How Does Top Management Team Stability Affect Corporate Risk-Taking Leve

Taking the data of A-share listed companies in Shenzhen and Shanghai from 2014 to 2023 as the research sample, this paper examines the impact of top management team stability on corporate risk-taking. The study shows that top management team stability is significantly negatively correlated with the level of corporate risk-taking, i.e., the higher the stability of the team, the lower the level of corporate risk-taking. In addition, when the enterprise is a non-state-owned one, the top management team members have a financial background, and the enterprise is a small-scale one, the inhibitory effect of the team’s stability on the level of corporate risk-taking is more obvious. This paper provides new empirical evidence for the study of the influence of top management team stability on the level of corporate risk-taking, with some reference value for the formulation of relevant government policies.