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How much do top management teams matter in founder-led firms?

机译:在创始人领导的公司中,高层管理团队有多重要?

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Research SummaryAs firms mature, their founders are often replaced with seasoned executives. When founders are retained, the surrounding top management team (TMT) members are viewed as critical resources in helping compensate for the founder's managerial deficiencies. Surprisingly, however, little is known about how TMT members affect a founder-led firm's performance later in a firm's life. Using novel methods and a sample of over 2,000 firms, we address this gap. We find that although team structure has a significant impact on the performance of nonfounder-led firms (consistent with past literature), it has little to no effect on the operating performance of founder-led firms, suggesting that founder chief executive officers (CEOs) may exert too much control. Thus, the irony is that founders are retained to propel progress but their very retention may prevent progress. Taken together, our findings add to the entrepreneurship, team, and research methods literatures.Managerial SummaryAlthough founders have the entrepreneurial skills to successfully grow a startup, they generally lack the managerial skills required to lead a large, public firm. As a result, many founder CEOs are replaced before a firm goes public. When founders do stay as CEO, the prevailing belief is that they require a strong TMT to help compensate for the founder's managerial deficiencies. However, given founders' desire to retain control, there is a question of whether they will rely on that team, or if they will simply continue to follow their own intuition. We find evidence that founder CEOs are much less likely to listen to and benefit from their teams relative to nonfounder CEOs.
机译:研究摘要随着公司的成熟,他们的创始人经常被经验丰富的高管取代。保留创始人后,周围的最高管理团队(TMT)成员将被视为帮助弥补创始人的管理缺陷的关键资源。然而,令人惊讶的是,关于TMT成员如何影响创始人领导的公司在公司生命后期的绩效的知之甚少。我们使用新颖的方法和2000多家公司的样本来解决这一差距。我们发现,尽管团队结构对非创始人领导的公司的绩效有重大影响(与过去的文献一致),但对创始人领导的公司的运营绩效影响很小甚至没有影响,这表明创始人首席执行官(CEO)可能会施加过多的控制。因此,具有讽刺意味的是,创始人会被保留以推动进步,但他们的忠诚会阻碍进步。综上所述,我们的发现增加了关于企业家精神,团队和研究方法的文献。管理层总结尽管创始人具备成功成长创业公司的创业技能,但他们通常缺乏领导大型上市公司所需的管理技能。结果,在公司上市之前,许多创始人CEO被替换。当创始人确实留任CEO时,普遍的看法是,他们需要强大的TMT来弥补创始人的管理缺陷。但是,考虑到创始人希望保留控制权,存在一个问题,即他们是否将依靠该团队,还是仅仅继续遵循自己的直觉。我们发现有证据表明,与非创始人的首席执行官相比,创始人的首席执行官更不可能倾听他们的团队并从中受益。

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