Die Forschung zum Zusammenhang zwischen Topmanagementteams und Unternehmenserfolg stellt ein zum Teil fragmentarisches und wenig konzeptionelles Bild dar. Vor diesem Hintergrund geht es in vorliegender Arbeit um die Frage, inwiefern die Beziehung zwischen Topmanagementteams und Eigentümern optimiert werden kann, wenn bei der Zusammensetzung des Vorstandsteams neben vertraglichen Komponenten auch demografische Eigenschaften berücksichtigt werden.

Firms’ top decision makers cannot possibly know what decisions to make. Rather, decision makers must interpret their situations and make the best possible decision based upon their interpretation of their situations. In this dissertation, I examine decision-makers’ goal orientations as influencing how they interpret their situations and then respond through making decisions in terms of their firms’ entrepreneurial orientations. I also examine whether these decisions influence firm performance. I surveyed top firm decision makers in the Association of Former Students’ database at Texas A and M University. The hypotheses were tested using a structural equation modeling. Using a sample of 273 firms, I find that decision-makers’ goal orientations shape their firm’s entrepreneurial orientations, which in turn influence firm growth, relative performance, and expected future performance. Possessing a learning goal orientation was found to be positively related to innovativeness, proactiveness, and risk taking. A performance prove goal orientation was positively related to innovativeness, whereas a performance avoid goal orientation was negatively related to innovativeness and risk taking. Only a proactive firm posture was found to be positively related to firm performance. The results for this dissertation provide compelling support for upper echelons theory. Decision-makers’ finer-grained personal attributes are found to shape firm-level outcomes. More specifically, decision-makers’ goal orientations are found to shape the firm’s entrepreneurial orientation and, to some extent, performance. Interestingly, coarse-grained personal attributes captured in demographic proxies and used as control variables in the analyses did not provide consistent support for upper echelons theory. The results suggest that scholars need to take a finer-grained perspective of upper echelons theory. A substantial amount of research has established the link between individuals’ goal orientations and how they interpret and respond to their situations. The research here has extended this relationship to the top decision-making context in firms where individuals face strong situational forces caused by uncertainty, complexity, and dynamism. I hope that this research encourages other scholars to (1) examine more complex models of how decision-makers’ personal attributes influence their entrepreneurial decisions in terms of both recognizing and exploiting opportunities, and (2) examine other finer-grained attributes of top decision makers within a finer-grained framework of the decision-making process.

En mettant l'accent sur la résilience des Présidents Directeur Généraux, cette thèse contribue au courant de recherche « upper echelons » et met en lumière une capacité, qui est cruciale en période d’incertitude, de changement rapide et de pression. Adoptant un format en trois essais (deux essais empiriques et un essai théorique), elle questionne l’influence et la diffusion de cette résilience au plus haut niveau. Afin de contextualiser mes travaux, je propose tout d'abord une revue de littérature des contributions « upper echelons » ayant trait aux caractéristiques des dirigeants et des recherches afférentes au concept de résilience. Le premier essai documente ensuite l’impact de la résilience des dirigeants sur la performance de leur entreprise et corrobore l’existence d’une relation curvilinéaire de forme concave, relation modérée par de niveau de réserve financière de l’entreprise et le niveau de complexité de son secteur d’activité. Le second essai corrobore l’existence d’une relation curvilinéaire de forme convexe entre résilience du dirigeant et degré de dynamisme stratégique et établit le rôle de médiateur de ce-dernier dans la relation résilience du dirigeant-performance de l’entreprise. Le troisième essai, de nature conceptuelle, propose un modèle de diffusion interne et externe de la résilience du dirigeant en temps de crise. Dans le chapitre de conclusion de ma thèse, après avoir souligné quelques limites de mon approche et proposé des pistes de recherche, je fournis quelques implications managériales de mes travaux. / Focusing on CEO resilience, this dissertation contributes to the upper echelons or strategic leadership research tradition and highlights a capacity, which is crucial in times of uncertainty, rapid change and pressure. Adopting a three essay format (two empirical and one theoretical pieces), it questions the influence of CEO resilience. The first chapter contextualises my work by reviewing previous "upper echelons" contributions pertaining to CEO characteristics and resilience literature. The first essay then investigates the impact of CEO resilience on firm performance and demonstrates the existence of a bell shape curvilinear relationship, relationship moderated by financial slack and industry complexity. The second essay confirms the existence of a U shape curvilinear relationship between CEO resilience and strategic dynamism and establishes the mediating role of strategic dynamism in the CEO resilience-company performance sequence. The third essay, which is conceptual, provides a model for internal and external diffusion of CEO resilience in times of crisis. Finally the concluding chapter of my thesis stresses some limitations, proposes future research avenues, and put forward some managerial implications.

