Denna studie ämnar bidra till den rådande jämställdhetsdebatten vad gäller könsdiversitet hos svenska noterade företag där kvinnliga vd:s är underrepresenterade. Syftet är att identifiera om det finns ett samband mellan kvinnliga vd:s och företags lönsamhet. Studien tillämpar kvantitativ metod där en multipel regressionsanalys utförs på ett datamaterial inkluderande 643 svenska noterade bolag på Nasdaq Stockholm, First North och Spotlight Stock Market räkenskapsåren 2018–2019. Som proxy för lönsamhet tillämpades både redovisningsbaserade mått i form av avkastning på totala tillgångar (ROA) och avkastning på eget kapital (ROE) och som marknadsbaserat mått tillämpades Tobin’s Q. Testvariabel utgjordes i studien av kvinnlig vd med vidare applicering av kontrollvariablerna företagets storlek, ålder och skuldsättningsgrad. Undersökningens resultat påvisar inte något statistiskt signifikant samband mellan vd:s kön och företags lönsamhet, vilket är en diskrepans till de flesta tidigare studier inom området som tyder på förekomst av både negativa och positiva samband.

This study investigates the association between CEO foreign work experience and CEO total compensation. The sample contains 863 observations from 2007 to 2016 from seven European countries. As certain aspects of foreign work experience are considered beneficial for the firm, it is likely that those who have worked abroad may appropriate some of the benefits themselves in the form of higher compensation. Contrary to the proposed positive association based on the resource-based theory, I find evidence that CEOs with foreign work experience receive significantly lower levels of total compensation compared to similar CEOs without foreign work experience, regardless of the diversity of their work experience. The results are robust to the endogenous CEO selection using a propensity-score matching method. The results show that the negative association between CEO foreign work experience and CEO total compensation is more pronounced for CEOs that are at the head of firms with a higher level of internationalization, measured as percentage of foreign sales. Managerial implications and suggestions for related future research are provided.

Purpose: The purpose of this thesis is to explain how the gender diversity of the top management team affects the disclosure strategy regarding gender diversity, in state-owned enterprises. The study, in addition, tests if hybridity, conceptualized as conflicting institutional logics, has a moderating effect on this relationship. Theoretical perspectives: With its starting point in the upper echelon theory, the study uses both positive accounting theory and signaling theory to explain managers’ disclosure decision, where the intuitional logics approach represents the moderating decision-making context. Methodology: The study is based within the positivistic paradigm, following a deductive approach and quantitative methodology. Both the textual and visual diversity content of the annual reports of 30 state-owned enterprises over a 5-year period, is collected and analyzed using the Spearman correlation matrix and multiple regression analysis. The moderating effect of hybridity is tested through hierarchical moderated multiple regression analysis. Findings: The findings of the study provide partial support for the relationship between the gender diversity of the top management team and gender diversity disclosure, suggesting that the influence of management depends on the means of disclosure. No support is found for the claim that hybridity has a positive moderating effect on this relationship. However, incorporating hybridity stills indicates that integrating the institutional context into the upper-echelons model facilitates understanding about the relationship, by establishing conditional boundaries and identifying main effects.

