1
TOP MANAGEMENT TEAMS IN THE SPANISH GLOBAL BUSINESS
ENVIRONMENT: AN EMPIRICAL STUDY
Mª Ca men Díaz Fe nández
1
Mª Ángeles Gallego Águeda
2
1
D a. Mª Ca men Díaz Fe nández. Depa amen o de Adminis ación de Emp esas y Ma ke ing. Uni e sidad de
Se illa. Tel: 34 954 55 61 71. E-mail: ca [email protected]
2
D a. Mª Ángeles Gallego Águeda. Depa amen o de Adminis ación de Emp esas y Ma ke ing. Uni e sidad de
Se illa. Tel: 34 954 55 75 27. E-mail: [email protected]
2
TOP MANAGEMENT TEAMS IN THE SPANISH GLOBAL BUSINESS
ENVIRONMENT: AN EMPIRICAL STUDY
Mª Ca men Díaz Fe nández
Mª Ángeles Gallego Águeda
Abs ac :
The use o op managemen eams is expanding in esponse o he u bulence and
complexi y o he global business en i onmen (Cohen and Bailey, 1997). To pe o m
well among g owing compe i ion g ea e e iciency is equi ed and op managemen
eams b ing no only mo e esou ces in o he o ganiza ion bu also di e en kinds o
skills and knowledge o success i .
Top managemen eams a e e y common and c ucial subjec o s udy in No h
Ame ican esea ches. Ne eless, in he Spain con ex exis a big emp y in he li e a-
u e. This absence is he main mo i a ion o he cu en s udy.
3
TOP MANAGEMENT TEAMS IN THE SPANISH GLOBAL BUSINESS
ENVIRONMENT: AN EMPIRICAL STUDY
Mª Ca men Díaz Fe nández
3
Mª Ángeles Gallego Águeda
4
INTRODUCTION
Fi ms oday a e acing an inc easingly compe i i e and changeable en i onmen due
o economic ins abili y, globaliza ion, and oublesome echnologies. The use o op
managemen eams (TMTs) is expanding in esponse o his u bulence and complex-
i y o he global business en i onmen (Cohen and Bailey, 1997).
I is mo e common oday ha ins ead o one manage (managing di ec o ) he e may
be a g oup o manage s in o ganiza ions (Nadle , 1998; Belbin, 1996; Mu ay, 1989).
Running an en e p ise oday equi es mo e esou ces han one pe son can o e . Be in
impossible o deal wi h all apidly inc easing amoun s o da a and he complexi y o he
global economy, op manage s a e o ced o deal di e en ly he managemen o a
i m.
Top execu i es ha e a signi ican e ec on hei i ms. Managemen eams b ing no
only mo e esou ces in o he o ganiza ion bu also di e en kinds o skills and knowl-
edge.
Managemen eams un g ea numbe s o i ms and almos all ins i u ions (Belbin,
1996). Ne eless, mos common hey a e in la ge i ms, whe e he size o he i m e-
qui es se e al manage s, and whe e he i m’s pe o mance demands mul iple skills,
judgmen s, and expe iences.
A g ea deal o o ganiza ional heo y and li e a u e suppo he signi icance o man-
agemen eams and pe cei es hem c ucial in i ms. Success ul i ms a e o en a esul
o e ec i e eamwo k, sha e among indi iduals ep esen ing di e si y o skills and ex-
pe iences. A he op o he i m, he managemen eams es ablish he i m’s s a egic
3
D a. Mª Ca men Díaz Fe nández. Depa amen o de Adminis ación de Emp esas y Ma ke ing. Uni e sidad de
Se illa. Tel: 34 954 55 61 71. E-mail: ca [email protected]
4
D a. Mª Ángeles Gallego Águeda. Depa amen o de Adminis ación de Emp esas y Ma ke ing. Uni e sidad de
Se illa. Tel: 34 954 55 75 27. E-mail: [email protected]
4
di ec ion and manage i s pe o mance (Cohen and Bailey, 1997). A managemen eam
no only pe o ms he s a egic managemen unc ion o main enance, bu also can
look o he u u e wi h a ision o new oppo uni ies (Les e e al, 2002).
