Dependent variable

Corporate performance

ROA

ROA = net return/annual average total assets

2, 3 respectively refers to the second year and third year of CEO succession

Independent variable

Age heterogeneity

Ha

Ha = TMT members age standard deviation/age mean

Tenure heterogeneity

Ht

Ht = TMT members tenure standard deviation/tenure mean

Educational level heterogeneity

Hl

Herfindal-Hirschman coefficient:

refers to the proportion of i type members

TMT educational levels include special secondary or below, junior college, undergraduate, master degree and doctor degree

Moderator

Leadership structure

L

Dummy variable, chair-CEO duality noted as 1, otherwise as 0

Control variable

Corporate age

A

The length from corporate startup to the year of CEO succession

Corporate size

S

Natural logarithm of total assets mean value in the year before CEO succession, the first and second year after CEO succession

Capital structure

D

The ratio of total liabilities to total assets in the first year after CEO succession

Industry

IND

14 industries noted as 13 dummy variables