本研究主要探討高階經營團隊成員的背景與企業國際擴張策略之間的關係。以高階經營團隊成員的學經歷背景為討論重點，探討高階經營團隊成員國外經驗的有無、教育程度的高低，以及本科專業異質性的程度是否會對企業海外投資金額的多寡與對大陸地區投資的集中程度造成影響。由高層理論可以得知，高階經理人個人的認知基礎與價值觀會成為他們進行策略選擇的依據，因此，要探討企業選擇某一策略的原因時，就必須從其高階經營團隊成員著手。本研究選擇臺灣的電子產業為樣本，以臺灣經濟新報資料庫（TEJ）中產業代碼分別為M2324半導體、M2326光電業、M2328電子零組件與M2329電子通路業等之公司為研究對象，研究時期為2001年、2006年以及2012年。實證結果發現，若高階經營團隊成員的國外經驗愈多，對海外地區（不包含大陸地區）的投資金額愈高；若高階經營團隊成員的教育程度愈高，對大陸地區投資的集中程度愈低；然而，關於高階經營團隊成員主修專業異質性的部分，則並未得出任何顯著之結果。本研究之發現不僅再一次證實過往研究的結果，確定高階經營團隊成員對企業的重要性，更給企業在聘用高階經理人時提供參考，若企業未來有往國際擴展的目標，則應盡量聘用擁有國外經驗的高階經理人，借助其經驗與優勢，讓企業在國際市場上能更有效率且成功地發展。 / This study investigates the relationship between the background of top management team and international expansion. It discusses whether foreign experience, the level of education and major heterogeneity will influence the amount of overseas investment and the concentration degree of investment in China or not. According to the upper echelons theory, personal cognitive basis and value of top managers have an impact on their decision-making process. Thus, in order to understand the reasons why an enterprise chooses one strategy, it is necessary to explore its top management team. Relying on data from Taiwan's electronics industry (TEJ codes M2324, M2326, M2328, M2329), we find that certain characteristics of top management team are related to international expansion. Empirical results show that, if the top management team members have more foreign experience, the amount of overseas investment will be higher; additionally, if the top management team members with higher education levels, the concentration degree of investment in China will be lower. However, concerning the effect of major heterogeneity, it does not find any significant results. In a word, the findings of this study not only confirm the importance of top management team but also provide a reference for a company when employing top managers.

This study investigates how chief executive officer narcissism impacts the organizations strategic decisions and outcomes. Rooted in the idea that the organization is a reflection of its top managers, I theorize that narcissistic chief executive officers may influence the decision process leading to corporate acquisitions. Furthermore, taking into account the Dotcom bubble and subprime-crash, research on merger waves is incorporated into the research framework as an outside of the organization effect impacting organizational outcomes. Using a sample of 116 acquisitions by 60 chief executive officers at public listed U.S. firms this is tested from 1994-2017. The results show little to no connection between chief executive officer narcissism and corporate acquisitions in total, international acquisitions or through truly large acquisitions. Though there is a positive connection between observable characteristics such as education and age influencing the decision to acquire firms. When comparing the sample of 116 acquisitions to a general market sample of 4379 acquisitions, a connection to merger wave theory is identified. / Denna studie undersöker hur verkställande direktör narcissism påverkar organisationens strategiska beslut och utfall. Med förankring i idén att organisationen är en reflektion av sina ledare, teoretiserar jag för hur narcissistiska verkställande direktörer kan influera beslutsprocessen som leder till företagsförvärv. Vidare, genom att ta i beaktning IT bubblan och finanskrisen, inkorporeras forskning om merger waves i det teoretiska ramverket som en extern faktor vilket påverkar organisatoriska utfall. Med ett urval av 116 uppköp av 60 verkställande direktörer på publika företag i USA testas detta under perioden 1994-2017. Resultatet visar lite till ingen koppling mellan narcissistiska verkställande direktörer och företagsförvärv vare sig totalt, internationella förvärv eller genom mycket stora förvärv. Däremot visar denna studie en koppling mellan observerbara egenskaper såsom utbildning och ålder påverkar beslutet att förvärva företag. När urvalet 116 förvärv jämförs med ett generellt marknadsurval på 4379 förvärv, påvisas det en koppling till merger wave teori.

