the effect of internationalization on the role of the ceo

1

The Effect of Internationalization on the role of

the CEO in a Top Management Team

Bachelor thesis Organization and Strategy

2009 ndash 2010

Student Maarten van den Biezenbos

Anr 766992

Supervisor E Dooms

Word count 6500

2

Management summary

This study tries to look at how internationalization affects the choices that are made

when composing the TMT of a company Sanders and Carpenter (1998) claim that

internationalization increases task complexity for the TMT This means that the task

for every manager in the team becomes more complex and therefore tasks like

scanning and gathering information becomes more important Research suggests that

this needs a more heterogeneous team Amason et al (2002) claim that a more

homogenous team performs better in times of crisis or increased complexity because a

homogenous team can communicate better and can speed up the decision making

process The study also revealed that there are three kinds of companies companies

could be a prospector analyzer or defender where according to the theory of

Hambrick and Mason (1984) certain characteristics fit which result in heterogeneity

or homogeneity

When the choice for a team is made the role of the CEO is of great importance He is

the leader of the group There are group processes like cognitive and affective conflict

(Ensley et al 2002) that can arise and have to be worked out It is here that the CEO

has a mediating role It is also important to look at what types of people are put

together in a TMT Pitcher and Smith (2001) labelled people as either being artist

technocrats or craftsmen Each combination has different effects on the group

processes These are all thing that the CEO has to be aware of to ensure TMT

performance

3

Chapter 1 Introduction

Problem Indication

Large organizations are often managed by a CEO and his management team which we

will call the top management team (TMT) Much research has been done on the

composition of the TMT According to Pitcher and Smith (2001) a heterogonous team

will perform better then a homogeneous team but the role and characteristics of the

CEO play a large role in how the TMT will perform Next to being the CEO the role

of the CEO is to complement the team and to make sure that team alignment is high

A team that doesnrsquot work well together will not get the needed results There are

many factors that influence the composition and performance of a TMT Currently

Internationalization is a factor that many companies have to face according to

Sanders and Carpenter (1998) this results in more task complexity for the members of

the TMT Regarding this increase in task complexity choices have to be made with

respect to the compositions of the TMT Will a homogenous team or a more

heterogeneous team best suit the organization Next to the composition of the team

the role of the CEO is important regarding team alignment within the TMT These are

questions that this study will try to give an answer to

Problem statement

How does Internationalization affect TMT composition and what is the role of the

CEO regarding team alignment

Research questions

How does internationalization affect the choice for a heterogeneous or homogenous

team

What is the influence of team homogeneity or heterogeneity on TMT composition

What is TMT composition

What influence has the CEO on team alignment

4

Relevance

The goal of this study is to show how internationalization affects the choice of TMT

members and in what situation requires the team to be more heterogeneous or more

homogeneous

Literature

There has been much research on the TMT and its performance But there have been

few that combine the composition of the team under different levels of

internationalization It is often just a choice between homogeneity and heterogeneity

This study will also make this choice but will look at the affect it has on the

composition of the TMT in different organizational compositions and if a change in

internationalization requires the TMT to change or stay intact The study will look at

the role of the CEO in the process of team alignment

Managers

This study will be useful for managers to see how different characteristic traits work

together and what kind of team can operate best with different degrees of

internationalization What kind of TMT fits which strategy the best and what the role

of the CEO is regarding team alignment Hopefully this study will create a guideline

managers can refer to when composing the TMT which will eventually lead the

organization

Research Design and data collection

My type of research will be exploratory and based on literature reviews

Main concepts and theories that I am going to use will be

- Agency theory

- Internationalization

- Group process theory

- Upper echelon theory

5

Overview of the rest of the chapters

Chapter 1 will give a more detailed explanation of the problem indication and will

explain the theories that are related to the research questions In the second chapter

theory will be explained In the 3rd

chapter the study will try to answer the research

questions In the 4th

chapter the conclusion will be presented

Theoretical Framework

Internationalization

Time schedule

March 9 Deliver Research Proposal 5 hours

April 8 Deliver improved

Research proposal

April 8 to April 29 Work on chapter 1 and 2 25 hours

April 29 to may 20 Finish first draft of whole

thesis

25 hours

May 20 to June 11 Rework draft and finish

Thesis

20 hours

TMT composition

Team

Alignment

CEO

6

7

Chapter 2 Theory

Introduction

This thesis will research the relationship between the ever increasing

internationalization multinationals face and the composition of the management board

and the CEO Internationalization has been a factor for quite a while and much

research has been done in this area on how firms have to cope with a growing

international market Recent developments like the internet and its forthcoming

applications like video conference online buying and selling has brought the different

markets even closer together What began as simple trade agreements between

different countries has changed into one international market where even SME can

compete with the large multinationals With this growing globalization mangers are

faced with even more complex situations they have to deal with As stated by Sanders

and Carpenter (1998) a critical determinant of a firmrsquos ability to successfully deal

with such complexity is its governance structure It is crucial for organizations to

survive that they have a TMT that operates efficiently and is capable to handle the

situations the organizations strategy determines

Theory

Agency theory

Agency theory is directed at the agency relationship that is the relationship between

the agent who performs work and the principal who delegates and controls that work

Agency theory describes this relationship using the metaphor of a contract (Jensen amp

Meckling 1976) According to agency theory there are two problems regarding this

relationship 1 That there is a conflict between agent and principal about certain goals

and 2 The controlling part of the relationship can be difficult or either too expensive

for the principal The goal of agency theory is to find the best suitable contract for

different relationships as the unit of analysis is the contract The key problem as

defined by agency theory is

8

Relationships in which the principal and agent have partly differing goals and

risk preferences and moral hazard which refers to lack of effort on behalf of

the agent

Another important asset of the theory is information Information is seen as a

commodity which can be purchased and is therefore important in the relation between

agent and principal How do you handle the information and how much do you share

These problems that arise are mostly tackled by using one of the two contracts

mentioned by the theory these are the behaviour-oriented contract and the outcome

based contract

Within agency theory there are two different streams positivist agency theory and

principal agent theory With the latter being a more abstract and mathematical theory

and therefore we will for the rest of the thesis only use the positivist stream to

describe and tackle the problems we face The positivist stream focuses on

indentifying situations where the principal and the agent have a conflicting goals and

then describing the governance mechanisms that limits the agentrsquos self serving

behaviour (Eisenhardt 1989) Agency theory will be used to describe the relationship

within the TMT and the effect on team alignment


Internationalization is the growing international markets firms face and the ease of

doing business across countries One of the difficulties managers face is

organizational complexity According to Sanders and Carpenter (1998) complexity

can be associated with the degree of internationalization In the remainder of the

thesis internationalizations refers to the extent to which a firm depends on foreign

markets for customers factors or production and the capacity to create value and to

the geographical dispersion of such dependence Difficulties that managers will face

with the increased complexity are

Different mindsets because of cultural differences among countries

regulations can differ in other countries

Needs and wants of different customers

9

Operational flexibility

What kind of organization structure is chosen ( central hierarchy or the use of

subsidiaries )

