RESEARCH ON THE IMPACT OF TOP MANAGEMENT TEAM HETEROGENEITY ON CORPORATE INNOVATION PERFORMANCE: EMPIRICAL ANALYSIS OF LISTED COMPANIES ON THE SCIENCE AND TECHNOLOGY INNOVATION BOARD

This paper looks at how the different types of executives at STAR Market-listed companies affect their ability to come up with new ideas. It also looks at how dynamic capabilities and the changing nature of the business environment can help or hurt these effects. In the context of an innovation-driven development strategy, STAR Market is an important platform serving technology-innovative enterprises. The innovation performance of its listed companies is of enormous significance to the improvement of national innovation capabilities. As the core of corporate strategic decision-making, the heterogeneity of the executive team directly affects corporate innovation performance. This study uses 566 STAR Market-listed companies as samples and uses literature research and empirical analysis methods to measure the heterogeneity of the executive team from five dimensions: age, gender, tenure, education level, and professional background. The findings show that (1) differences in age, gender, and tenure are negatively related to innovation performance, while differences in education level and professional background are positively related. (2) Dynamic capabilities play a part in mediating the relationship between executive diversity and innovation performance. (3) The structure of the company and the changes in the environment have a positive impact on the first relationship. This study provides practical guidance for STAR Market companies to optimize executive team configuration, enhance dynamic capabilities, and improve corporate governance, which helps enterprises cope with environmental uncertainty and innovation performance.