高階管理團隊經驗與新創事業投資所創造之成長價值
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2013
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Abstract
本研究主要是透過新創事業投資來檢視高階管理團隊(TMT)產業經驗對於公司未來成長之影響。不同於以往的高階管理團隊的研究，本研究不僅以新創事業投資來探討現存的高階管理團隊理論是否適用於公司對外的創新活動，亦將高階管理團隊產業經驗加以細緻化，來探討不同面向與程度的產業經驗多樣性如何影響新創事業投資所創造的成長價值。
本研究採用台灣上市的電子產業公司為研究對象，觀察期間為2008及2009兩年度，並以Panel Data迴歸分析為研究方法。經由實證，我們發現高階管理團隊之組成異質性對於公司之未來成長確實有決定性的影響。其中，在眾多細緻化的產業經驗當中，本研究發現個別高階管理團隊成員之外部產業經驗多樣性正向調節新創事業投資與公司的未來成長。
The purpose of this study is to investigate the extent to which top management teams (TMT) diversity influences future growth value generated by corporate venture investments (CVIs). Different from previous TMT studies mainly conducted in the context of firm exploitation, this study uses corporate venturing to examine the existing TMT theories in an exploratory setting. This study finds that TMT composition is a determinant of heterogeneous CVI contribution to firm growth value. Specifically, among various refined measures of a TMT’s industry experiences, this study finds that each team member’s versatile experiences diversity positively moderate the relationship between the magnitude of CVIs and firm growth value.
The purpose of this study is to investigate the extent to which top management teams (TMT) diversity influences future growth value generated by corporate venture investments (CVIs). Different from previous TMT studies mainly conducted in the context of firm exploitation, this study uses corporate venturing to examine the existing TMT theories in an exploratory setting. This study finds that TMT composition is a determinant of heterogeneous CVI contribution to firm growth value. Specifically, among various refined measures of a TMT’s industry experiences, this study finds that each team member’s versatile experiences diversity positively moderate the relationship between the magnitude of CVIs and firm growth value.
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高階管理團隊多樣性, 新創事業投資, 產業經驗, TMT diversity, corporate venturing investments, industry experience