This study explores how top management teams make strategic decisions. The findings indicate that the top management team performs a variety of monitoring and control functions within most firms, but that a single team with stable composition does not make strategic choices in most
organizations. Instead, different groups, with members from multiple organizational levels, form to make various strategic decisions. A stable subset of the top team forms the core of each of these multiple decision-making bodies. The findings offer a possible explanation for inconsistent
findings in the top management team literature, and suggest several new directions for future senior team research.