Información del artículo
RESUMEN
Numerosos trabajos han estudiado la influencia del consejo de administración en las decisiones y resultados de sus empresas. No obstante, la enorme popularidad alcanzada en el campo del gobierno corporativo por estos estudios, no viene acompañada por sus resultados, que han sido ambiguos y, a veces, conflictivos En esta investigación proponemos que la efectividad de los consejos depende de las experiencias y conocimientos de los consejeros que lo conforman, así como de la estructura de estos consejos. Entendemos que ambas dimensiones (composición y estructura) no son “por si” suficientes para el logro de consejos plenamente efectivos, pero si se definen como elementos necesarios para ello. Desde nuestra perspectiva, constituyen el potencial que permitirá lograr una adecuada capacidad estratégica por parte del consejo. Nuestros resultados muestran la importancia de las variables que conforman la estructura y composición del consejo (tamaño del consejo, permanencia, experiencia de los consejeros) a la hora de explicar los resultados empresariales.
PALABRAS CLAVES:
Gobierno Corporativo
Consejos de administración
Efectividad
Resultados empresariales
CLASIFICACIÓN JEL:
M10
M11
ABSTRACT
The study of the effectiveness of boards of directors is a tremendously interesting area of investigation, heightened by the many financial scandals of the recent past. Research efforts have suffered from several deficiencies like the inconsistency of many of the results achieved (Daily, Dalton and Cannella, 2003; Dalton, Daily, Ellstrand and Johnson, 1998; Johnson et al., 1996). It emphasises the need to go further with this research subject. Within this framework, our paper examines board effectiveness through board members' level of knowledge and experience and board structure. We understand that both dimensions: board composition and structure are not enough to board effectiveness but determine the potential to get a strategic capability. Our results show how board size, length of tenure of directors and board members' experience in senior management positions, have effects on firm financial performance.
KEY WORDS:
Corporate Governance
Boards of directors
Effectiveness
Financial performance
JEL CLASSIFICATION:
M10
M11
El Texto completo está disponible en PDF
BIBLIOGRAFÍA
[AGUILERA, 2005]
R.V. AGUILERA.
“Corporate governance and director accountability: an institutional comparative perspective”.
British Journal of Management, 16 (2005), pp. 39-53
[ARTHUR, 1994]
W.B. ARTHUR.
Increasing returns and path dependence in the economy, University of Michigan Press, (1994),
[BAILEY and HELFAT, 2003]
E.E. BAILEY, C.E. HELFAT.
“External management succession, human capital and firm performance: An integrative analysis”.
Managerial and Decision Economics, 24 (2003), pp. 347-369
[BALIGA and MOYER, 1996]
B.R. BALIGA, R.C. MOYER, R.S. RAO.
“CEO duality and form performance: What's the fuss?”.
Strategic Management Journal, 17 (1996), pp. 41-53
[BARNHART and ROSENSTEIN, 1998]
S. BARNHART, S. ROSENSTEIN.
“Board composition, managerial ownership, and firm performance: an empirical analysis”.
Financial Review, 33 (1998), pp. 1-36
[BARROSO et al., 2009]
C. BARROSO, M. DOMÍNGUEZ, J. VECINO, M.M. VILLEGAS.
“Does the Team Leverage the Board's Decisions?”.
Corporate Governance: An International Review, 17 (2009), pp. 744-761
[BEEKUN et al., 1998]
R. BEEKUN, Y. STEDHAM, G. YOUNG.
“Board Characteristics, managerial controls and corporate strategy: a study of U.S. hospitals”.
Journal of management, 24 (1998), pp. 3-19
[BENNEDSEN et al., 2008]
M. BENNEDSEN, H.C. KONGSTED, K.M. NIELSEN.
“The causal effect of board size in the performance of small and medium-sized firms”.
Journal of Banking & Finance, 32 (2008), pp. 1098-1109
[BENNETT and ROBSON, 2004]
R.J. BENNETT, P.J.A. ROBSON.
“The Role of Boards of Directors in Small and Medium-Sized Firms”.
Journal of Small Business and Enterprise Development, 11 (2004), pp. 95-113
[BEVERLEY and SHIREENJIT, 2009]
J. BEVERLEY, J. SHIREENJIT.
“Board Structure and Firm Performance: Evidence from India's Top Companies”.
Corporate Governance: An International Review, 17 (2009), pp. 492-509
[BOEKER, 1997]
W. BOEKER.
“Strategic change: The influence of managerial characteristics and organizational growth”.
