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Sustainability 2017, 9(12), 2265; doi:10.3390/su9122265

Top Management Teams’ Characteristics and Strategic Decision-Making: A Mediation of Risk Perceptions and Mental Models

College of Business Administration, Huaqiao University, Quanzhou 362021, China
East Business Management Research Center, Huaqiao University, Quanzhou 362021, China
National Taiwan Normal University, Taipei 10645, Taiwan
National Taipei University of Education, Taipei 10671, Taiwan
Department of Business Management, National Sun Yat-sen University, Kaohsiung 80424, Taiwan
Author to whom correspondence should be addressed.
Received: 2 November 2017 / Revised: 5 December 2017 / Accepted: 5 December 2017 / Published: 7 December 2017
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Strategic decision-making is a key factor of sustainability and development in enterprises. Moreover, the top management team (TMT) of an enterprise constitutes the base for decision-making. This study employed structural equation modeling to analyze questionnaires regarding TMTs’ characteristics and strategic decision-making, and tested the mediating effects of risk perceptions and mental models and the moderating effects of psychological ownership. We investigated 289 valid questionnaires on TMTs completed by representatives from enterprises in China and found risk perceptions and mental models that serve as a mediating factor and are affected by the TMTs’ characteristics and decision-making. We also found that psychological ownership exerts moderating effects between TMTs’ characteristics and decision-making. This paper concludes with a discussion of theoretical and managerial implications for enterprise owners. View Full-Text
Keywords: top management team; strategic decision-making; risk perception top management team; strategic decision-making; risk perception

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This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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Wu, T.; Wu, Y.J.; Tsai, H.; Li, Y. Top Management Teams’ Characteristics and Strategic Decision-Making: A Mediation of Risk Perceptions and Mental Models. Sustainability 2017, 9, 2265.

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