The Moderating Role of Top Management Team Diversity in Strategic Change in a Multicultural Context

This paper analyses the influence of corporate governance diversity on corporate strategic changes in an international multicultural context with a view to overcoming the deficiencies of previous studies. The results achieved may reveal to what extent diversity in the composition of a top management team provides a clear picture of the internal complexity that arises in the strategy decision-making process. In order to fill the gap in the literature, and given the nested structure of the dataset, a multi-level econometric model is applied which reveals the clear interaction effects among the TMT diversity dimensions on the corporate strategic change.