The Influence of Top Management Teams in the Strategic Orientation and Performance of Small and Medium‐sized Enterprises
基于295家中小企业数据，研究发现高层管理团队特征通过影响战略导向间接决定企业绩效，对资源匮乏环境下的中小企业管理者有参考价值。
Identifying which factors affect firms' performance is a critical issue in strategic management research. This paper addresses the influence of managerial team over the behaviour and performance of small and medium‐sized enterprises (SMEs). By treating top management team (TMT) characteristics as predictors of a firm's strategic orientation, we seek to provide a more complete understanding of how the characteristics of managerial teams shape decision‐making processes and SMEs' behaviours in order to successfully compete in low munificent environments. Based on primary data regarding managerial characteristics and firms' behaviours of a sample of 295 SMEs, our results confirm that a firm's strategic orientation plays a mediating role in explaining how TMT characteristics determine SMEs' performance.