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The impact of top management team heterogeneity and financial misallocation on corporate resource allocation efficiency
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DOI：10.1016/j.iref.2025.104549.png)
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Abstract
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Based on panel data of Chinese A-share listed companies from 2010 to 2023, this study constructs an econometric model to examine the impact of top management team heterogeneity and financial misallocation on the efficiency of corporate resource allocation. The regression analysis shows: First, top management team heterogeneity has a significant positive effect on corporate resource allocation efficiency; second, financial misallocation significantly hinders corporate resource allocation efficiency; third, top management team heterogeneity exhibits a clear moderating effect in the relationship between financial misallocation and corporate resource allocation efficiency, and this moderating effect differs between state-owned enterprises (SOEs) and non-state-owned enterprises (NSEs); fourth, the impacts of top management team heterogeneity and financial misallocation on corporate resource allocation efficiency are heterogeneous between SOEs and NSEs.
Keywords:
Top management team heterogeneity
Financial misallocation
Corporate resource allocation efficiency
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