The influence of the upper echelons in the return on the assets of companies that make up part of the non-cyclical consumer goods and services economic sector
Main Article Content
Keywords
Upper echelons theory, demographic characteristics, performance evaluation
Abstract
The upper echelons theory, which was initially introduced by Hambrick and Mason (1984), affirms that the cognitions, values, and perceptions of senior executives influence the strategy selection process, and consequently, the company’s performance. Accordingly, the overall objective of this study was to verify the existence of the influence of demographic characteristics of senior executives in the business economic performance of the companies listed in the non-cyclical sector of the BM&FBOVESPA (Sao Paulo Stock Exchange in Brazil) in 2014. The study sample consists of 39 companies of the non-cyclical sector and the data collected were then provided by 182 directors. Based on the results, it was noted that among variables such as education level, age, gender, and time in office, age was the only variable that did not show any statistically significant relationship with the organizational performance.
Downloads
References
Bortoluzzi, D.A., Zakaria, J., Santos, E.A., e Lunkes, R.J. (2016). A influência das características dos executivos de alto escalão sobre a estrutura de capital: Um estudo em empresas listadas na BM&FBOVESPA. Espacios, 37(37), 1-24.
Buchholtz, A. K., & Ribbens, B. A. (1994). Role of chief executive officers in takeover resistance: Effects of CEO incentives and individual characteristics. The Academy of Management Journal, 37(3), 554-579. URL: http://www.jstor.org/stable/256700
Camelo-Ordaz, C., Hernández-Lara, A. B., & Valle-Cabrera, R. (2005). The relationship between top management teams and innovative capacity in companies. Journal of Management Development, 24(8), 683-705. DOI: 10.1108/02621710510613726
Carpenter, M. A. (2002). The implications of strategy and social context for the relationship between top management team heterogeneity and firm performance. Strategic Management Journal, 23(3), 275-284. DOI: 10.1002/smj.226
Carpenter, M. A., Geletkanycz, M. A., & Sanders, W. G. (2004). Upper echelons research revisited: Antecedents, elements, and consequences of top management team composition. Journal of Management, 30(6), 749-778. DOI: 10.1016/j.jm.2004.06.001
Casa Nova, S. P. D. C. (2002). Utilização da análise por envoltória de dados (DEA) na análise de demonstrações contábeis (disertación doctoral, Universidade de São Paulo). Recuperado de http://www.teses.usp.br/teses/disponiveis/12/12136/tde-11122002-092458/pt-br.php
Cline, B. N., & Yore, A. S. (2016). Silverback CEOs: Age, experience, and firm value. Journal of Empirical Finance, 35, 169-188. DOI: 10.1016/j.jempfin.2015.11.002
Cyert, R. M., & March, J. G. (1963). A behavioral theory of the firm, 2ª ed. Englewood Cliffs, NJ: Prentice-Hall.
Dezsö, C. L., & Ross, D. G. (2012). Does female representation in top management improve firm performance? A panel data investigation. Strategic Management Journal, 33(9), 1072-1089. DOI: 10.1002/smj.1955
Díaz-Fernández, M. C., González-Rodríguez, M. R., & Simonetti, B. (2015). Top management team’s intellectual capital and firm performance. European Management Journal, 33(5), 322-331. DOI: 10.1016/j.emj.2015.03.004
Dhaouadi, K. (2014). The influence of top management team traits on corporate financial performance in the US. Canadian Journal of Administrative Sciences/Revue Canadienne des Sciences de l'Administration, 31(3), 200-213. DOI: 10.1002/cjas.1288
Ensley, M. D., Pearson, A., & Pearce, C. L. (2003). Top management team process, shared leadership, and new venture performance: A theoretical model and research agenda. Human Resource Management Review, 13(2), 329-346. DOI: 10.1016/S1053-4822(03)00020-2
Finkelstein, S., & D'Aveni, R. A. (1994). CEO duality as a double-edged sword: How boards of directors balance entrenchment avoidance and unity of command. The Academy of Management Journal, 37(5), 1079-1108. URL: http://www.jstor.org/stable/256667
Finkelstein, S., & Hambrick, D. C. (1990). Top-management-team tenure and organizational outcomes: The moderating role of managerial discretion. Administrative Science Quarterly, 35(3), 484-503. DOI: 10.2307/2393314
Hair, Jr., J. F., Anderson, R. E., Tatham, R. L., e Black, W. C. (2005). Análise multivariada de dados. Porto Alegre: Bookman.
