Although strategic leadership researchers have started to focus on the role structure of top management teams (TMT), the hierarchical structure of TMTs still needs to be explored. In this study, we conduct an empirical analysis to understand better how TMTs are hierarchically structured and what...

We model a firm in an institutional market setting, consisting of a production technology and its governance. The governance consists of a hierarchical firm structure, a cost efficiency parameter,and an internal pay system. The depth of the firm is determined by profit maximization under the...