEDASIGNIFICANTDIFFERENCEP05BETWEENTHEESTIMATEDPOPULATIONMEANSFORTHETWOSUBGROUPSTHUS,THEREISASIGNIFICANTDIFFERENCEBETWEENTHEESTIMATEDPOPULATIONCORRELATIONSFORTHESUBGROUPWITHSINGLEINDUSTRYFOCUSANDT
46、HESUBGROUPWITHMULTIINDUSTRYFOCUS,THEREBYSUPPORTINGHYPOTHESIS5REFERENCESTHESTUDIESINCLUDEDINTHEMETAANALYSISAREMARKEDWITHANASTERISK1BAIN,JSBARRIERSTONEWCOMPETITIONCAMBRIDGE,MAHARVARDUNIVERSITYPRESS19562BANTEL,KASTRATEGICCLARITYINBANKINGROLEOFTOPMANAGEMENTTEAMDEMOGRAPHYPSYCHOLOGICALREPORTS,73,118712011
47、993A3BANTEL,KATOPTEAM,ENVIRONMENT,ANDPERFORMANCEEFFECTSONSTRATEGICPLANNINGFORMALITYGROUPORGANIZATIONMANAGEMENT,199318,4364584BANTEL,KASTRATEGICPLANNINGOPENNESSTHEROLEOFTOPTEAMDEMOGRAPHYGROUPANDORGANIZATIONMANAGEMENT,199419,4064245BANTEL,KA,JACKSON,SETOPMANAGEMENTANDINNOVATIONSINBANKINGDOESTHECOMPOSI
48、TIONOFTHETOPTEAMMAKEADIFFERENCESTRATEGICMANAGEMENTJOURNAL,198910,1071246BARSADE,SG,WARD,AJ,TURNER,JDF,SONNENFELD,JATOYOURHEARTSCONTENTAMODELOFAFFECTIVEDIVERSITYINTOPMANAGEMENTTEAMSADMINISTRATIVESCIENCEQUARTERLY,200045,8028367BECKER,GSHUMANCAPITALNEWYORKCOLUMBIAUNIVERSITYPRESS,19648BECKER,MHSOCIOMETR
49、ICLOCATIONANDINNOVATIVENESSREFORMULATIONANDEXTENSIONOFTHEDIFFUSIONMODELAMERICANSOCIOLOGICALREVIEW,197035,2673049BECKER,WSTRATEGICCHANGETHEINFLUENCEOFMANAGERIALCHARACTERISTICSANDORGANIZATIONALGROWTHACADEMYOFMANAGEMENTJOURNAL,199740,15217010BLAU,PINEQUALITYANDHETEROGENEITYAPRIMITIVETHEORYOFSOCIALSTRUCTUREFREEPRESSNEWYORK,197711BOEKER,WSTRATEGICCHANGETHEINFLUENCEOFMANAGERIALCHARACTERISTICSANDORGANIZATIONALGROWTHACADEMYOFMANAGEMENTJOURNAL,199740,15217012BOTWINICK,JAGINGANDBEHAVIORSPRINGER,NEWYORK,197713BUCHOLTZ,AK,RIBBENS,BA,HOULE,ITTHEROLEOFHUMANCAPITALINPOSTACQUISITIONCEODEPARTUREACADEMYOFMA