Die Forschung zum Zusammenhang zwischen Topmanagementteams und Unternehmenserfolg stellt ein zum Teil fragmentarisches und wenig konzeptionelles Bild dar. Vor diesem Hintergrund geht es in vorliegender Arbeit um die Frage, inwiefern die Beziehung zwischen Topmanagementteams und Eigentümern optimiert werden kann, wenn bei der Zusammensetzung des Vorstandsteams neben vertraglichen Komponenten auch demografische Eigenschaften berücksichtigt werden.:Inhaltsverzeichnis ABBILDUNGSVERZEICHNIS 5 1. EINLEITUNG 6 1.1 THEMENEINFÜHRUNG UND PROBLEMSTELLUNG 6 1.2 VORGEHENSWEISE UND GANG DER ARBEIT 9 2. DER ZUSAMMENHANG ZWISCHEN UNTERNEHMENSSTRATEGIE UND UNTERNEHMENSERFOLG - BEGRIFFLICHE GRUNDLAGEN 15 2.1 UNTERNEHMENSSTRATEGIE 15 2.2 KONTEXTSITUATION 20 2.3 UNTERNEHMENSERFOLG 22 2.4 ZUSAMMENFASSUNG 26 3. DIE UNTERNEHMENSLEITUNG ALS KOOPERATIVE ARBEITSORGANISATIONSFORM 27 3.1 KOOPERATIVE ARBEITSORGANISATIONSFORMEN 28 3.1.1 INTERNE GRUPPENSTRUKTUREN UND PROZESSE 31 3.1.2 GRUPPENLEISTUNG UND ERFOLGSDETERMINANTEN 41 3.1.3 TEAM VERSUS GRUPPE – DEFINITION UND KLASSIFIKATION 44 3.2 DAS TOPMANAGEMENT AUS DER TEAMPERSPEKTIVE 52 3.2.1 BEGRIFFLICHE ERKLÄRUNG UND EINORDNUNG 54 3.2.2 AUFGABENBEREICH UND ORGANISATION DES TOPMANAGEMENTS 57 3.2.3 KOOPERATIVE ZUSAMMENARBEIT AUF EBENE DES TOPMANAGEMENTS 64 3.3 ZUSAMMENFASSUNG 68 4. DER ZUSAMMENHANG ZWISCHEN TOPMANAGEMENTTEAM UND UNTERNEHMENSERFOLG AUS SICHT DER PRINZIPAL-AGENT-THEORIE 70 4.1 GRUNDLAGEN 72 4.1.1 RAHMENSTRUKTUR DES GRUNDMODELLS UND INTERESSENKONFLIKT 72 4.1.2 ASYMMETRISCHE INFORMATIONSVERTEILUNG UND UMWELTUNSICHERHEIT 75 4.1.3 RISIKOVERTEILUNG 78 4.1.4 ERWEITERUNGEN DES GRUNDMODELLS 80 4.2 TOPMANAGEMENT UND UNTERNEHMENSERFOLG AUS PRINZIPAL-AGENT-THEORETISCHER