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| Study on the Relationship between Demographic Characteristics of New CEO and
Improvement of Corporate Performance：TMT Heterogeneity Moderation Effect |
| LI Weining,WU Di |
| South China University of Technology, Guangzhou, China |
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Abstract This article makes use of a sample of 105 listed mechanical companies that experienced change of CEO to investigate whether the characteristics of new CEO impact on the improvement of corporate performance and how the TMT heterogeneity moderate the relationship between them. It is shown that new CEOs’ educational levels and improvement of corporate performance are negatively related; and that both TMT age heterogeneity and tenure heterogeneity have a negative moderating effect on the relationship between new CEOs’ educational and professional backgrounds and improvement of corporate performance, while TMT heterogeneity has a positive moderating effect on the relationship between new CEOs’ MBA educational backgrounds and improvement of corporate performance.
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Received: 13 November 2013
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2014, Vol. 11 