By he be o e easons, we conside ha he s udy o TMTs is an impo an phenome-
non o esea ch. Mo eo e , ou esea ch is he i s ha s udy i in ou coun y.
Top managemen eams a e e y common and c ucial subjec o s udy in No h
Ame ican s udies. Ne eless, in he Spain con ex exis a big emp y in he li e a u e.
The schola s s udies he ela ions be ween op manage s and o he en e p ises a i-
ables (pe o mance, g ow h, inno a ion…) bu only a ew s udies ha e s udied he
composi ion, he eali y o he op managemen eam since inside. This absence o
p e ious empi ical esea ch abou op managemen eam in he Spain en i onmen is
he main mo i a ion o he cu en s udy.
Ou esea ch has been done ac oss wo big phases. In he i s phase, we a e se ed
an analysis ac o ial. The in en ion o he same one is he summa y and he educ ion
o he in o ma ion o ou sample. A educ ion h ough ac o s ha i us will be o g ea
use ulness in he second phase o he in es iga ion. In his one, aking as a e e ence
he esul s eached in he p e ious s eps, we analyze he op managemen eams
(TMTs) o 157 big companies o di e en coun ies o ou en i onmen wi h business
in Spain, using o i he analysis clus e . We will add in his espec ha , i a begin-
ning o his esea ch he op managemen eams a e analyzed depending on he
manage ial demog aphic he e ogenei y, ne e heless, la e , his analysis is comple ed
om he s udy o he same ones aking o he no demog aphic magni udes as a e e -
ence. We belie e wi h i con ibu es a mo e ai h ul ision o ou ques ion objec o
s udy.
TOP MANAGEMENT TEAMS (TMTs): CONCEPT, BACKGROUND AND RELE-
VANT LITERATURE
A e m “ op managemen eam” is ypically used when alking abou big i ms whe e
ope a e many managemen eams a di e en le el, and when i is conside ed he
highes le el o managemen eam. The e a e e y de ini ions ha y o na ow ha
i m eali y. So, o example, Ka zenbach and Smi h´s (1993: 45) well-known de ini ion
o eam desc ibes i as “a small numbe o people wi h complemen a y skills who a e
commi ed o a common pu pose, pe o mance goals, and app oach o which hey
5
hold hemsel es mu ually accoun able”. By he o he hand, Tosi e al (2000: 223) es-
ablish ha : “Team is a special o m o a g oup ha has highly de ined asks and oles
and demons a es high g oup commi men ”. Cohen and Bailey (1997: 240) de ine
eam as “a collec ion o indi iduals who a e in e dependen in hei asks, who sha e
esponsibili y o ou comes, who see hemsel es and who a e seen by o he s as an
in ac social en i y embedded in one o mo e la ge social sys ems, and who manage
hei ela ionships ac oss o ganiza ional bounda ies”. Longenecke e al (1994: 215),
Van Ege en (1984: 18) a e ag ee in ha he op managemen eam is a eam o man-
age s and o he key pe sons who gi e a i m i s gene al di ec ion and specialize in
unning he business. Cla k and Smi h (2002) belie e ha managemen eam is a ela-
i ely small numbe o manage s who a e in ol ed in he key decision making o he
i m. McIn y e (1998) and Cohen and Bailey (1997) suppose ha op managemen
eam as a synonym o execu i e eam. Geo ge and Jones (1999: 10) ag ee ha “ op
managemen eam is a managemen eam on he op, which is esponsible o gi ing
an en i e i m and coo dina ing all majo unc ions so ha he i m can a chi e i s
goals”.
