Revision with unchanged content. Mismanagement and miscalculations of the Top Management Team (TMT) are, alongside general economic cycle arguments, the most commonly pro posed determinants of firm performance. The composition of the TMT is seen as a crucial variable in shaping organizational outcomes. However, does the com position of the TMT indeed influence the firm performance? If so, then in which ways and to what extent? Does the influence differ for firms operating in dynamically differe ...