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This study investigates the relationship between diversity in the Top Management Team (TMT) of Spanish firms and the firms’ willingness to further expand in China, as a proxy for their international success. Data from Spanish companies with direct investment in China were collected through a questionnaire. Regression analyses were carried out to test the differential influences of multiple forms of TMT demographic diversity (age, gender, tenure, and functional experience). The moderating effect of conflict in an uncertain environment is also examined, as this offers potentially novel insights into the determinants of success in emerging countries. Results show that the effects of TMT diversity on international success are very much influenced by the perception of the conflict related to investment in a non-traditional market. The findings highlight the relevant negative role that conflict can exert in diverse TMTs in a growing developing economy.