This dissertation examines the dynamics of top management teams (TMTs). While upper echelons research has increasingly adopted time and change in their conceptualization and used temporal based models, prior scholarly work has often viewed this phenomenon only through the lens of individual member change and proceeded with limited concern for dimensions such as TMT structure, TMT processes, and TMT interactions. I extend these prior upper echelons studies' focuses by proposing “TMT dynamics” as a new framework for developing a more complete understanding of TMT changes' nature, causes, and effects on organizational outcomes. As a theoretical contribution, I offer a dynamic conceptualization of distinct types of TMT configurations – spatial, content, temporal, and structural – and shows their effects on TMT functioning and organizational outcomes. Second, I provide rich insights into how organizations can strategically orchestrate these TMT configurations to dynamically realign their TMT characteristics, processes, and structures alongside with their changing contextual requirements.