This cumulative dissertation investigates the role and implications of top managers in firms. By building on two influential contemporary phenomena – internationalization and digitalization – and by examining top managers from a multitude of conceptional and methodological angles, the dissertation provides novel insights to upper echelons research. The first study examines the association between top management team (TMT) internationalization and firm innovativeness and argues that the accumulation of international knowledge and resources in the TMT benefits firm innovativeness. The second study analyzes the association between CEO internationalization and firms’ strategic risk-taking, paying particular attention to various governance mechanisms that may influence this relationship. The third study explores the role and facilitating actions of top managers in response to the digital transformation. Overall, this dissertation contributes toward a more fine-grained understanding of top managers and their individual characteristics. Given the contemporary relevance of the topics under consideration, the presented findings are of significant value for both theorists and practitioners.:Chapter 1: Introduction 1.1 Scope of the dissertation and research gaps 1.2 Theoretical foundation 1.3 Empirical foundation 1.4 Research purpose and scientific contribution Chapter 2: Research article 1 2.1 Introduction 2.2 Theory and hypotheses 2.3 Methodology 2.4 Results 2.5 Discussion and conclusions 2.6 Limitations and future research Chapter 3: Research article 2 3.1 Introduction 3.2 Theory and hypotheses 3.3 Methodology 3.4 Results 3.5 Discussion and conclusion 3.6 Limitations and future research Chapter 4: Research article 3 4.1 Introduction 4.2 Theoretical background 4.3 Data and method 4.4 Findings 4.5 Discussion References

Целью исследования является оценка влияния демографических и профессиональных характеристик руководителей промышленных предприятий на их цифровизацию для выработки рекомендаций по повышению успешности реализации цифровой трансформации российских компаний. Объект исследования. В качестве объекта исследования послужили российские предприятия обрабатывающей промышленности. Предмет исследования. Предметом исследования является механизм взаимосвязи персональных характеристик руководителя и цифровизации промышленных предприятий. Методология исследования. Теоретической и методологической основой исследования послужили теория высших эшелонов, и агентская теория. Для эмпирического анализа был построен порядковый логит. Информационная база исследования была составлена автором на основании данных опроса RUFIGE и базы данных Bureau van Dijk RUSLANA. Научная новизна. Научная новизна исследования заключается в том, что было произведено развитие теории «высших эшелонов», но в отличие от авторов, которые изучают отдельные личные характеристики руководителей, в данном исследовании характеристики были рассмотрены в совокупности (демографические и профессиональные).Данное исследование является одним из немногих в России, так как анализирует предприятия обрабатывающей промышленности с использованием эконометрической модели, которое одновременно рассматривает множество персональных характеристик генерального директора и их влияние на цифровизацию предприятий. Практическая значимость исследования. Практическая значимость исследования состоит в том, что его результаты и представленные рекомендации могут быть способствовать совершенствованию процессов внедрения цифровых технологий в производственные процессы. Также результаты исследования могут быть использованы собственниками компаний и советами директоров для подбора кандидатов на должность генерального директора. / The purpose of the study is to assess the impact of demographic and professional characteristics of managers of industrial enterprises on their digitalization in order to develop recommendations to improve the success of the digital transformation of Russian companies. Object of the study. The object of the study is the Russian enterprises of the manufacturing industry. Subject of the study. The subject of the research is the mechanism of interaction between the personal characteristics of the manager and the digitalization of industrial enterprises. Research Methodology. The theoretical and methodological basis of the study was the theory of higher echelons, and agency theory. An ordinal logit was constructed for the empirical analysis. The information base of the study was compiled by the author on the basis of the RUFIGE survey and the Bureau van Dijk RUSLANA database. Scientific novelty. The scientific novelty of the study lies in the fact that the theory of "upper echelons" was developed, but in contrast to the authors, who study individual personal characteristics of managers, in this study the characteristics were considered in the aggregate (demographic and professional).This study is one of the few in Russia, as it analyzes manufacturing enterprises using econometric model, which simultaneously considers many personal characteristics of general manager The practical significance of the study is that its results and the presented recommendations can help to improve the processes of implementing digital technologies in production processes. Also the results of the study can be used by company owners and boards of directors to select candidates for the CEO position.

