From institutional duality to integration: the moderating role of TMT characteristics in the performance effects of mixed ownership reform

Purpose This study aims to examine whether mixed-ownership reform (MOR) enhances state-owned enterprises (SOEs) performance and how top management team (TMT) human-capital attributes moderate this effect, thereby informing the design of governance mechanisms that align state and private interests in China’s evolving market context. Design/methodology/approach Using a difference-in-differences (DID) design, this study exploits staggered MOR adoptions among Shanghai- and Shenzhen-listed SOEs from 2010 to 2023 and benchmark treated firms against non-reformed controls. Findings MOR produces statistically and economically significant improvements in firm performance. These gains are amplified when TMTs are younger, better-educated and possess overseas experience. Originality/value The paper demonstrates that TMT characteristics act as a bridging mechanism that intensifies resource complementarity and mitigates institutional conflicts arising from MOR, offering actionable guidance for SOEs to sustain high-quality development through continuous top-team development.