P ecious s udies widely ha e conside ed he high impo ance o hese op manage-
men eams o he i ms. “A he op o he i m, he op managemen eam es ablishes
he i m’s s a egic di ec ion and u u e success, manages i s pe o mance and a ec
people bo h inside and ou side i m” (….). Fu he , since Ches e Ba na d´s (1938)
he e a e a lo o wo ks ha hey s udy he beha iou o hese g oups o execu i es. A
managemen ’s beha iou ha , equen ly, is analyzed in ela ion wi h he i m’s esul s,
di ec ly o indi ec ly hough he use o s a egic a iables. So, in his sense, Loh ke e
al. (2004: 63) es ablish ha : “i is gene ally ecognized ha a i m’s op managemen
eam akes on pa icula impo ance du ing pe iods o declining pe o mance. To be
success ul in such si ua ions, a op managemen eam mus quickly and accu a ely
de e mine he cause o a i m’s pe o mance lapse and implemen decisions neces-
sa y o i s p omp eco e y (i.e. u na ound)”. Alde son and Kakabadse (1993) mani-
es ha op eam is c ucial because i is he key o um o s a egic dialogue. Adne
and Hel a (2003: 1012) conside ha , TMT´s sou ces e e o he skills and abili ies
ha manage s employ o ‘build, in eg a e, and econ igu e o ganiza ional esou ces
and compe encies’. Loh ke e al (2004: 79) sugges s ha he deg ee o en i onmen al
change may be c i ical in de e mining whe he a TMT´s skill-se is su icien o e e se
a i m’s decline. “Speci ically, whe eas less adical change may p ese e he alue o

6
cu en TMT esou ce, majo en i onmen al changes may make he same esou ces
obsole e”.
The esea ch cen ed on he op managemen eams inds i s maximum e e ence in
he wo ks assigned o he Uppe Echelon Theo y. This pe spec i e has become in-
c easingly popula in he yea s since Hamb ick and Mason´s (1984) wo k. An impo -
an issue in he s udy o TMTs is he e ec o composi ional di e si y. Wo k in he a -
eas o g oup composi ion and ela ional demog aphy has shown ha dissimila ly
among eam membe s can a ec eam p ocesses and ou comes (Wagne e al, 1984;
Smi h e al, 1994). Some such e ec s a e desi able. Fo ins ance, di e si y is hough
o enhance c ea i i y (Ban el and Jackson, 1989; Wie sema and Ban el, 1992), o ob-
ain he be e he long- e m pe o mance (Mu ay, 1989), o inno a ion (Ban el and
Jackson, 1989) o o imp o ed o e all decision making e ec i eness (Amason, 1996;
Jehn, 1995). A he same ime, o he e ec s a e undesi able: less communica ion and
less sha e in o ma ion (P iem, 1990; Zenge and Law ence, 1989), mo e con lic , di-
e si ica ion pos u e and ewe consensuses in decision making (Michel and Ham-
b ick, 1992).
This impo ance o he op managemen eams´ demog aphic cha ac e is ics on he
o ganiza ional esul s leads us o ealizing a i s analysis o he op managemen
eams o ou sample depending on hei demog aphic di e si y. By he o he hand,
he e a e oo o he s iden i iable e ec s o TMTs on he o ganiza ion magni udes, spe-
cially on he s a egic a iables, ha hey has been discussed by many au ho s, o
example: s a egy, i m g ow h, s a egic change, execu i e u no e , i m size, s a e-
gic planning o decision making (i.e. Ensley e al, 2002, Glunk e al, 2001; Amanson e
al, 1995, Smi h e al, 1994; Finkels ein and Hamb ick, 1996). By his eason we con-
side ha i ’s e y impo an o comple e his s udy o he TMTs analyzing hem hough
ano he non-demog aphic magni udes.
