Under the assumptions of Upper Echelons Theory, this paper aims to evidence whether Top Management Team characteristics (TMT) influence R&D intensity management, in the scope of Chinese listed high-tech companies. Using information from Chinese high-tech firms listed on the STAR Market, for the period 2019-2021, a pooled regression and random effects panel regression was conducted, under a positivist approach. R&D investment in high-tech companies in China is significantly influenced by the overseas experience of the chairperson and general manager, average age, and the education level of the top management team. An integrated overview of the TMT characteristics applicable to high-tech listed Chinese companies was obtained. Innovation intensity is positively driven by the level of education, overseas experience, and tenure. It contributes to a better understanding of how executive characteristics affect the mechanism of corporate R&D investment and expands and enriches the application scenarios of upper echelons theory. This study adds value to the current literature by exploring the effects of TMT characteristics on Chinese technological firms listed on the new Exchange STAR Market. This study provides a new and complementary overview of firms that are strongly marked by innovative strategies.
Xiaohong et al. (2026) studied this question.