Despite the popularity of the demographic approach in TMT research, scholars have questioned the underlying meaning of such data and call for studying more substantive constructs to capture and understand TMT social interactions (Hambrick, 2007; Lawrence, 1997; Priem et al., 1999). In addition, upper echelon research has focused on how demographic heterogeneity of the whole TMTs shapes firm strategic decisions and performance. Yet, TMT as a unit of analysis has been questioned (Arendt, Priem, & Ndofor, 2005; Hambrick, 2007; Jackson, 1992). This is because not all the top executive positions are created equal, and if all top executives do not “collectively engage in information processing or decision making, then what is the point in trying to use their collective characteristics … to predict company strategy or performance?” (Hambrick, 2007, p. 336). Hambrick (2007) proposes that the next frontier of upper echelons research should be TMT subteams as investigating social interactions within the subteams who are relevant in certain decision making can improve the predictive strength of upper echelons theory.