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Top Management Team Characteristics and Organizational Virtue Orientation: An Empirical Examination of IPO Firms

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  • Evert, Robert E.
  • Payne, G. Tyge
  • Moore, Curt B.
  • McLeod, Michael S.

Abstract

Despite extensive research on organizational virtue, our understanding about factors that promote virtue within organizations remains unclear. Drawing on upper echelon theory, we examine the relationship between five top management team (TMT) characteristics and organizational virtue orientation (OVO)—the integrated set of values and beliefs that support ethical traits and virtuous behaviors of an organization. Specifically, we utilize prospectuses of initial public offering (IPO) firms and 10-K post-IPO filings to explore how TMT composition with respect to member age, tenure, education, functional background, and gender influences OVO. Additionally, we examine the moderating effects of organizational size, and argue that the more expansive structures and processes associated with larger organizations diminish the main relationships. Our findings, using two sources of data, are consistent, but somewhat mixed in their support for our hypotheses. Overall, TMT characteristics do appear to influence OVO, but in more complex and counterintuitive ways than initially expected.

Suggested Citation

  • Evert, Robert E. & Payne, G. Tyge & Moore, Curt B. & McLeod, Michael S., 2018. "Top Management Team Characteristics and Organizational Virtue Orientation: An Empirical Examination of IPO Firms," Business Ethics Quarterly, Cambridge University Press, vol. 28(4), pages 427-461, October.
    • Handle: RePEc:cup:buetqu:v:28:y:2018:i:04:p:427-461_00
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    Cited by:

    1. Maoyan She & Die Hu & Yuandi Wang & Li Li, 2023. "How do top management team characteristics affect government R&D subsidy grants? Evidence from an information economics perspective," Asian Business & Management, Palgrave Macmillan, vol. 22(1), pages 330-353, February.
    2. Michael S. McLeod & Joshua B. Sears & Gaylen N. Chandler & G. Tyge Payne & Keith H. Brigham, 2022. "Rhetoric, Risk, and Investment: Letting the Numbers Speak for Themselves," Journal of Management Studies, Wiley Blackwell, vol. 59(7), pages 1657-1687, November.
    3. Zhang, Wei & Qin, Chu & Zhang, Wenyao, 2023. "Top management team characteristics, technological innovation and firm's greenwashing: Evidence from China's heavy-polluting industries," Technological Forecasting and Social Change, Elsevier, vol. 191(C).

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