Top Management Teams and Total Shareholder Returns: The Association Between Top Management Team Education Heterogeneity and Total Shareholder Returns In the North American Insurance Industry

This study examined the relationship between the education heterogeneity of top management teams and organizational performance measured as long-term total shareholder returns. The subjects were 46 publicly traded North American insurance companies that had been traded for at least five years. I employed two metrics to measure education heterogeneity. One metric assessed the education heterogeneity of top management teams based on the highest education certification and the other metric ass...