EMPIRICAL STUDY
METHOD
Sample
Ou sample is cons i u ed by 157 op managemen eams om big i ms wi h business
in Spain. The choice o his uni e se is conside ed undamen ally app op ia ed o wo
easons. I is enough wide o ob ain an accep able comp ehension o ou objec o
s udy: he TMTs. Also, is he majo numbe o he comple e op managemen eams
7
ha we ha e ge ob ain a ending o he limi a ions o his esea ch: p incipally he ab-
sence o base o da es solidly es ablished abou demog aphic cha ac e is ics and he
p esence o he LORTAD (O ganic Law 5/1992 o 29 h Oc obe o egula ion o he
au oma ed ea men o he in o ma ion o pe sonal cha ac e ). To ob ain da a o his
s udy, a su ey was ca ied ou . The su ey me hod is consis en wi h simila s udies
epo ed in he li e a u e. Mo eo e , we used meanly seconda y sou ces. So, by one
hand, in ela ion wi h he demog aphic indica o we used many esou ces, o example
specializing magazines, pages webs o he analyzed companies o yea books, be-
ween o he . By he o he hand, in ela ion wi h non demog aphic indica o we ob ain
in o ma ion om wo powe ul bases o in o ma ion consolida ed enough: Sys em o
analysis o Ibe ian Balances (SABI) and he Na ional Commission o he S ock Ma ke
(CNMV).
Da a analysis
Fac o analysis and clus e analysis we e used o analyze he da a. The use o hese
s a is ical echniques is consis en wi h Black and Po e (1996). The a iable used in
his s udy as demog aphic indica o s and no demog aphic indica o s a e consis en
wi h he li e a u e exis en (i.e. Kimbe ly and E anisko, 1981; Finkels ein y Hamb ick,
1990; Wie sema y Ban el, 1992; Pegels e al, 2000; Ca pen e y F ed ickson, 2001).
Demog aphic indica o s
Age he e ogenei y, i mani es s he di e si y in he age ha he e p esen s he mem-
be o op managemen eams and was calcula ed om he employmen o he Coe i-
cien o Va ia ion o Allison (1978).
Educa ional backg ound he e ogenei y ies o ga he he educa ional di e si y ha
he TMTs ha e. We ha e used in o de o each a majo comp ehension o he same
one ee indica o s. Fi s , Educa ional le el he e ogenei y, e lec s he di e si y ha
TMTs p esen s in ela ion wi h he educa ional le el o i s op manage s. Second,
Educa ional speciali y he e ogenei y = show he di e si y ha TMTs p esen s in ela-
ion wi h he educa ional speciali y (i.e. A s and Humani ies, Business, Ma hema ics
…). Thi d, Educa ional in e na ional he e ogenei y, mani es s he di e si y o he TMTs
in ela ion wi h he in e na ional cha ac e o he s udies delayed by he op manage s.
In he measu emen and la e analysis o all o hem he e has been used he Coe i-
cien o Va ia ion o Allison (1978).
8
Tenu e i m he e ogenei y was calcula ed in unc ion o he an iqui y in he i m o he
op manage s. This indica o exhibi s he di e si y ha TMTs show a his sense. We
ha e applied he Coe icien o Va ia ion o Allison (1978).
In e na ional expe ience he e ogenei y shows he di e si y o he p o essional unc-
ions o he TMTs ac oss h ee indica o s. Fi s In e na ional expe ience he e ogenei y.
In ela ion wi h his indica o we will add ha o i s calcula ion we ha e applied he
Index o Blau (1977) on he added alue o a ca ego ical indica o in which om nine
ca ego ies he e a e ga he ed he di e en deg ees o in e na ional expe ience ha
each membe s o he TMTs p esen . Second, Top managemen eam in e na ional
wo k expe ience, an indica o used by Ca pen e and F ed ickson (2001), by o he s.
Thi d, numbe o yea s o in e na ional expe ience he e ogenei y, an indica o s udied
ac oss he CV Allison (1978) who e alua es he in e na ional di e si y o he TMTs
depending on he di e ence ha hei membe s p esen a ending o he numbe o
yea s du ing which hey ha e exe cised manage ial unc ions o in e na ional cha ac-
e .