These are all examples that constitute to the increased task complexity that managers

face with a higher degree of internationalization For this thesis we will look at how

lowhigh task complexity that comes from the degree of internationalization has an

impact on the composition of the TMT

Group process theory

Group process theory is not so much a theory but more the relationship between

organizational performance and different group processes Knight et al (1999) studied

two effects of interpersonal conflict and agreement seeking behaviour on the strategic

consensus within a TMT Of interest for this thesis is interpersonal conflict This

thesis will look at different characteristics a manager can have or need for the

compensation of the TMT This will bring about interpersonal conflict and it is

interesting to see how this can be resolved and what implications this has for the

composition of the group

Upper Echelon theory

Hambrick and Mason (1984) state that organisational outcomes are partially predicted

by managerial background characteristics Decision making is a process of screening

possible choices and their outcomes Upper echelon theory states that the cognitive

base of each decision maker and his or her values contribute to the decision making

process With cognitive base they mean three aspects

1 Knowledge or assumptions about future events

2 Knowledge of alternatives

3 Knowledge of consequences attached to alternatives

10

This represents the psychological part of the theory The other parts of this theory are

the observable characteristics which are going to be the main focus of this theory

According to upper echelon theory the observable characteristics that are of use for

research are

Age

Functional tracks

Other career experiences

Education

Socioeconomic roots

Financial position

Group characteristics

Together with research done by Pitcher and Smith (2001) about the concept of power

in relationships and their use of dividing managers into three groups Artist

Technocrats and Craftsmen which will be explained in detail later these are the

characteristics that will be of interest for this thesis We will try to look at the effect of

combining different traits together and what are the best traits for certain industries

firms operate in Also point of interest is how organizations define the way of

reaching their goals Rajeswararao and Chaganti (1987) took upper echelon theory to

the test with regard to three different coalitions that can be found in companies

Prospector analyzer and defender firms How does type of firm relate to the need of

certain characteristic traits of the TMT members

11

Chapter 3 Research questions

How does internationalization affect the choice for a homogeneous team or

heterogeneous team

Before we try to answer this question we need to explain the variables that are related

to this question First internationalization as mentioned earlier the degree of

internationalization can be described as the dependence of organizations on foreign

markets for customers and production Athanassiou and Nigh (1999) describe it as

the extent to which an organization is present in international markets and is measured

by its international sales and export sales as a percentage of total sales the number of

international employees as a percent of total employees and the level of international

assets as a percent of total assets There is one thing that recent studies have in

common the degree of internationalization has a positive effect on the increase of

task complexity for the TMT Sanders and Carpenter (1998) mention several

problems that can arise for the TMT With an increase in internationalization

organizations face different foreign markets with their own culture and regulations

which can be in high contrast with the domestic mindset of the TMT Second let us

describe what team heterogeneity and team homogeneity actually mean

Team heterogeneity and homogeneity can be described according to different

variables You can look at demographic variables like age or education but also at

behavioural actions taken in the past or their cognitive base values

Team heterogeneity stands for a team from which the members hold different values

and beliefs or have different demographic backgrounds In contrast team homogeneity

stands for a team from which the members have similar beliefs and values or

demographic backgrounds

Research by Bantel amp Jackson 1989 Katz 1982 Mur-ray 1989 Wanous amp Youtz

1986 has shown that group heterogeneity is associated with creativity and innovation

but on the other hand with conflict and difficulty in communication According to

Pitcher and Smith (2001) team homogeneity is good for organizations in stable

markets What studies clearly show is that for different situations different choices of

teams will be good for a certain situation and others will not fit

Referring back to our question it is difficult to say that one kind of team will fit best

for that situation or one team for another We came to the conclusion however that the

12

extent of internationalization has a positive effect on the increase of task complexity

It is fair to say that when the degree of internationalization is high the formation of the

TMT will become more difficult than in situations with a low degree of

internationalization So it does not affect the choice directly but it will increase the

complexity of the choice and bring more factors to the situations that are important

For the remainder of the study we will take the view of low degree of

internationalization where companies almost solely operate in their own domestic

markets and a high degree where they operate internationally


Team homogeneity stands for a team that consists of members that share similar

beliefs and values or demographic background Now it will rarely be the case that

they match on all criteriarsquos but they will most likely act the same way to reach the

goals they want Our goal is to describe how the TMT will look like in different

situation and how a homogeneousheterogeneous team will affect team alignment and

later we will describe the role of the CEO on team alignment

The team will be described in two different situations

Low degree of internationalization

High degree of internationalization

Furthermore the organization will be divided into three compositions according to

Miles and Snow (1978)

Prospector firms (firms which actively seek new product and market

opportunities)

Defender firms (firms who carve out a safe and stable niche)

Analyzer firms (firms that successfully combine attributes of both)

We will present a scheme in which different characteristics from upper echelon theory

will be described for each of the three organizational compositions Snow and

Hrebiniak (1980) suggested that defenders excel in production and cost control and

13

prospectors in research and development This will be taken into account with the

scheme

Defender

Defender firms stand for stability This also reflects the theory of Hambrick and

Mason (1984) Older executives are associated with avoiding risk taking behaviour

and a lower ability to react quickly to changing demands Older executives find

financial security and career security important They tend to avoid risk and this is

positively associated with defender firms who try to avoid risk taking behaviour

Throughput functions are associated with production process engineering and

accounting Functions that are aimed at improving efficiency and are positively

related to stable commodity like industries (Hambrick and Mason 1984) Years

inside the company is positively related to companies who try to achieve stability

Research by Chaganti and Sambharya (1987) showed that the proportion of outsiders

is lowest in defender firms Hambrick and Mason make the following distinction with

formal educations They say that a higher amount of formal education creates

managers that are not as innovative or risk prone than managers with less formal

education The same can be said for the socioeconomic backgrounds Managers that

come from higher socioeconomic backgrounds tend to be more risk averse Hambrick

and Mason state that team homogeneity is positively related to profitability in stable

environments

Prospector

Prospectors are associated with innovation and growth In relation to the research of

