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The impact of team diversity on team performance is of vital concern as today’s organizations rely on teams to accomplish organizational goals. Even though researchers have consistently found that psychological characteristics at the individual level are highly related to organizational outcomes, few studies have examined how team diversity in psychological characteristics affects team performance. Thus, this study examines how team personality and value composition relates to team task performance and perceptions of team processes. By and large, results indicated that less diversity relates to better performance and that personality and value diversity differentially relate to task performance and team processes.