CEO imaginativeness and business model design of new ventures: the moderating role of TMT cognitive diversity
研究CEO想象力（创造性、实用性、社会性）对新创企业商业模式设计的影响，发现不同想象力维度分别促进新颖型或效率型设计，且TMT认知多样性增强对新颖型设计的作用。
What is the effect of CEO imaginativeness on new ventures’ business model design (BMD) under diverse levels of top management team (TMT) members’ cognition? In this study, drawing on upper echelons theory and the perspective of CEO–TMT interface, we explore the effect of CEO imaginativeness on new ventures’ BMD, as well as the moderating effect of TMT cognitive diversity. Utilizing a matched survey data from 700 senior managers in 175 new ventures, we find that creative imaginativeness has a stronger influence on novelty-centred BMD; practical imaginativeness has a stronger influence on efficiency-centred BMD; social imaginativeness is equally important for these two BMD types and positively linked to them. Furthermore, TMT cognitive diversity significantly strengthens the influence of the three dimensions of CEO imaginativeness on novelty-centred BMD. Our findings offer actionable guidelines for new ventures to achieve novelty and efficiency in their BMD.