SICHT 93 4.2.1 DIE DELEGATIONSBEZIEHUNG ZWISCHEN TOPMANAGERN UND UNTERNEHMENSEIGENTÜMER 93 4.2.2 DER UNTERNEHMENSERFOLG AUS SICHT DER PRINZIPAL-AGENT-THEORIE 99 4.3 WÜRDIGUNG DER PRINZIPAL-AGENT-THEORIE 103 4.4 ZUSAMMENFASSUNG 106 5. TOPMANAGEMENTTEAM UND UNTERNEHMENSERFOLG AUS SICHT DER UPPER-ECHELONS PERSPEKTIVE 108 5.1 GRUNDLAGEN 108 5.2 DEMOGRAPHISCHE EIGENSCHAFTEN ALS STRATEGISCHE DETERMINANTEN 111 5.2.1 ALTER 111 5.2.2 BETRIEBSZUGEHÖRIGKEIT 113 5.2.3 BRANCHENSENIORITÄT 115 5.3 DIE GRUPPENZUSAMMENSETZUNG 117 5.4 KONTEXTSITUATION 125 5.5 DER EINFLUSS VERSCHIEDENER MODERATOREN 127 5.5.1 DAS KONZEPT „BEHAVIORAL INTEGRATION“ 127 5.5.2 DER „DISCRETION“-ANSATZ 130 5.5.3 DER „POWER DISTRIBUTION“-ANSATZ 134 5.5.4 DIE „EXECUTIVE JOB DEMAND“-ÜBERLEGUNG 137 5.6 WÜRDIGUNG DER UPPER-ECHELONS-THEORIE 139 5.7 ZUSAMMENFASSUNG 141 6. TOPMANAGEMENTTEAMS – EINE INTEGRATIVE PERSPEKTIVE 144 6.1 GRUNDLAGEN 144 6.1.1 KONTEXTSITUATION 145 6.1.2 VERHALTENSANNAHMEN 149 6.2 DER EINFLUSS DEMOGRAPHISCHER FAKTOREN – EINE FALLUNTERSCHEIDUNG 152 6.2.1 JUNGE TOPMANAGER 154 6.2.2 BERUFSERFAHRENE TOPMANAGER MIT UND OHNE BRANCHENBEZUG 159 6.2.3 BETRIEBSSPEZIFISCHE TOPMANAGER 164 6.2.4 ZUSAMMENFASSUNG 166 6.3 TEAMPERSPEKTIVE 168 6.3.1 TEAMZUSAMMENSETZUNG UND TEAMPROZESSE 170 6.3.2 MEHRPERIODISCHE TEAMINTERNE ZUSAMMENARBEIT 186 6.4 ZUSAMMENFASSUNG 191 7. DEUTSCHLAND – EIN SONDERWEG? 195 7.1 NATIONALE RAHMENFAKTOREN 195 7.1.1 RECHTLICHE UND WIRTSCHAFTLICHE RAHMENBEDINGUNGEN 196 7.1.2 GESELLSCHAFTLICHE WERTVORSTELLUNGEN 204 7.2 IMPLIKATIONEN DEUTSCHER KONTEXTFAKTOREN 206 7.3 FÜHRUNGSWECHSEL UND REKRUTIERUNGSVORGEHEN 213 7.4 ZUSAMMENFASSUNG 227 8. ZUSAMMENFASSUNG UND AUSBLICK 229 LITERATURVERZEICHNIS 238

