The impact of top management team tenure heterogeneity on innovation efficiency of declining firms.

ABSTRACT: Most firms will experience a decline in their development process. The contraction in demand and the impact of COVID-19 have exacerbated a firm's performance. Under the dilemma of resources reduction and recovery, the declining firm pays more attention to the efficient utilization of the diminishing innovation resources. Based on upper echelon theory and principal-agent theory, this study investigates the impacts of top management team (TMT) tenure heterogeneity and ownership concentration on innovation efficiency. The sample consists of 534 firm observations after PSM nearest-neighbour matching, sourced from A-share listed manufacturing firms in Shanghai and Shenzhen from 2015 to 2019. Innovation efficiency of declining firms is measured using the Malmquist Index method. The fixed-effects

SUBMITTER: Huang X 

PROVIDER: S-EPMC11838907 | biostudies-literature | 2025

REPOSITORIES: biostudies-literature