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Top Team Management Heterogeneity: Does It Improve Large Companies’ Financial Performance?

Author

Listed:
  • Kokot Karolina

    (Senior Teaching Assistant University of Zagreb, Faculty of Organization and Informatics Pavlinska 2, 40000 Varaždin Republic of Croatia)

  • Tipurić Darko

    (PhD Full Professor with Tenure University of Zagreb Faculty of Economics & Business Republic of Croatia)

  • Čalopa Marina Klačmer

    (PhD Full Professor with Tenure University of Zagreb Faculty of Organization and Informatics Republic of Croatia)

Abstract

The most crucial question in strategic management is the role of the top management team (TMT) in a company’s overall success. Empirical studies support the thesis that the TMT plays an important role in defining companies’ outputs, thereby focusing on TMT structure. The research question of this paper is as follows: What is the impact of TMT heterogeneity on large companies’ performance in Croatia? The authors employed a secondary quantitative approach. A panel analysis was conducted from 2015–2020. The research included 62 large companies that met the requirements. The results indicated a positive impact of gender and cultural heterogeneity on companies’ performance, as measured by return on assets (ROA). In the return on sale (ROS) model, a positive impact of TMT heterogeneity is not indicated. This paper contributes by identifying the TMT structure from heterogeneous aspects in Croatia and analysing the impact of heterogeneity on companies’ performance in line with the recommendations for defining the TMT structure.

Suggested Citation

  • Kokot Karolina & Tipurić Darko & Čalopa Marina Klačmer, 2026. "Top Team Management Heterogeneity: Does It Improve Large Companies’ Financial Performance?," South East European Journal of Economics and Business, Sciendo, vol. 21(1), pages 75-86.
    • Handle: RePEc:vrs:seejeb:v:21:y:2026:i:1:p:75-86:n:1005
    DOI: 10.2478/jeb-2026-0005
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    Keywords

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    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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