Hambrick and Mason (1984) this shows us that younger managers are positively

related to risky strategies profitability and growth A prospector firm will emphasize

outputs in its strategy which in turn is positively related to the amount of output

function experience within the TMT Output functions tend to emphasize on product

innovation related diversification and forward integration (Hambrick and Mason

1984) Chaganti and Sambharya (1987) showed that the number of outsiders is the

largest in prospector firms Outsiders are more than insiders positively associated with

product innovation and unrelated diversification Research by Kimberly and

14

Evanisko 1981 showed that contrary to other views the amount of higher education is

positively associated with innovation so research on this subject is contradictable

Managers coming from lower socioeconomic background tend to be more positively

related to risk taking behaviour and pursue strategies of acquisition and unrelated

diversification which in turn enhances greater profit and growth variability

According to Hambrick and Mason (1984) a heterogeneous team will perform better

in turbulent especially discontinuous environments than a homogenous team

Analyzer

Miles and Snow (1978) describe an analyzer as a firm who tries to combine both

attributes of a defender and prospector firm Therefore it is difficult to choose what

will suite best for an analyzer firm This will depend on what their main strategy will

be

15

Type of characteristic trait for each three of the compositions

According to upper echelon theory

Characteristic

Analyzer

Defender

Prospector

Age

lowhigh

high

low

Functional

tracks

Strategy

throughput output

dependant functions

functions

Other career

Strategy

Insiders

Outsiders

experiences1

dependant

Formal

average

High amount little formal

education

amount of of formal

management

formal

management education


education

Socioeconomic

Combination Higher socio lower socio

Background

of both

economic

economic

groups

groups

Financial

Position

Not a major difference between owner-managed firms and firms managed

by non owners so this variable will be of too little influence

Group Heterogeneity Strategy

Homogeneity Heterogeneity

dependant

1 Not a clear picture is made by Hambrick and Mason (1984) and situational factors highly influence

the choice

16

What is TMT compositions

The TMT mostly consist out of a CEO and managers for every different unit The

importance of each manager can vary depending on the industry the firm operates in

Marketing managers will most of the time have more responsibilities in a pure service

company than the production mangers and a CFO will have more responsibilities in a

financial firm But there is always one person that stands out the CEO he is the

leader and the face of the firm In the previous section we spoke about the choice for a

heterogeneous or homogeneous team for different compositions This choice will

affect the composition of the TMT Diversity in teams is often proposed as being a

positive factor influencing greater variety in ideas creativity and innovation which in

turn partly explains the choice for a heterogeneous team regarding the composition

prospector (Cox 1993) According to Schneider (1987) organizations mature over

time and become more homogeneous because new employees are selected which fit

the company and its personnel This process will limit the capability of the company

to deal with complex and heterogeneous environments and prevents organization

flexibility and adaptation (Nielsen 2009) This process is very difficult to prevent

because people tend to choose the ones they favour and not the ones that are

dissimilar This is a pitfall that is of concern for the CEO Nielsen 2009 also showed

2 other characteristical traits that are of importance to TMT composition namely

international experience and nationality Executive international experience stands

for the experience they gained in working in different foreign markets cultures and

business practices (Nielsen 2009) This trait is gaining importance due to the growing

globalization of current markets Managers are supposed to understand different

markets and cultures Hambrick et al 1998 described nationality as affecting a person

in different ways ranging from deeply rooted values and belief to language TMTrsquos

tend to keep nationality in the group the same which refers to the social process

(Schneider 1987) of retaining and attracting people that they favour or are similar In

turn this will increase homogeneity

Other research on TMT composition that is of interest is done by Pitcher and Smith

(2001) They studied the results of combining different people in a TMT They made

a distinction between artists craftsmen and technocrats

17

Artists stand for people who are daring entrepreneurial emotional visionary

inspiring and intuitive

Craftsmen are people that are responsible stable predictable reasonable well-

balanced and trustworthy

Technocrats are hard-headed determined no-nonsense and cerebral and detail

oriented (Pitcher and Smith 2001)

Their research showed a decline in the performance of the company they took as a

study subject In the first era of the company the CEO was an artist and the TMT was

a heterogeneous team which resulted in a good performance of the company In the

second era heterogeneity was still reasonably high but the new chairman was a

technocrat which resulted in a downfall of performance and team alignment This

downfall continued into the third era with another technocrat in charge and

heterogeneity declined which is in accordance with the theory of Schneider (1987)

that people tend to attain people that are alike and will fit within the group What this

study shows us is that it makes a difference what kind of CEO is the chairman of the

TMT Composition of the whole team plays a part in how the TMT will perform but it

is the role of the CEO which makes the team work well together


The CEO is the chairman of the TMT and responsible for the performance of the

TMT This can be described by looking at the team alignment But what actually is

team alignment and how does this influence performance

Team alignment will be explained in terms of external and internal fit according to

research done by Hollenbeck et al 2002 They regard external fit as the fit between

the organization and the environment it operates in This means that TMT

composition has to fit with the kind of company it wants to be prospector analyzer

defender and what the industry requires of the company Poor fit will lead to poor

performance and even if there is a good external fit a poor internal fit can neutralize

any positive outcome of the good external fit (Hollenbeck 2000)

Internal fit is seen a matching the structure to the people After assessing the

requirements of the environment you have to find the right people with the task

requirements In relation to the TMT this results in finding a combination of different

18

managers that fit well together As seen in the study by Pitcher and Smith 2001 not

every combination is the right one

Krishnan et al 1997 wrote a study about how performance can be influenced when

companies merge They found that merging dissimilar teams has a positive impact on

performance because managers with different functional backgrounds came together

and this new synergy resulted in a good organizational fit This speaks for

heterogeneity because when companies merge they have to be flexible and adapt to

the new situation and environment Interesting is the research of Amason et al 2002

this study tested the hypothesis that TMT heterogeneity and increasing levels of

novelty are together negatively related to new venture performance According to the

study heterogeneous teams are better capable of scanning and gathering information

than homogeneous teams The problems that arise are those of communication

Homogeneous teams consist of people that are similar which in turn makes people

more comfortable to talk to each other and share information both related and

unrelated to the work (Amason et al 2002)

