**8. Limitations and Future Directions**

In addition, there are some limitations in this study. (1) Due to a lack of sufficient data, this research only focused on Chinese listed organizations, ignoring the position of unlisted companies, which is only representative for a limited period. However, this research model can be used in different enterprises in other countries. (2) Based on the classification basis of functions and industries in Tihanyi (2000), Yang (2020), and Yang (2018), this study divides experience heterogeneity into functional experience heterogeneity and industry experience

heterogeneity, which is insufficient. The classification basis will be refined in future studies to improve the focus of the research results. (3) In this paper, the matching procedure for sample data acquisition based on several databases may involve some manual errors.

Therefore, in future research, based on more comprehensive data, scholars can expand beyond the objects of local Chinese enterprises and consider studying TMTs of multinational enterprises or enterprises in different countries so as to reduce the impact caused by regional cultural differences. In addition, scholars also need to establish a cross-level model from the individual and organizational levels to further analyze the impact of TMT experience heterogeneity on innovation quality.

**Author Contributions:** Data curation, R.M. and W.L.; formal analysis, R.M. and W.L.; methodology, R.M. and Y.Z.; software, R.M.; writing—original draft, R.M. and W.L.; writing—review & editing, R.M., W.L. and Y.Z. All authors have read and agreed to the published version of the manuscript.

**Funding:** This research received no external funding.

**Institutional Review Board Statement:** Not applicable.

**Informed Consent Statement:** Not applicable.

**Data Availability Statement:** CSMAR Database and the patent database of the State Intellectual Property Office of P.R. China (SIPO).

**Conflicts of Interest:** The authors declare no conflict of interest.