Func ional Backg ound he e ogenei y ies o e lec he di e si y ha TMTs ha e in
ela ion wi h he asks, unc ions ha op manage s play in he company. In his case
we ha e been se ed o ou indica o s. Fi s , P o essional backg ound he e ogenei y,
in ha om he employmen o Blau's Index on he alue added o a dichoco omy
a iable y o ga he he di e si y o he TMTs in unc ion o he p o essional expe i-
ence o he op manage s in di e en sec o s o ac i i y. I was calcula ed om Blau´s
Index (1977). Second, Specializa ion in he i m’s a ea he e ogenei y, s udy o he di-
e si y o TMTs in ela ion wi h he deg ee o he specializa ion in he i m asks ha
op manage s play in he i m and was calcula ed hough Blau´s Index (1977). Thi d,
P o essional ajec o y he e ogenei y, once again i was calcula ed om he Index o
Blau (1977) and we y o ga he he di e si y o he TMTs in ela ion wi h he deg ee
o ascen o p omo ion ha op manage s ha e expe ienced du ing hei p o essional
pa h in he i m. Fou h, Tenu e pos he e ogenei y e lec s he di e si y o he op
manage s in ela ion wi h he an iqui y in he job. Unlike o he indica o s used o ana-
lyze unc ional backg ound he e ogenei y, his indica o was cons uc ed using he CV
o Allison (1978).
Non Demog aphic indica o s
9
Indus ial Sec o , we e asce ained o he ou -digi SIC indus y ep esen ing each
i m’s dominan line o business ealized by Commission Na ional En e p ise Ac i i ies
(CNAE).
Cha ac e in e na ional o he i m, was measu ed a ending o a dicho omical indica-
o builds in unc ion he i m’s na ionali y.
TMTs´ composi ion was calcula ed hough he Ca pen e y F ed ickson´s (2001) in-
dica o : op managemen u no e om 1999 o 2001 (ou pe iod o esea ch).
Size Fi ms was analyzed ollowing o Daily and Dal on (1995) hough wo indica o s:
he a ia ion in he in es men and he a ia ion in he numbe o employees om
1999 o 2001.
S a egic change’s dimensions as Finkels ein and Hamb ick (1989) his indica o was
calcula ed by S a egic a ia ion index 99/01 and S a egic de ia ion index 99/01.
Fi m Pe o mance was measu ed, ollowing wi h Denis and Denis (1995), be ween
o he s, h ough h ee indica o s: as he a e age e u n on asse s (ROA), e u n on
sales (ROS) and a ia ion on sales om 1999 o 2001.
RESULTS
Resul s o ac o analysis
The ac o analysis using he a imax me hod and eigen alues g ea e han one c i e-
ion esul ed in he ex ac ion o i e ac o s (see able I and II). These ac o s ex-
plained 68.577 pe cen o he o al a iance. Some inds enough sa is ac o y ollowing
Hai e al (1999) o Science Social.
Table I: Resul s´ Va imax Me hod
Va iance
Fac o s
Eigen alues
%
Accumula ed
%
F1
FHEDUCATION
2,708
20,833
20,833
F2
FHINTERNATIONALEXP
2,096
16,123
36,956
F3
FHFUNTIONALBACKGROUND
1,883
14,487
51,443
F4
FHTENURE
1,215
9,350
60,793
F5
FHTRAJPROFAGE
1,012
7,784
68,577
Table II: FACTOR ANALYSIS RESULTS
Fac o s
Loading
Comunanimi y
16
Table VII: K uskal-Wallis H Tes (II)
Va iables
Chi-
Squa e
d
Asymp.
Sig.
