Abstract
This study examined the relationship of top management team (TMT) composition to R&D intensity in cooperate diversification of a sample of Japanese steel firms in 2010-2015. The findings indicate that R&D intensity Product diversification is slight positively associated with CEO-TMT heterogeneity however, international diversification is slightly positively associated with TMT outsiders, number of members and pay. Specifically, the results indicate that TMT outsider ratio significantly affects increased R&D intensity associated with international diversification.