Hambrick, D. C. (2007). Upper echelons theory: An update. The Academy of Management Review, 32(2), 334-343. URL: http://www.jstor.org/stable/20159303
Hambrick, D. C., & Fukutomi, G. D. (1991). The seasons of a CEO's tenure. The Academy of Management Review, 16(4), 719-742. URL: http://www.jstor.org/stable/258978
Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. The Academy of management review, 9(2), 193-206. URL: http://www.jstor.org/stable/258434
King, T., Srivastav, A., & Williams, J. (2016). What's in an education? Implications of CEO education for bank performance. Journal of Corporate Finance, 37, 287-308. DOI: 10.1016/j.jcorpfin.2016.01.003
Lagerberg, F. (2015). Women in business: the path to leadership. Grand Tornton International. Recuperado de https://www.grantthornton.global/en/insights/articles/women-in-business-2015/
Lo, F. Y., & Fu, P. H. (2016). The interaction of chief executive officer and top management team on organization performance. Journal of Business Research, 69(6), 2182-2186. DOI: 10.1016/j.jbusres.2015.12.027
March, J. G., & Simon, H. A. (1958). Organizations. Oxford: John Wiley & Sons.
Marconi, M. D. A., e Lakatos, E. M. (2010). Fundamentos da metodologia científica. São Paulo: Altas.
Mishra, C. S., & Nielsen, J. F. (1999). The association between bank performance, board independence, and CEO pay-performance sensitivity. Managerial Finance, 25(10), 22-33. DOI: 10.1108/03074359910766208
Peni, E. (2014). CEO and chairperson characteristics and firm performance. Journal of Management & Governance, 18(1), 185-205. DOI: 10.1007/s10997-012-9224-7
Simeon, R. (2001). Top team characteristics and the business strategies of Japanese firms. Corporate Governance: The International Journal of Business in Society, 1(2), 4-12. DOI: 10.1108/14720700110394344
Simsek, Z. (2007). CEO tenure and organizational performance: An intervening model. Strategic Management Journal, 28(6), 653-662. DOI: 10.1002/smj.599
Soares, E. (2003). Metodologia científica: lógica, epistemologia e normas. São Paulo: Atlas.
Terjesen, S., Couto, E. B., & Francisco, P. M. (2015). Does the presence of independent and female directors impact firm performance? A multi-country study of board diversity. Journal of Management & Governance, 20(3), 1-37. DOI: 10.1007/s10997-014-9307-8
Wang, L., & Gao, P. (2010, agosto). An empirical research on the relationship between top management teams' tenure and firm performance: Evidence from Chinese listed real estate companies. En Management and Service Science (MASS), 2010 International Conference on Management and Service Science (pp. 1-4). IEEE. DOI: 10.1109/ICMSS.2010.5577205
Wiersema, M. F., & Bantel, K. A. (1992). Top management team demography and corporate strategic change. The Academy of Management Journal, 35(1), 91-121. URL: http://www.jstor.org/stable/256474
Wiseman, R. M., & Gomez-Mejia, L. R. (1998). A behavioral agency model of managerial risk taking. The Academy of Management Review, 23(1), 133-153. URL: http://www.jstor.org/stable/259103
Yang, T., & Zhao, S. (2014). CEO duality and firm performance: Evidence from an exogenous shock to the competitive environment. Journal of Banking & Finance, 49, 534-552. DOI: 10.1016/j.jbankfin.2014.04.008
Article Sidebar
Article Details
Daiane Antonini Bortoluzzi, Federal University of Santa Catarina
Doctoranda en Administración, programa de Pós-Graduação em Administração da Universidade Federal de Santa Catarina (UFSC).
Maryely Andrea Jimenez Franco, Federal University of Santa Catarina
Maestranda en Contabilidad, programa de Pós-Graduação em Contabilidade da Universidade Federal de Santa Catarina (UFSC).
Silvio Aparecido Silva Aparecido Silva, Federal University of Paraná
Doctorando en Ingeniería de Producción, programa de Pós-Graduação em Engenharia de Produção (PPGEP) da Universidade Federal de Santa Catarina (UFSC). Magíster en Métodos Numéricos em Engenharia pela Universidade Federal do Paraná (UFPR).
Rogério João Lunkes, Federal University of Santa Catarina
Posdoctorado en Contabilidad, Universidad de Valencia (España). Profesor del programa de Pós-Graduação em Contabilidade e Administração pela Universidade Federal de Santa Catarina.
Authors who publish with this journal agree to the following terms:
a. Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under aCreative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
b. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
c. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).