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Top Management Teams, Strategy and Financial Performance: A Meta-Analytic Examination


S. Trevis Certo, Department of Management, Texas A&M University, College Station, TX 77845-4221, USA (


abstract  A considerable amount of research has investigated the linkage between top management team (TMT) characteristics and firm financial performance. Much of this research relies on demographic data. While these data are reliable and accessible, findings across studies are not consistent. Meta-analysis of several TMT indicators and firm financial performance provides modest support for direct relationships but indicates moderating influences. Further meta-analysis and a confirmatory factor analysis enrich these findings by examining potential moderating and intervening factors.