Desde 1970, a relação entre o grau de internacionalização e o desempenho das empresas multinacionais (EMNs) tem sido amplamente estudada na literatura de negócios internacionais. Entretanto, os resultados são bastante controversos. Diante disso, revisões recentes sobre o tema propuseram uma nova agenda de pesquisa para avançar na busca por um melhor entendimento acerca da relação Internacionalização-Desempenho. Atualmente, por exemplo, há um consenso de que a literatura de Internacionalização-Desempenho minimiza o papel da gestão, aspecto amplamente negligenciado na literatura de negócios internacionais, mas que é altamente relevante, pois o processo de expansão internacional traz consigo exigências de processamento de informações por parte dos executivos do alto escalão. Portanto, este estudo pretende preencher essa lacuna de pesquisa, incorporando o efeito das características do alto escalão sobre a relação Internacionalização-Desempenho. Para tanto, o trabalho retoma a perspectiva tradicional da relação Internacionalização-Desempenho, combinada às teorias do Alto Escalão ou Upper Echelons e Capacidade de Processamento de Informações, para propor que a influência do grau de internacionalização sobre o desempenho da empresa depende do contexto de gestão dessas empresas, em especial das características relacionadas à capacidade de processamento de informações do alto escalão. A amostra do trabalho é composta por 100 EMNs selecionadas nas bases Capital IQ e Thomson One. Os dados foram levantados para o período 2004-2014, sendo estabelecida uma defasagem de 3 anos entre as variáveis independentes (2004-2011) e dependente (2007-2014), totalizando um painel com 100 unidades transversais e 8 unidades temporais (8×100=800 observações). As hipóteses do trabalho foram testadas com a aplicação da técnica de dados em painel, através do método dos Mínimos Quadrados Ponderados (MQP). Os resultados sugerem que existe uma forte influência de certas características do alto escalão sobre a relação internacionalização-desempenho, tais como nível educacional, experiência internacional, média etária e diversidade de nacionalidades. Assim, o estudo encontra apoio para a tese de que a influência do grau de internacionalização sobre o desempenho da empresa depende do contexto de gestão e da capacidade de processamento de informações do alto escalão dessas EMNs, aspectos cruciais para a empresa superar os desafios inerentes à expansão internacional e obter melhor desempenho no contexto internacional. Além disso, os resultados sugerem que o tamanho da empresa, a intensidade de P&D e a liquidez contribuem positivamente para o desempenho internacional das EMNs. Neste sentido, o presente estudo realça o papel da gestão para a relação Internacionalização-Desempenho, ao mesmo tempo em que proporciona à literatura de negócios internacionais uma melhor compreensão acerca do reflexo das características do alto escalão sobre as estratégias internacionais e o desempenho das EMNs / Since 1970 the relationship between the degree of internationalization and the performance of multinational corporations (MNCs) has been widely studied in international business literature. Meanwhile, the results are controversial. As a consequence, recent reviews about the topic proposed a new research agenda in order to advance the knowledge about the relationship between internationalization and firm performance. Currently, for example, there is a consensus that the literature about the internationalization-performance minimizes the role of management, a highly neglected aspect in the international business literature, but which is highly relevant, as the process of international expansion per se brings along requirements about information processing by top management team (TMT). Therefore, the present research intends to fill the research gap, incorporating the effect of top management team characteristics on the relationship between internationalization and firm performance. For this purpose, this research resumes the traditional perspective about the internationalization-performance relationship combining the theories about Upper Echelons and the Information Processing Capacity in order to propose that the influence of the degree of internationalization on firm performance depends on the management context of those companies, in particular the characteristics related to Information Processing Capacity by the top management team. The sample consists of 100 MNCs selected in the databases Capital IQ and Thomson One. The data have been collected for the period 2004-2014, whereas the independent variables (2004-2011) and the dependent variables (2007-2014) feature time lags between them and the panel is composed of 100 cross sections and 8 time units (8×100=800 observations). The hypotheses have been tested with panel data through the WLS (Weighted Least Squares) method. The results suggest a strong influence of certain top management team characteristics on the internationalization-performance relationship, such as educational level, international experience, average age and nationality diversity. Thus, the research finds support for the hypothesis that the influence of the degree of internationalization on performance depends on the management of these companies, in particular on the characteristics of information processing by TMT that are crucial aspects for the inherent challenges emerging in international expansion and for performance in the international context. Moreover, the results suggest that the firm size, the R&D intensity and liquidity contribute positively to the international performance of MNCs. Hence, the present study highlights the role of management for the internationalization-performance relationship and at the same time enriches the international business literature towards a better understanding about the TMT\'s characteristics in international strategy and MNC\'s performance

