Although the relationship between political hazards and foreign subsidiary performance has been well documented in the prior literature, the contingent roles of the top management team (TMT) in managing political hazards have largely been ignored. Drawing upon the institution-based view, upper echelons theory, and TMT experience literature, this study focuses on foreign subsidiaries' TMT and contends that TMT's different types of experience will distinctively influence the degree to offset substantial costs associated with political hazards so as to obtain superior performance. More specifically, in the current study, we consider duration, location, distance, and the direction of distance as the main dimensions of TMT experience. Using a panel dataset of 11,292 foreign subsidiaries across 53 countries from 2004 to 2013, we find that the duration of TMT's international experience exacerbates the negative impact of political hazards on subsidiary performance, while the duration of TMT's local experience does not have a significant moderating effect. In addition, we also find that the negative performance impact of political hazards is significantly alleviated only for subsidiaries whose TMT experienced a higher level of political hazards than the focal country in the past. Our study offers a comprehensive understanding of what types of top managers' experience matter to the management of political hazards.

尽管在先前的文献中已经很好地证明了政治隐患与外国子公司绩效之间的关系，但是高层管理团队（TMT）在管理政治隐患中的临时角色已被很大程度上忽略。基于机构的观点，高级梯队理论和TMT经验文献，本研究着眼于外国子公司的TMT，并认为TMT的不同类型的经验将显着影响抵消与政治风险相关的大量成本的程度，从而获得出众的表演。更具体地说，在当前研究中，我们将持续时间，位置，距离和距离方向视为TMT体验的主要维度。使用2004年至2013年间覆盖53个国家/地区的11,292家外国子公司的面板数据集，我们发现，TMT的国际经验持续时间加剧了政治风险对子公司绩效的负面影响，而TMT的本地经验持续时间并没有显着的调节作用。此外，我们还发现，仅对于TMT经历过比重点国家更高的政治危害程度的子公司，政治危害的负面绩效影响才得到显着缓解。我们的研究提供了对什么类型的高级管理人员的经历对政治风险管理至关重要的全面理解。我们还发现，仅对于TMT经历过比重点国家更高的政治危害程度的子公司，政治危害的负面绩效影响才能得到显着缓解。我们的研究提供了对什么类型的高级管理人员的经历对政治风险管理至关重要的全面理解。我们还发现，仅对于TMT经历过比重点国家更高的政治危害程度的子公司，政治危害的负面绩效影响才能得到显着缓解。我们的研究全面了解了哪种类型的高级管理人员的经历对政治风险的管理至关重要。