Another research by Ensley et al 2002 studies the effect of cohesion and conflict

within the TMT They make a distinction between cognitive conflict and affective

conflict Cognitive conflict is a conflict that is task oriented and arises from

differences in perspective or judgement (Amason 1997) Affective conflict is

personal and emotional and arises from personal disagreements or disputes (Amason

1997) Cognitive conflict is seen as a positive factor regarding the decision making

process because it is task oriented and trough the process of discussion the quality of

the decisions improves (Ensley et al 2002) Affective conflict on the other hand is

seen as a negative force because it reduces team member satisfaction and affect and

can reduce effectiveness of the TMT (Ensley et al 2002)

What these studies show us is that there are a variety of conflicts that can arise within

a team As said before internal fit refers to the fit between people in a team conflict

can damage the internal fit of the team and have a negative impact on team alignment

Therefore it is interesting to see what the role of the CEO is in the team

19

CEO

There are different ways companies can arrange their governance structure

Companies can for example be owner controlled where the owner has multiple

functions Common practice for most multinationals and large companies is the

structure as shown in fig 1

Fig 12

The focus of this study will be on the part that is highlighted in yellow

The TMT mostly consist of a group of managers for each department and the CEO is

the leader of the TMT The CEO can have multiple functions which is referred to as

CEO duality or key executive plurality (Worrel et al 1997) we will explain this in

further detail later on

2 Taken from httpwwwfundservcomenglishgovernancegovernanceshtml

20

Within the TMT there are relationships between the members which have to take

difficult decisions to improve company performance As mentioned before several

problems can arise between the members of a team One theory that tries to tackle

these problems is agency theory

Agency theory is mostly concerned with two problems the first being the problem

that arises when the desired goals of the principal conflict with the goals of the agent

The second being the problem of control or monitor the principal has over the actions

performed by the agent (Eisenhardt 1989)

As shown in figure 1 the chairman and board of directors occupy the role of the

principal and the CEO and his team the role of agent but also the relationship with the

CEO and the members of the TMT can be seen in this way

To solve the problems agency theory has taken the contract between the principal and

the agent as the unit of analysis and offers two possible solutions (Eisenhardt 1989)

Behavior oriented contract

Outcome oriented contract

With the first the focus is more on salaries and hierarchy by way of reward The

outcome based contract works with commissions and stock options based on a

performance or goal that is achieved (Eisenhardt 1989)

Here is where CEO duality becomes interesting According to Worrel et al (1997) it

means that one person is both the CEO and the chairman With key executive

plurality it can even occur that one person holds three positions CEO Chairman and

President (Worrel et al 1997) The difficulty here is that one person according to

agency theory holds both the position of the agent and the principal so the monitoring

part is impossible It is also possible that a person holds more than one function within

the TMT For example the CFO can also be the CEO at once It is interesting how for

example cognitive conflict which is task oriented can be resolved in this matter

Growing internationalization also puts pressure on the CEO and his team As stated

before internationalization increases task complexity (Sanders and Carpenter 1998)

With increased task complexity it can become even more difficult when one person

holds more functions within a TMT

21

Taking into account all the problems that can arise within the company and the TMT

the CEO has to be someone that can keep all things together and at the same time

improve company performance

In the final chapter we will try to answer all the questions regarding the role of the

CEO in different teams and environments

22

Chapter 4 Conclusions

Conclusion

The question this study tries to answer is how internationalization affects TMT

composition and what the role of the CEO is regarding team alignment

We will begin with the first part Market environments are always changing mostly

trough new technologies or new products that are the result of our innovative nature

Take for example the Internet which boosted the possibilities of both customer and

supplier for doing business It also meant an increase in globalization and bringing

markets closer together This meant that companies face a more global market place

in which they have to operate in As mentioned before this could result in more task

complexity (Sanders and Carpenter 1998) for the managers of the company It also

means that companies have to adapt faster and be more flexible to be able to supply

the current market Some research reacts to this by saying they have to choose for a

more heterogeneous team because such a team is better able to scan and gather

information and therefore is better capable to make the right decisions others say a

homogeneous team is better they are better able to communicate with each other

which speeds up the decision making process

If there is one thing we can conclude about internationalization is that is has effect on

the task complexity for the whole company It is much easier now to enter new

markets and companies are even forced to compete worldwide Boundaries are

disappearing

With regard to the choice for a heterogeneous or homogeneous team this study

concludes that when faced with an increase in task complexity and the market

requires the company to adapt quickly a homogeneous team will suit better in the

beginning Because it is very important that decisions are made quickly however on

the long term homogeneity can lead to a decrease in flexibility and adaptation

(Nielsen 2009) This said companies have to focus on long term survival en to choose

a team that best fits their environment and goals For example a company that can be

described as a defender can best be run by a more homogeneous team But it would

not be a perfect match if for example all the managers in such a company would be

23

young innovative or an artist type (Pitcher and Smith 2001) The same can be said

for a prospector type of company A homogeneous team could fit here but then it has

to consist of members that are innovative and more the artist type If it would consist

of types like technocrats it would not work and conflict would arise

For long term survival a more heterogeneous team would fit better because such a

team is enriched with more dissimilar knowledge and expertise which could give a

company a competitive edge

It is important that companies look at the characteristics of the members they select

for the TMT The environment it operates in and what kind of company they see

themselves (defender analyzer prospector) all have influence on what kind of

managers fits best Also managers have to look at what the company asks of them and

if they will fit the team

If the choice has been made then the role of the CEO becomes important If there is

no internal fit then there is no team alignment This will result in conflict which has a

negative impact on TMT and company performance Also CEO duality or key

executive plurality is not advisable for current market conditions The agent cannot be

his own principal and monitor if desired goals and performance is achieved

The CEO plays an important role Cognitive conflict is something that without CEO

duality can be resolved and lead to improvement of performance since task oriented

conflict leads to improvement of quality decisions (Ensley et al 1999) If the CEO has

multiple functions then task conflict can arise between his own functions which are

not preferred

A dangerous pitfall for the CEO in a heterogeneous or homogeneous team is affective

conflict Within a heterogeneous team you have members with dissimilar background

and beliefs and values It is here that the CEO has to take the role of negotiator and

stand above the group A good CEO is not only a good manager of his own division

but also a good mediator The CEO has to be aware of the different group processes

that play within the TMT Also the choice for either an outcome based or behaviour

based contract (Eisenhardt 1989) is important If you choose for the latter than the

whole team is more dependant from each otherrsquos performance to reach certain

rewards

24

The conclusion is that with modern times and an increase in internationalization the

