Endogeneity and the Dynamics of Upper Echelons Research

  title={Endogeneity and the Dynamics of Upper Echelons Research},
  author={Guoguang Wan},
This article calls for attention to the dynamic endogeneity problem in the upper echelons research on how characteristics of corporate elites affect firm strategy or performance and the application of generalized method of moments (GMM) estimator to address such a problem. In particular, we argue that the effectiveness of a GMM estimator depends on whether current characteristics of corporate elites are a function of past firm strategy or performance. An empirical visit to the relationship… CONTINUE READING


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