Top Management Team Cohesion and Superior Industry Returns

Michael D. Michalisin · Steven J. Karau · Charnchai Tangpong

82 citations0/0 files storedGroup & Organization Management

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Team Dynamics and Performance Innovation and Knowledge Management Human Resource and Talent Management

Abstract

Empirical research of the resource-based view (RBV) is still in its embryonic stages. Existing studies show that certain resources are associated with firm performance, that firms appear to be unique bundles of resources, and that some resources appear relatively immobile—thus lending support to RBV’s main premise and its two assumptions. Another important step in systematically testing RBV is to test its main prescription that strategic assets (SAs) are sustainable sources of superior returns. The current research argues that top management team cohesion (TMTC) possesses the characteristics of an SA. Then, in a longitudinal study of 81 classroom simulation teams functioning as the top management teams of competing airlines, the authors show that TMTC is significantly associated with superior returns during the second half of the simulation. Hence, the results lend support to RBV.

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References

1991Firm Resources and Sustained Competitive Advantage 1984A resource‐based view of the firm 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 1996Agency costs of free cash flow, corporate finance, and takeovers 1993Strategic assets and organizational rent 1989Asset Stock Accumulation and Sustainability of Competitive Advantage 1986Organizational Culture: Can It Be a Source of Sustained Competitive Advantage?1990Scale and Scope

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