CEO is more than just a function He plays a vital part in the process of creating team

alignment It is important to look at what characters are in the team and how should

they be handled Also conflict should be dealt with swiftly and secure because it could

lead to a decrease in performance of the TMT which has direct influence on the

performance of the whole company

What this study lacks is real information from TMTrsquos It would be interesting to do a

research of different multinationals and how their TMT looks like What

characteristics does the CEO have and is a more heterogeneous team or more

homogenous team preferred Also how do CEOrsquos cope with the different group

processes and conflicts that could arise Is it true what Schneider (1987) claims that

over time teams become more homogeneous trough attraction and selection of similar

people These are interesting points to test in real life

25

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Author(s) Patricia Pitcher and Anne D Smith

Source Organization Science Vol 12 No 1 (Jan - Feb 2001) pp 1-

18

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Management Team Heterogeneity and Firm Performance

Author(s) Mason A Carpenter

Source Strategic Management Journal Vol 23 No 3 (Mar 2002)

pp 275-284

Published by John Wiley amp Sons

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Author(s) Mason A Carpenter and Wm Gerard Sanders

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26

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Author(s) Rajeswararao Chaganti and Rakesh Sambharya Source

Strategic Management Journal Vol 8 No 4 (Jul - Aug 1987) pp

393-401 Published by John Wiley amp Sons

Internationalization Tacit Knowledge and the Top Management

Teams of MNCs Author(s) Nicholas Athanassiou and Douglas Nigh

Source Journal of International Business Studies Vol 31 No 3 (3rd

Qtr 2000) pp 471-487 Published by Palgrave Macmillan Journals

Industry Differences in Environmental Uncertainty and Organizational

Characteristics Related to Uncertainty Author(s) Lawrence G

Hrebiniak and Charles C Snow Source The Academy of Management

Journal Vol 23 No 4 (Dec 1980) pp 750-759 Published by

Academy of Management

Organizational Innovation The Influence of Individual

Organizational and Contextual Factors on Hospital Adoption of

Technological and Administrative Innovations Author(s) John R

Kimberly and Michael J Evanisko Source The Academy of

Management Journal Vol 24 No 4 (Dec 1981) pp 689-713

Published by Academy of Management

The people make the place

Benjamin Schneider

University of Maryland

1987

Why do top management teams look the way they do A multilevel

exploration of the antecedents of TMT heterogeneity

Nielsen S

27

Strategic organization

vol7 (2009) nr3 p277

Research Reports - Structural Contingency Theory and Individual

Differences Examination of External and Internal Person-Team Fit

Hollenbeck John R Moon Henry Ellis Aleksander PJ West

Bradley J Ilgen Daniel R Sheppard Lori Porter Christopher

OLH Wagner III John A

2002

A structural approach to external and internal person-team fit

John R Hollenbeck Michigan state University

Applied psychology An international review 2000

Diversification and Top Management Team Complementarity Is

Performance Improved by Merging Similar or Dissimilar Teams Author(s)

Hema A Krishnan Alex Miller William Q Judge Source Strategic

Management Journal Vol 18 No 5 (May 1997) pp 361-374 Published by

John Wiley amp Sons

Understanding the dynamics of new venture top management teams

cohesion conflict and new venture performance

Ensley~1 MD Pearson AW Amason~2 AC

Journal of business venturing

vol17 (2002) nr4 (07) p365-386

The effects of top management team size and interaction norms on

cognitive and affective conflict

Amason AC Sapienza HJ

Journal of management

vol23 (1997) nr4 p495-516

One Hat Too Many Key Executive Plurality and Shareholder Wealth

Worrell DL Nemec C Davidson III WN

Strategic management journal

vol18 (1997) nr6 p499

Michael C Jensen A THEORY OF THE FIRM GOVERNANCE

RESIDUALCLAIMS AND ORGANIZATIONAL FORMS Harvard

University Press December 2000

Journal of Financial Economics (JFE) Vol 3 No 4 1976

28

2

Management summary

This study tries to look at how internationalization affects the choices that are made

when composing the TMT of a company Sanders and Carpenter (1998) claim that

internationalization increases task complexity for the TMT This means that the task

for every manager in the team becomes more complex and therefore tasks like

scanning and gathering information becomes more important Research suggests that

this needs a more heterogeneous team Amason et al (2002) claim that a more

homogenous team performs better in times of crisis or increased complexity because a

homogenous team can communicate better and can speed up the decision making

process The study also revealed that there are three kinds of companies companies

could be a prospector analyzer or defender where according to the theory of

Hambrick and Mason (1984) certain characteristics fit which result in heterogeneity

or homogeneity

When the choice for a team is made the role of the CEO is of great importance He is

the leader of the group There are group processes like cognitive and affective conflict

(Ensley et al 2002) that can arise and have to be worked out It is here that the CEO

has a mediating role It is also important to look at what types of people are put

together in a TMT Pitcher and Smith (2001) labelled people as either being artist

technocrats or craftsmen Each combination has different effects on the group

processes These are all thing that the CEO has to be aware of to ensure TMT

performance

3


Problem Indication
















Problem statement



Research questions


team




4

Relevance



homogeneous

Literature








Managers






organization




- Agency theory




5










Time schedule



Research proposal



thesis

25 hours


Thesis

20 hours

TMT composition

Team

Alignment

CEO

6

7

Chapter 2 Theory

Introduction















Theory

Agency theory










8



the agent






based contract





















9



subsidiaries )























10




research are

Age

Functional tracks


Education

Socioeconomic roots

Financial position












11



heterogeneous team






























12






















opportunities)






13


scheme

Defender

















environments

Prospector










14








Analyzer




be

15



Characteristic

Analyzer

Defender

Prospector

Age

lowhigh

high

low

Functional

tracks

Strategy

throughput output

dependant functions

functions

Other career

Strategy

Insiders

Outsiders

experiences1

dependant

Formal

average


education

amount of of formal

management

formal



education

Socioeconomic


Background

of both

economic

economic

groups

groups

Financial

Position





dependant


the choice

16
































17
































18






























19

CEO





Fig 12







20































21






22


Conclusion



















disappearing










23






















not preferred









rewards

24














25

References


Proxies



18



between Top




pp 275-284






pp 367-375













26




























Benjamin Schneider


1987



Nielsen S

27


vol7 (2009) nr3 p277






2002








John Wiley amp Sons





vol17 (2002) nr4 (07) p365-386





vol23 (1997) nr4 p495-516




vol18 (1997) nr6 p499





28

3


Problem Indication
















Problem statement



Research questions


team




4

Relevance



homogeneous

Literature








Managers






organization




- Agency theory




5










Time schedule



Research proposal



thesis

25 hours


Thesis

20 hours

TMT composition

Team

Alignment

CEO

6

7

Chapter 2 Theory

Introduction















Theory

Agency theory










8



the agent






based contract





















9



subsidiaries )























