Strategic decision-making is a key factor of sustainability and development in enterprises. Moreover, the top management team (TMT) of an enterprise constitutes the base for decision-making. This study employed structural equation modeling to analyze questionnaires regarding TMTs' characteristics and strategic decision-making, and tested the mediating effects of risk perceptions and mental models and the moderating effects of psychological ownership. We investigated 289 valid questionnaires on TMTs completed by representatives from enterprises in China and found risk perceptions and mental models that serve as a mediating factor and are affected by the TMTs' characteristics and decision-making. We also found that psychological ownership exerts moderating effects between TMTs' characteristics and decision-making. This paper concludes with a discussion of theoretical and managerial implications for enterprise owners.
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