Desde 1970, a relação entre o grau de internacionalização e o desempenho das empresas multinacionais (EMNs) tem sido amplamente estudada na literatura de negócios internacionais. Entretanto, os resultados são bastante controversos. Diante disso, revisões recentes sobre o tema propuseram uma nova agenda de pesquisa para avançar na busca por um melhor entendimento acerca da relação Internacionalização-Desempenho. Atualmente, por exemplo, há um consenso de que a literatura de Internacionalização-Desempenho minimiza o papel da gestão, aspecto amplamente negligenciado na literatura de negócios internacionais, mas que é altamente relevante, pois o processo de expansão internacional traz consigo exigências de processamento de informações por parte dos executivos do alto escalão. Portanto, este estudo pretende preencher essa lacuna de pesquisa, incorporando o efeito das características do alto escalão sobre a relação Internacionalização-Desempenho. Para tanto, o trabalho retoma a perspectiva tradicional da relação Internacionalização-Desempenho, combinada às teorias do Alto Escalão ou Upper Echelons e Capacidade de Processamento de Informações, para propor que a influência do grau de internacionalização sobre o desempenho da empresa depende do contexto de gestão dessas empresas, em especial das características relacionadas à capacidade de processamento de informações do alto escalão. A amostra do trabalho é composta por 100 EMNs selecionadas nas bases Capital IQ e Thomson One. Os dados foram levantados para o período 2004-2014, sendo estabelecida uma defasagem de 3 anos entre as variáveis independentes (2004-2011) e dependente (2007-2014), totalizando um painel com 100 unidades transversais e 8 unidades temporais (8×100=800 observações). As hipóteses do trabalho foram testadas com a aplicação da técnica de dados em painel, através do método dos Mínimos Quadrados Ponderados (MQP). Os resultados sugerem que existe uma forte influência de certas características do alto escalão sobre a relação internacionalização-desempenho, tais como nível educacional, experiência internacional, média etária e diversidade de nacionalidades. Assim, o estudo encontra apoio para a tese de que a influência do grau de internacionalização sobre o desempenho da empresa depende do contexto de gestão e da capacidade de processamento de informações do alto escalão dessas EMNs, aspectos cruciais para a empresa superar os desafios inerentes à expansão internacional e obter melhor desempenho no contexto internacional. Além disso, os resultados sugerem que o tamanho da empresa, a intensidade de P&D e a liquidez contribuem positivamente para o desempenho internacional das EMNs. Neste sentido, o presente estudo realça o papel da gestão para a relação Internacionalização-Desempenho, ao mesmo tempo em que proporciona à literatura de negócios internacionais uma melhor compreensão acerca do reflexo das características do alto escalão sobre as estratégias internacionais e o desempenho das EMNs / Since 1970 the relationship between the degree of internationalization and the performance of multinational corporations (MNCs) has been widely studied in international business literature. Meanwhile, the results are controversial. As a consequence, recent reviews about the topic proposed a new research agenda in order to advance the knowledge about the relationship between internationalization and firm performance. Currently, for example, there is a consensus that the literature about the internationalization-performance minimizes the role of management, a highly neglected aspect in the international business literature, but which is highly relevant, as the process of international expansion per se brings along requirements about information processing by top management team (TMT). Therefore, the present research intends to fill the research gap, incorporating the effect of top management team characteristics on the relationship between internationalization and firm performance. For this purpose, this research resumes the traditional perspective about the internationalization-performance relationship combining the theories about Upper Echelons and the Information Processing Capacity in order to propose that the influence of the degree of internationalization on firm performance depends on the management context of those companies, in particular the characteristics related to Information Processing Capacity by the top management team. The sample consists of 100 MNCs selected in the databases Capital IQ and Thomson One. The data have been collected for the period 2004-2014, whereas the independent variables (2004-2011) and the dependent variables (2007-2014) feature time lags between them and the panel is composed of 100 cross sections and 8 time units (8×100=800 observations). The hypotheses have been tested with panel data through the WLS (Weighted Least Squares) method. The results suggest a strong influence of certain top management team characteristics on the internationalization-performance relationship, such as educational level, international experience, average age and nationality diversity. Thus, the research finds support for the hypothesis that the influence of the degree of internationalization on performance depends on the management of these companies, in particular on the characteristics of information processing by TMT that are crucial aspects for the inherent challenges emerging in international expansion and for performance in the international context. Moreover, the results suggest that the firm size, the R&D intensity and liquidity contribute positively to the international performance of MNCs. Hence, the present study highlights the role of management for the internationalization-performance relationship and at the same time enriches the international business literature towards a better understanding about the TMT\'s characteristics in international strategy and MNC\'s performance