10




research are

Age

Functional tracks


Education

Socioeconomic roots

Financial position












11



heterogeneous team






























12






















opportunities)






13


scheme

Defender

















environments

Prospector










14








Analyzer




be

15



Characteristic

Analyzer

Defender

Prospector

Age

lowhigh

high

low

Functional

tracks

Strategy

throughput output

dependant functions

functions

Other career

Strategy

Insiders

Outsiders

experiences1

dependant

Formal

average


education

amount of of formal

management

formal



education

Socioeconomic


Background

of both

economic

economic

groups

groups

Financial

Position





dependant


the choice

16
































17
































18






























19

CEO





Fig 12







20































21






22


Conclusion



















disappearing










23






















not preferred









rewards

24














25

References


Proxies



18



between Top




pp 275-284






pp 367-375













26




























Benjamin Schneider


1987



Nielsen S

27


vol7 (2009) nr3 p277






2002








John Wiley amp Sons





vol17 (2002) nr4 (07) p365-386





vol23 (1997) nr4 p495-516




vol18 (1997) nr6 p499





28

4

Relevance



homogeneous

Literature








Managers






organization




- Agency theory




5










Time schedule



Research proposal



thesis

25 hours


Thesis

20 hours

TMT composition

Team

Alignment

CEO

6

7

Chapter 2 Theory

Introduction















Theory

Agency theory










8



the agent






based contract





















9



subsidiaries )























10




research are

Age

Functional tracks


Education

Socioeconomic roots

Financial position












11



heterogeneous team






























12






















opportunities)






13


scheme

Defender

















environments

Prospector










14








Analyzer




be

15



Characteristic

Analyzer

Defender

Prospector

Age

lowhigh

high

low

Functional

tracks

Strategy

throughput output

dependant functions

functions

Other career

Strategy

Insiders

Outsiders

experiences1

dependant

Formal

average


education

amount of of formal

management

formal



education

Socioeconomic


Background

of both

economic

economic

groups

groups

Financial

Position





dependant


the choice

16
































17
































18






























19

CEO





Fig 12







20































21






22


Conclusion



















disappearing










23






















not preferred









rewards

24














25

References


Proxies



18



between Top




pp 275-284






pp 367-375













26




























Benjamin Schneider


1987



Nielsen S

27


vol7 (2009) nr3 p277






2002








John Wiley amp Sons





vol17 (2002) nr4 (07) p365-386





vol23 (1997) nr4 p495-516




vol18 (1997) nr6 p499





28

5










Time schedule



Research proposal



thesis

25 hours


Thesis

20 hours

TMT composition

Team

Alignment

CEO

6

7

Chapter 2 Theory

Introduction















Theory

Agency theory










8



the agent






based contract





















9



subsidiaries )























10




research are

Age

Functional tracks


Education

Socioeconomic roots

Financial position












11



heterogeneous team






























12






















opportunities)






13


scheme

Defender

















environments

Prospector










14








Analyzer




be

15



Characteristic

Analyzer

Defender

Prospector

Age

lowhigh

high

low

Functional

tracks

Strategy

throughput output

dependant functions

functions

Other career

Strategy

Insiders

Outsiders

experiences1

dependant

Formal

average


education

amount of of formal

management

formal



education

Socioeconomic


Background

of both

economic

economic

groups

groups

Financial

Position





dependant


the choice

16
































17
































18






























19

CEO





Fig 12







20































21






22


Conclusion



















disappearing










23






















not preferred









rewards

24














25

References


Proxies



18



between Top




pp 275-284






pp 367-375













26




























Benjamin Schneider


1987



Nielsen S

27


vol7 (2009) nr3 p277






2002








John Wiley amp Sons





vol17 (2002) nr4 (07) p365-386





vol23 (1997) nr4 p495-516




vol18 (1997) nr6 p499





28

6

7

Chapter 2 Theory

Introduction















Theory

Agency theory










8



the agent






based contract





















9



subsidiaries )























10




research are

Age

Functional tracks


Education

Socioeconomic roots

Financial position












11



heterogeneous team






























12






















opportunities)






13


scheme

Defender

















environments

Prospector










14








Analyzer




be

15



Characteristic

Analyzer

Defender

Prospector

Age

lowhigh

high

low

Functional

tracks

Strategy

throughput output

dependant functions

functions

Other career

Strategy

Insiders

Outsiders

experiences1

dependant

Formal

average


education

amount of of formal

management

formal



education

Socioeconomic


Background

of both

economic

economic

groups

groups

Financial

Position





dependant


the choice

16
































17
































18






























19

CEO





Fig 12







20































21






22


Conclusion



















disappearing










23






















not preferred









rewards

24














25

References


Proxies



18



between Top




pp 275-284






pp 367-375













26




























Benjamin Schneider


1987



Nielsen S

27


vol7 (2009) nr3 p277






2002








John Wiley amp Sons





vol17 (2002) nr4 (07) p365-386





vol23 (1997) nr4 p495-516




vol18 (1997) nr6 p499





28

7

Chapter 2 Theory

Introduction















Theory

Agency theory










8



the agent






based contract





















9



subsidiaries )























10




research are

Age

Functional tracks


Education

Socioeconomic roots

Financial position












11



heterogeneous team






























12






















opportunities)






13


scheme

Defender

















environments

Prospector










14








Analyzer




be

15



Characteristic

Analyzer

Defender

Prospector

Age

lowhigh

high

low

Functional

tracks

Strategy

throughput output

dependant functions

functions

Other career

Strategy

Insiders

Outsiders

experiences1

dependant

Formal

average


education

amount of of formal

management

formal



education

Socioeconomic


Background

of both

economic

economic

groups

groups

Financial

Position





dependant


the choice

16
































17
































18






























19

CEO





Fig 12







20































21






22


Conclusion



















disappearing










23






















not preferred









rewards

24














25

References


Proxies



18



between Top




pp 275-284






pp 367-375













26




























Benjamin Schneider


1987



Nielsen S

27


vol7 (2009) nr3 p277






2002








John Wiley amp Sons





vol17 (2002) nr4 (07) p365-386





vol23 (1997) nr4 p495-516




vol18 (1997) nr6 p499





28

8



the agent






based contract





















9



subsidiaries )























