Integrating SEM, Wald test and ANOM to disentangle the effect of TMT functional background on strategic plans

IF 6.2 2区经济学 Q1 ECONOMICS

Socio-economic Planning Sciences Pub Date : 2024-10-01 DOI:10.1016/j.seps.2024.102083

Fabrizia Sarto , Sara Saggese , Emmadonata Carbone , Pasquale Sarnacchiaro

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引用次数: 0

Abstract

Building on the upper echelon theory, this paper investigates the relationship between the functional background of the Top Management Team (TMT) and the strategic forward-looking disclosure in terms of both publication and quality of strategic plans. Specifically, it employs Structural Equation Modelling (SEM), along with the Wald test and Analysis of Means (ANOM), to disentangle the effects of the three specifications of functional background (i.e., output, throughput, and peripheral) on strategic plans. Analyzing a sample of 341 non-financial companies listed on the Milan Stock Exchange, the research assesses the quality of strategic plans through content analysis. The empirical evidence reveals that the TMT's functional background significantly influences the strategic forward-looking disclosure, with the peripheral functional background having the highest impact compared to the other specifications. This finding underscores the crucial role of managerial characteristics in enhancing the quality of strategic plans and suggests that firms should consider managers' functional expertise when making directors' appointments. In doing so, the paper not only contributes to theory and practice but also offers methodological advancements.

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整合 SEM、Wald 检验和 ANOM，析出 TMT 职能背景对战略计划的影响

本文以高层理论为基础，从战略计划的发布和质量两个方面，研究了高层管理团队（TMT）的职能背景与战略前瞻性信息披露之间的关系。具体而言，本文采用结构方程建模（SEM）、Wald 检验和均值分析（ANOM）来区分三种职能背景规格（即产出、吞吐量和外围）对战略计划的影响。研究分析了 341 家在米兰证券交易所上市的非金融公司样本，通过内容分析评估了战略计划的质量。实证证据显示，TMT 的职能背景对战略前瞻性披露有显著影响，与其他规范相比，外围职能背景的影响最大。这一发现强调了管理者特征在提高战略计划质量方面的关键作用，并建议公司在任命董事时应考虑管理者的职能专长。因此，本文不仅为理论和实践做出了贡献，还在方法论上取得了进步。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Socio-economic Planning Sciences OPERATIONS RESEARCH & MANAGEMENT SCIENCE-

CiteScore

9.40

自引率

13.10%

发文量

294

审稿时长

58 days

期刊介绍： Studies directed toward the more effective utilization of existing resources, e.g. mathematical programming models of health care delivery systems with relevance to more effective program design; systems analysis of fire outbreaks and its relevance to the location of fire stations; statistical analysis of the efficiency of a developing country economy or industry. Studies relating to the interaction of various segments of society and technology, e.g. the effects of government health policies on the utilization and design of hospital facilities; the relationship between housing density and the demands on public transportation or other service facilities: patterns and implications of urban development and air or water pollution. Studies devoted to the anticipations of and response to future needs for social, health and other human services, e.g. the relationship between industrial growth and the development of educational resources in affected areas; investigation of future demands for material and child health resources in a developing country; design of effective recycling in an urban setting.