Academy of Management Journal, 40 (1997), pp. 152-170
[BOEKER and GOODSTEIN, 1993]
W. BOEKER, J. GOODSTEIN.
“Performance and successor choice: The moderating effects of governance and ownership”.
Academy of Management Journal, 36 (1993), pp. 173-186
[BOMMER and ELLSTRAND, 1996]
W.H. BOMMER, A.F. ELLSTRAND.
“CEO successor choice, its antecedents, and influence on subsequent firm performance: An empirical analysis”.
Group and Organization Management, 21 (1996), pp. 105-123
[CARPENTER, 2002]
M.A. CARPENTER.
“The implications of strategy and social context for the relationship between top management team heterogeneity and firm performance”.
Strategic Management Journal, 23 (2002), pp. 275-284
[CARPENTER and WESTPHAL, 2001]
M.A. CARPENTER, J.D. WESTPHAL.
“The strategic context of external network ties: examining the impact of director appointments on board involvement in strategic decision making”.
Academy of Management Journal, 44 (2001), pp. 639-660
[CASPAR, 2005]
R. CASPAR.
“The Composition of Semi-Two-Tier Corporate Boards and Firm Performance”.
Corporate Governance: An International Review, 13 (2005), pp. 691-701
[CASTANIAS and HELFAT, 1991]
R.P. CASTANIAS, C.E. HELFAT.
“The Managerial Rents Models: Theory and Empirical Analysis”.
Journal of Management, 27 (1991), pp. 661-678
[COOPER et al., 1994]
A.C. COOPER, F- J. GIMENO-GASCON, C.Y. WOO.
“Initial human and financial capital as predictor of new venture performance”.
Journal of Business Venturing, 9 (1994), pp. 371-395
[DAILY and DALTON, 1994]
C.M. DAILY, D.R. DALTON.
“Corporate governance and the bankrupt firm: an empirical assessment”.
Strategic Management Journal, 15 (1994), pp. 643-654
[DAILY et al., 1999]
C.M. DAILY, J.L. JOHNSON, D.R. DALTON.
“On the measurements of board composition: Poor consistency and a serious mismatch of theory and operationalization”.
Decision Sciences, 30 (1999), pp. 83-106
[DAILY et al., 2002]
C.M. DAILY, C. MCDOUGALL, J.G. COVIN, D.R. DALTON.
“Governance and Strategic Leadership in Entrepreneurial Firms”.
Journal of Management, 28 (2002), pp. 387-412
[DALTON et al., 1998]
D.R. DALTON, C.M. DAILY, A.E. ELLSTRAND, J.L. JOHNSON.
“Meta-analytic reviews of board composition, leadership structure, and financial performance”.
Strategic Management Journal, 19 (1998), pp. 269-290
[DALTON et al., 1999]
D.R. DALTON, C.M. DAILY, J.L. JOHNSON, A.E. ELLSTRAND.
“Number of Directors and Financial Performance: a Meta-analysis”.
Academy of Management Journal, 42 (1999), pp. 674-686
[DAILY and DALTON, 1993]
C. DAILY, D. DALTON.
“Board of directors leadership and structure: control and performance implications”.
Entrepreneurship Theory and Practice, Spring (1993), pp. 65-81
[DAILY et al., 2003]
C.M. DAILY, D.R. DALTON, A.A. CANNELLA.
“Corporate Governance: decades of dialogue and data”.
Academy of Management Review, 28 (2003), pp. 371-382
[DAVIS, 1991]
G.F. DAVIS.
“Agents without Principles? The Spread of the Poison Pill through the Inter corporate Network”.
Administrative Science Quarterly, 36 (1991), pp. 583-613
[DAVIS and THOMPSON, 1994]
G.F. DAVIS, T.A. THOMPSON.
“A social movement perspective on corporate control”.
Administrative Science Quarterly, 39 (1994), pp. 141-173
[DAVIS et al., 1997]
J.H. DAVIS, F.D. SCHOORMAN, L. DONALDSON.
“Toward a Stewardship theory of management”.
Academy of Management Review, 22 (1997), pp. 20-47
[DE ANDRES et al., 2005]
P. DE ANDRES, V. AZOFRA, F. LOPEZ.
“Corporate Boards in OECD Countries: size, composition, functioning and effectiveness”.