10




research are

Age

Functional tracks


Education

Socioeconomic roots

Financial position












11



heterogeneous team






























12






















opportunities)






13


scheme

Defender

















environments

Prospector










14








Analyzer




be

15



Characteristic

Analyzer

Defender

Prospector

Age

lowhigh

high

low

Functional

tracks

Strategy

throughput output

dependant functions

functions

Other career

Strategy

Insiders

Outsiders

experiences1

dependant

Formal

average


education

amount of of formal

management

formal



education

Socioeconomic


Background

of both

economic

economic

groups

groups

Financial

Position





dependant


the choice

16
































17
































18






























19

CEO





Fig 12







20































21






22


Conclusion



















disappearing










23






















not preferred









rewards

24














25

References


Proxies



18



between Top




pp 275-284






pp 367-375













26




























Benjamin Schneider


1987



Nielsen S

27


vol7 (2009) nr3 p277






2002








John Wiley amp Sons





vol17 (2002) nr4 (07) p365-386





vol23 (1997) nr4 p495-516




vol18 (1997) nr6 p499





28

9



subsidiaries )























10




research are

Age

Functional tracks


Education

Socioeconomic roots

Financial position












11



heterogeneous team






























12






















opportunities)






13


scheme

Defender

















environments

Prospector










14








Analyzer




be

15



Characteristic

Analyzer

Defender

Prospector

Age

lowhigh

high

low

Functional

tracks

Strategy

throughput output

dependant functions

functions

Other career

Strategy

Insiders

Outsiders

experiences1

dependant

Formal

average


education

amount of of formal

management

formal



education

Socioeconomic


Background

of both

economic

economic

groups

groups

Financial

Position





dependant


the choice

16
































17
































18






























19

CEO





Fig 12







20































21






22


Conclusion



















disappearing










23






















not preferred









rewards

24














25

References


Proxies



18



between Top




pp 275-284






pp 367-375













26




























Benjamin Schneider


1987



Nielsen S

27


vol7 (2009) nr3 p277






2002








John Wiley amp Sons





vol17 (2002) nr4 (07) p365-386





vol23 (1997) nr4 p495-516




vol18 (1997) nr6 p499





28

10




research are

Age

Functional tracks


Education

Socioeconomic roots

Financial position












11



heterogeneous team






























12






















opportunities)






13


scheme

Defender

















environments

Prospector










14








Analyzer




be

15



Characteristic

Analyzer

Defender

Prospector

Age

lowhigh

high

low

Functional

tracks

Strategy

throughput output

dependant functions

functions

Other career

Strategy

Insiders

Outsiders

experiences1

dependant

Formal

average


education

amount of of formal

management

formal



education

Socioeconomic


Background

of both

economic

economic

groups

groups

Financial

Position





dependant


the choice

16
































17
































18






























19

CEO





Fig 12







20































21






22


Conclusion



















disappearing










23






















not preferred









rewards

24














25

References


Proxies



18



between Top




pp 275-284






pp 367-375













26




























Benjamin Schneider


1987



Nielsen S

27


vol7 (2009) nr3 p277






2002








John Wiley amp Sons





vol17 (2002) nr4 (07) p365-386





vol23 (1997) nr4 p495-516




vol18 (1997) nr6 p499





28

11



heterogeneous team






























12






















opportunities)






13


scheme

Defender

















environments

Prospector










14








Analyzer




be

15



Characteristic

Analyzer

Defender

Prospector

Age

lowhigh

high

low

Functional

tracks

Strategy

throughput output

dependant functions

functions

Other career

Strategy

Insiders

Outsiders

experiences1

dependant

Formal

average


education

amount of of formal

management

formal



education

Socioeconomic


Background

of both

economic

economic

groups

groups

Financial

Position





dependant


the choice

16
































17
































18






























19

CEO





Fig 12







20































21






22


Conclusion



















disappearing










23






















not preferred









rewards

24














25

References


Proxies



18



between Top




pp 275-284






pp 367-375













26




























Benjamin Schneider


1987



Nielsen S

27


vol7 (2009) nr3 p277






2002








John Wiley amp Sons





vol17 (2002) nr4 (07) p365-386





vol23 (1997) nr4 p495-516




vol18 (1997) nr6 p499





28

12






















opportunities)






