How Does TMT Heterogeneity Affect Firm Digital Innovation Resilience?

In the digital economy era characterized by heightened uncertainty, strengthening internal governance to bolster firm adaptability and sustain digital innovation resilience has become crucial. As a key strategic resource, top management team (TMT) heterogeneity holds significant theoretical and practical value for enhancing firms’ digital innovation resilience. Using a sample of Chinese manufacturing listed firms, this study examines how TMT heterogeneity affects digital innovation resilience and the underlying mechanisms. The findings indicate that: (1) Greater TMT heterogeneity strengthens firms’ digital innovation resilience. (2) This effect operates primarily through alleviating financing constraints and improving investment efficiency. (3) The impact varies across firm types: it is stronger for small and medium-sized firms than for large firms; more pronounced in state-owned firms than in non-state-owned firms; more significant in low-monopoly firms than in high-monopoly firms; and notably greater for firms in eastern China than for those in central and western regions. (4) Government subsidies can strengthen the positive impact of TMT heterogeneity on firm digital innovation resilience. This study provides theoretical insights and practical guidance for enterprises to build effective TMTs, alleviate financing constraints, and improve investment efficiency, and for the government to provide subsidies, with the ultimate aim of fostering digital innovation resilience.