THE CONTINGENT EFFECTS OF TOP MANAGEMENT TEAMS ON VENTURE PERFORMANCE: ALIGNING FOUNDING TEAM COMPOSITION WITH INNOVATION STRATEGY AND COMMERCIALIZATION ENVIRONMENT

• 成果类型: Article
• 署名作者: Eesley, Charles E.; Hsu, David H.; Roberts, Edward B.
• 署名单位: Stanford University; University of Pennsylvania; Massachusetts Institute of Technology (MIT)
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.2183
• 发表日期: 2014
• 页码: 1798-1817
• 关键词: FOUNDING TEAMS; entrepreneurship; VENTURE PERFORMANCE

摘要

How does the relationship between founding team composition and venture performance depend on the venture's strategy and business environment? Using data from a novel survey of 2,067 firms, we show that while diverse founding teams tend to exhibit higher performance, this is not universally true. We find that founding teams that are diverse are likely to achieve high performance in a competitive commercialization environment. On the other hand, technically focused founding teams are aligned with a cooperative commercialization environment and when the enterprise pursues an innovation strategy. These results are robust to corrections for endogenous team formation concerns. The findings suggest that ventures cannot ignore founding team composition and expect to later professionalize their top management teams to align with their strategy and environment. Copyright (C) 2013 John Wiley & Sons, Ltd.