13


scheme

Defender

















environments

Prospector










14








Analyzer




be

15



Characteristic

Analyzer

Defender

Prospector

Age

lowhigh

high

low

Functional

tracks

Strategy

throughput output

dependant functions

functions

Other career

Strategy

Insiders

Outsiders

experiences1

dependant

Formal

average


education

amount of of formal

management

formal



education

Socioeconomic


Background

of both

economic

economic

groups

groups

Financial

Position





dependant


the choice

16
































17
































18






























19

CEO





Fig 12







20































21






22


Conclusion



















disappearing










23






















not preferred









rewards

24














25

References


Proxies



18



between Top




pp 275-284






pp 367-375













26




























Benjamin Schneider


1987



Nielsen S

27


vol7 (2009) nr3 p277






2002








John Wiley amp Sons





vol17 (2002) nr4 (07) p365-386





vol23 (1997) nr4 p495-516




vol18 (1997) nr6 p499





28

13


scheme

Defender

















environments

Prospector










14








Analyzer




be

15



Characteristic

Analyzer

Defender

Prospector

Age

lowhigh

high

low

Functional

tracks

Strategy

throughput output

dependant functions

functions

Other career

Strategy

Insiders

Outsiders

experiences1

dependant

Formal

average


education

amount of of formal

management

formal



education

Socioeconomic


Background

of both

economic

economic

groups

groups

Financial

Position





dependant


the choice

16
































17
































18






























19

CEO





Fig 12







20































21






22


Conclusion



















disappearing










23






















not preferred









rewards

24














25

References


Proxies



18



between Top




pp 275-284






pp 367-375













26




























Benjamin Schneider


1987



Nielsen S

27


vol7 (2009) nr3 p277






2002








John Wiley amp Sons





vol17 (2002) nr4 (07) p365-386





vol23 (1997) nr4 p495-516




vol18 (1997) nr6 p499





28

14








Analyzer




be

15



Characteristic

Analyzer

Defender

Prospector

Age

lowhigh

high

low

Functional

tracks

Strategy

throughput output

dependant functions

functions

Other career

Strategy

Insiders

Outsiders

experiences1

dependant

Formal

average


education

amount of of formal

management

formal



education

Socioeconomic


Background

of both

economic

economic

groups

groups

Financial

Position





dependant


the choice

16
































17
































18






























19

CEO





Fig 12







20































21






22


Conclusion



















disappearing










23






















not preferred









rewards

24














25

References


Proxies



18



between Top




pp 275-284






pp 367-375













26




























Benjamin Schneider


1987



Nielsen S

27


vol7 (2009) nr3 p277






2002








John Wiley amp Sons





vol17 (2002) nr4 (07) p365-386





vol23 (1997) nr4 p495-516




vol18 (1997) nr6 p499





28

15



Characteristic

Analyzer

Defender

Prospector

Age

lowhigh

high

low

Functional

tracks

Strategy

throughput output

dependant functions

functions

Other career

Strategy

Insiders

Outsiders

experiences1

dependant

Formal

average


education

amount of of formal

management

formal



education

Socioeconomic


Background

of both

economic

economic

groups

groups

Financial

Position





dependant


the choice

16
































17
































18






























19

CEO





Fig 12







20































21






22


Conclusion



















disappearing










23






















not preferred









rewards

24














25

References


Proxies



18



between Top




pp 275-284






pp 367-375













26




























Benjamin Schneider


1987



Nielsen S

27


vol7 (2009) nr3 p277






2002








John Wiley amp Sons





vol17 (2002) nr4 (07) p365-386





vol23 (1997) nr4 p495-516




vol18 (1997) nr6 p499





28

16
































17
































18






























19

CEO





Fig 12







20































21






22


Conclusion



















disappearing










23






















not preferred









rewards

24














25

References


Proxies



18



between Top




pp 275-284






pp 367-375













26




























Benjamin Schneider


1987



Nielsen S

27


vol7 (2009) nr3 p277






2002








John Wiley amp Sons





vol17 (2002) nr4 (07) p365-386





vol23 (1997) nr4 p495-516




vol18 (1997) nr6 p499





28

17
































18






























19

CEO





Fig 12







20































21






22


Conclusion



















disappearing










23






















not preferred









rewards

24














25

References


Proxies



18



between Top




pp 275-284






pp 367-375













26




























Benjamin Schneider


1987



Nielsen S

27


vol7 (2009) nr3 p277






2002








John Wiley amp Sons





vol17 (2002) nr4 (07) p365-386





vol23 (1997) nr4 p495-516




vol18 (1997) nr6 p499





28

18






























19

CEO





Fig 12







20































21






22


Conclusion



















disappearing










23






















not preferred









rewards

24














25

References


Proxies



18



between Top




pp 275-284






pp 367-375













26




























Benjamin Schneider


1987



Nielsen S

27


vol7 (2009) nr3 p277






2002








John Wiley amp Sons





vol17 (2002) nr4 (07) p365-386





vol23 (1997) nr4 p495-516




vol18 (1997) nr6 p499





28

19

CEO





Fig 12







20































21






22


Conclusion



















disappearing










23






















not preferred









rewards

24














25

References


Proxies



18



between Top




pp 275-284






pp 367-375













26




























Benjamin Schneider


1987



Nielsen S

27


vol7 (2009) nr3 p277






2002








John Wiley amp Sons





vol17 (2002) nr4 (07) p365-386





vol23 (1997) nr4 p495-516




vol18 (1997) nr6 p499





28

20































21






22


Conclusion



















disappearing










23






















not preferred









rewards

24














25

References


Proxies



18



between Top




pp 275-284






pp 367-375













26




























Benjamin Schneider


1987



Nielsen S

27


vol7 (2009) nr3 p277






2002








John Wiley amp Sons





vol17 (2002) nr4 (07) p365-386





vol23 (1997) nr4 p495-516




vol18 (1997) nr6 p499





28

21






22


Conclusion



















disappearing










23






















not preferred









rewards

24














25

References


Proxies



18



between Top




pp 275-284






pp 367-375













26




























Benjamin Schneider


1987



Nielsen S

27


vol7 (2009) nr3 p277






2002








John Wiley amp Sons





vol17 (2002) nr4 (07) p365-386





vol23 (1997) nr4 p495-516




vol18 (1997) nr6 p499





28

22


Conclusion



















disappearing










23






















not preferred









rewards

24














25

References


Proxies



18



between Top




pp 275-284






pp 367-375













26




























Benjamin Schneider


1987



Nielsen S

27


vol7 (2009) nr3 p277






2002








John Wiley amp Sons





vol17 (2002) nr4 (07) p365-386





vol23 (1997) nr4 p495-516




vol18 (1997) nr6 p499





28

23






















not preferred









rewards

24














25

References


Proxies



18



between Top




pp 275-284






pp 367-375













26




























Benjamin Schneider


1987



Nielsen S

27


vol7 (2009) nr3 p277






2002








John Wiley amp Sons





vol17 (2002) nr4 (07) p365-386





vol23 (1997) nr4 p495-516




vol18 (1997) nr6 p499





28

24














25

References


Proxies



18



between Top




pp 275-284






pp 367-375













26




























Benjamin Schneider


1987



Nielsen S

27


vol7 (2009) nr3 p277






2002








John Wiley amp Sons





vol17 (2002) nr4 (07) p365-386





vol23 (1997) nr4 p495-516




vol18 (1997) nr6 p499





28

25

References


Proxies



18



between Top




pp 275-284






pp 367-375













26




























Benjamin Schneider


1987



Nielsen S

27


vol7 (2009) nr3 p277






2002








John Wiley amp Sons





vol17 (2002) nr4 (07) p365-386





vol23 (1997) nr4 p495-516




vol18 (1997) nr6 p499





28

26




























Benjamin Schneider


1987



Nielsen S

27


vol7 (2009) nr3 p277






2002








John Wiley amp Sons





vol17 (2002) nr4 (07) p365-386





vol23 (1997) nr4 p495-516




vol18 (1997) nr6 p499





28

27


vol7 (2009) nr3 p277






2002








John Wiley amp Sons





vol17 (2002) nr4 (07) p365-386





vol23 (1997) nr4 p495-516




vol18 (1997) nr6 p499





28

the effect of internationalization on the role of the ceo

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