An Empirical Research on the Relationship between Top Management Teams' Tenure and Firm Performance: Evidence from Chinese Listed Real Estate Companies

摘要

This study focuses on the investigation of the relationship between tenure of top management teams (TMTs) and corporate performance. 73 Chinese listed real estate companies are selected as our samples, and hierarchical regression statistical methods are used to analyze the collected data. Then we conclude that: (a) TMTs' average tenure is negatively related to short-term firm performance. But it is not significantly related to long-term performance. (b) TMTs' tenure heterogeneity moderates the relationship between TMTs' average tenure and short-term firm performance.