Signi ican
di e s
among
clus e s
Indus ial Sec o
1,189
3
0,756
NO
Cha ac e in e na ional o he i m
9,723
3
0,021
SI
TMTs´composi ion
TMT u no e 99/01
8,292
3
0,040
SI
Va ia ion in in es -
men 99/01
0,896
3
0,826
N0
Size i ms
Va ia ion in numbe
employees 99/01
4,493
3
0,213
N0
S a egic a ia ion
index 99/01
7,910
3
0,048
SI
S a egic chan-
ge´s dimensions
S a egic de ia ion
index 99/01
2,135
3
0,545
NO
Va ia ion sales 99/01
0,280
3
0,964
N0
Va ia ion ROS 99/01
3,030
3
0,387
N0
Fi m Pe o mance
Va ia ion ROA 99/01
4,238
3
0,237
N0
Figu e 2: Clus e s´P o ile A e age in Spain´s Business En i onmen (II)






&OXVWHU
&OXVWHU
&OXVWHU
&OXVWHU
Cha ac e in e na ional o he i m
TMTs´composi ion
SVI 99-01
Tabla VIII: Analysis o Mul iple Compa ing
Clus e 1
Clus e 2
Clus e 3
Clus e 4
Cha ac e in e na ional
o he i m
*
*
TMTs´composi ion
*
*
S a egic a ia ion index
99/01
*
*
* Di e encia signi ica i a al ni el 0,05

17
CONCLUDING REMARKS
The pu pose o his esea ch is o ge new in o ma ion and p o ound unde s anding
abou op managemen eams in big i ms in he con ex Eu opean, conc e ely in
Spanish global business en i onmen . We conside , as Hamb ick and Mason (1984)
ha he esul s o a g ea o ganiza ion do no come de e mined only by he changes
and e en s o he en i onmen , he o ganiza ional ine ia, in hese he op manage s
eco e an impo an ole ha is a he head o he same ones. Mo eo e , his impo -
ance o he knowledge o he o ali y o TMT in opposi e o he knowledge o a con-
c e e indi idual is ein o ced, be ween o he easons, by " he inc easing impo ance
ha oday, in he business, is acqui ing he cap u e o decisions in g oup" (Knigh e al,
2001: 326), and because in he ac ually en i onmen , i is almos imp obable ha in
he big and complex o ganiza ions he manage ial esponsibili ies a e an exclusi e
au ho i y o an indi idual only one (D ucke , 1974).
The limi a ions wi h which we ha e un up in he cou se o his in es iga ion lead us o
cen ing ou s udy in TMTs o 157 big i ms wi h lines o business on ou coun y:
Spain. A con ex and a sample o companies ha we y o be ex ending in u u e in-
es iga ions in o de o be able o be pene a ing in o he knowledge al eady acqui ed
ac oss new inds.
This s udy o TMTs is decomposed in wo phases. The i s one is cen ed on he
manage ial demog aphy o hei membe s, and he second comple e his p e ious i-
sion ac oss he analysis o ce ain s a egic magni udes.
The main inds ge i allows us o conclude his in es iga ion wi h he ollowing gene al
conside a ions:
- Mos o he big companies wi h business in ou coun y a e cha ac e ized o ha ing
TMTs wi h low le els o demog aphic he e ogenei y. Fo a e age e m, he majo le -
els o he e ogenei y a e eached in he o ma ion o he op manage s whe eas he
mino le els, almos nega i es, hey appea in ela ion wi h he he e ogenei y in he
unc ional expe ience, he p o essional ajec o y and he age o hese execu i es.
- The clus e o i ms ha p esen s a high he e ogenei y in he demog aphic cha ac e -
is ics o hei TMTs mani es s oo a simila i y p o iles demog aphic be ween hei s
TMTs a he high besides o he majo deg ee o in e nal cohesion.
- The clus e o i ms wi h majo numbe o o eign subsidia ies has expe ience a ma-
jo o a ion in hei TMTs ha clus e o i ms wi h majo numbe o na ional i ms.
18
- Finally, we will s and ou ha he majo a ia ions in he s a egies adop ed by he
TMTs in he Spanish global business en i onmen a e expe ienced in hose big com-
panies ha p esen a majo o a ion in hei TMTs.
REFERENCES
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men De elopmen Re iew, 6(2), 3-5.
- Amason, A.C; Thompson, K.R; Hochwa e , W.A. and Ha ison, A.W.(1995). ‘Con-
lic : an impo an dimension in success ul managemen eams’,O ganiza ional Dy-
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