Studien syftar till att undersöka om investerare anser att kvinnliga verkställande direktörer (VD) tillför värde till företaget genom att studera marknadsreaktionen när kvinnliga VD:ar tillkännages. Studien undersöker även om VD:ns erfarenheter och egenskaper, enligt Upper Echelons Theory, har en effekt på studerad marknadsreaktion. Studien avgränsas till den svenska marknaden där företag på Nasdaq Stockholm samt First North inkluderas, där urvalet består av 49 företag. Marknadens reaktion vid tillkännagivande av nya, kvinnliga VD:ar operationaliseras till den abnormala avkastningen vid eventdagen enligt marknadsmodellen, och tas fram för tio dagar innan tillkännagivandet till och med tio dagar efter. Resultatet visar att investerare är positivt inställda till kvinnliga VD:ar och anser de värdeskapande då signifikant positiv abnormal avkastning kan utläsas. Avseende antaganden om att VD:ns erfarenheter och egenskaper har effekt på marknadens reaktion finner studien inga signifikanta resultat och gör att hypoteserna varken kan förkastas eller accepteras.

Recent research has investigated the moderating effects of environmental characteristics on the relationships between top management team heterogeneities and firm performance but has given little attention to the moderating role of board composition. This study examines the moderating effects of the proportion of outside board membership on the relationships between top management team heterogeneities and firm performance. The upper echelons theory would contend that outside directors with their valuable resources (information, skills, and network) and the tendency to challenge and initiate cognitive conflicts with top management teams can improve the quality of strategic decision making process and firm performance. To test these predictions, it is hypothesized that the greater the proportion of outside directors, the more positive the relationship between top management team tenure heterogeneity, educational heterogeneity, functional background heterogeneity, and firm performance. Fortune 500 companies were chosen as the sample of the study. I utilized moderated hierarchical regression to analyze the data. The results do not support the predictions. Several theoretical and methodological issues are discussed.

No description available.

Background. Sweden is one the countries that have the highest survival rate amongst new companies in all of Europe but still it is only about 60 percent out of start-ups that survive the first five years [51]. The data from looking over longer time periods also shows a 60 percent survival rate for a five-year period [51]. CEO characteristics and strategic choices impact the success and growth of the company and therefore impact whether the company survives or not. Objectives. The purpose of this master thesis is to see how CEO characteristics and strategic choices impact or/and increase company success and growth for small business (SB) in the IT consultant industry in Sweden. The CEO characteristics that will be researched is age, tenure, education, prior work experience and if the current CEO is the founder or not. The strategic choices that will be research is investing resources, cash holdings, different types of mergers and acquisitions and if the expertise within in the business are broad or specialized. Methods. The collected primary and secondary data are retrieved from companies that was defined small in the year 2012 to see their performance until 2019. The primary data was gathered by sending out a survey to CEO in the company. Multiple regression will be used on the data to see what CEO characteristics and strategy choices impact company growth. What CEO characteristics influence the choice of strategy will be research with correlation. Results. The result indicated that CEO education, prior work experience and the CEO being founder had the most impact on company growth out of the CEO characteristics. From the strategic choices the result indicated that investing resources and having a broad expertise had the most impact on company growth. Conclusions. The conclusion indicated that CEO characteristics and strategic choices impact company growth but there was no evidence in this research that the CEO characteristics influenced the choice of strategy.

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.

Bakgrund: Kvinnors väg till toppositioner inom näringslivet kantas av fler hinder än deras manliga motsvarigheter. En anledning kan vara de antaganden som finns kring kvinnors riskundvikande. Liknande antaganden finns även när det kommer till ålder och ämbetstid i beslutsfattande positioner. Det strategiska risktagandet är ett resultat av det strategiska beslutsfattande styrelser och ledningsgrupper utför, varpå intresse finns i att se om samband råder mellan variablerna eller om antagandena är felaktiga. Syfte: Studiens syfte är att få ökad förståelse för relationen mellan ledningsgruppens och styrelsens sammansättning och bolags strategiska risktagande. Metod: Det är en kvantitativ metod som appliceras på studien med en deduktiv ansats. Teorierna som behandlas är Prospect theory, Social identity approach och Upper echelons. Datainsamlingen utgår från nyckeltal från respektive bolags årsredovisningar och Infotorg Företag. Resultat: Alla hypoteser förkastas och slutsatsen blir därför att kvinnor, ålder och styrelsens respektive ledningsgruppens ämbetstid inte har något specifikt inflytande på det strategiskt risktagande då det inte hittades några samband för detta. / Background: Women's path to top positions in organisations is lined with more obstacles than their male counterparts. One reason may be the assumptions that exist about women's risk avoidance. Similar assumptions also exist when it comes to age and tenure in decision-making positions. The strategic risk-taking is a result of the strategic decision-making boards and top management teams carry out, whereupon there is interest in seeing if there is a connection between the variables or if the assumptions are false. Purpose: The study aims to gain an increased understanding of the relationship between the composition of the board of directors and the top management team, and companies' strategic risk-taking. Method: It is a quantitative method that is applied to the study with a deductive approach. The theories covered are Prospect theory, Social identity approach and Upper echelons. The data collection is based on key figures from each company's annual reports and Infotorg Företag. Conclusion: All hypotheses are rejected and the conclusion is therefore that women, age and the term of office of the board and management team have no specific influence on the strategic risk-taking as no connection was found for this.