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This paper explores the influence of top management characteristics on the process of making Strategic Decisions (SDs). Empirical testing is based on a sample of 70 SDs in industrial enterprises, using a combination of interviews, questionnaires and archival data. The results suggest that (a) the characteristics of both the top management team (TMT) and the CEO influenced the strategic decision-making process, but the former had more influence, and (b) the TMT and CEO influenced different dimensions of the

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