Corporate Governance: An International Review, 13 (2005), pp. 197-210
[DE ANDRES and VALLELADO, 2008]
P. DE ANDRES, E. VALLELADO.
“Corporate governance in banking: The role of the board of directors”.
Journal of Banking & Finance, 32 (2008), pp. 2570-2580
[DEHAENE et al., 2001]
A. DEHAENE, V. DE VUYST, H. OOGHE.
“Corporate performance and board structure in Belgian companies”.
Long Range Planning, 34 (2001), pp. 383-398
[DEMB and NEUBAUER, 1992]
A. DEMB, F. NEUBAUER.
“The Corporate Board: Confronting the Paradoxes”.
Long Range Planning, 25 (1992), pp. 9-21
[DONALDSON, 1990]
L. DONALDSON.
“The ethereal hand: organizational management theory”.
Academy of Management Review, 15 (1990), pp. 369-381
[DONALDSON and DAVIS, 1991]
L. DONALDSON, J.H. DAVIS.
“Stewardship theory or agency theory: CEO governance and shareholders returns”.
Australian Journal of Management, 16 (1991), pp. 49-64
[DONALDSON and DAVIS, 1994]
L. DONALDSON, J.H. DAVIS.
“Boards and company performance- research challenges the conventional wisdom”.
Corporate Governance: An International Review, 2 (1994), pp. 151-160
[DONOHER, et al., 2007]
W.J. DONOHER, R. REED, S.F. STORRUD-BARNES.
“Incentive Alignment, Control, and the Issue of Misleading Financial Disclosures”.
Journal of Management, 33 (2007), pp. 547-569
[EISENBERG, et al., 1998]
T. EISENBERG, S. SUNDGREN, M. WELLS.
“Larger board size and decreasing firm value in small firms”.
Journal of Financial Economics, 48 (1998), pp. 35-55
[ERAKOVIC and GOEL, 2008]
L. ERAKOVIC, S. GOEL.
“Board- Management Relationships. Resources and Internal Dynamics”.
Management Revue, 19 (2008), pp. 53-69
[FAHLENBRACH et al., 2010]
R. FAHLENBRACH, A. LOW, R.M. STULZ.
“Why do firms appoint CEOs as outside directors?”.
Journal of Financial Economics, publicado online March 11 (2010),
[FINEGOLD et al., 2007]
D. FINEGOLD, G.S. BENSON, D. HECHT.
“Corporate Boards and Company Performance: review of research in light of recent reforms”.
Corporate Governance: An International Review, 15 (2007), pp. 865-878
[FINKELSTEIN and HAMBRICK, 1989]
S. FINKELSTEIN, D.C. HAMBRICK.
“Chief executive compensation: A study of the intersection of markets and political processes”.
Strategic Management Journal, 10 (1989), pp. 121-134
[FINKELSTEIN and HAMBRICK, 1990]
S. FINKELSTEIN, D.C. HAMBRICK.
“Top Management Team Tenure and Organizational Outcomes: The moderating Role of Managerial Discretion”.
Administrative Science Quarterly, 35 (1990), pp. 484-503
[FINKELSTEIN and HAMBRICK, 1996]
S. FINKELSTEIN, D.C. HAMBRICK.
Strategic leadership: Top executives and their effects on organizations, West, (1996),
[FINKELSTEIN and MOONEY, 2003]
S. FINKELSTEIN, D. MOONEY.
“Not the usual suspects: How to use board process to make boards better”.
Academy of Management Executive, 17 (2003), pp. 101-113
[FORBES and MILLIKEN, 1999]
D.P. FORBES, F.J. MILLIKEN.
“Cognition and corporate governance: understanding boards of directors as strategic decision-making groups”.
Academy of Management Review, 24 (1999), pp. 489-505
[GABRIELSSON, 2007]
J. GABRIELSSON.
“Boards of directors and entrepreneurial posture in medium-size companies”.
International Small Business Journal, 25 (2007), pp. 511-535
[GABRIELSSON and HUSE, 2004]
J. GABRIELSSON, M. HUSE.
“Context, Behavior and Evolution: Challenges in Research on Boards and Governance”.
International Studies of Management and Organization, 34 (2004), pp. 11-36
[GABRIELSSON and WINLUND, 2000]
J. GABRIELSSON, H. WINLUND.
“Boards of directors in small and medium-sized industrial firms: examining the effects of the board's working style on board task performance”.
Entrepreneurship & Regional Development, 12 (2000), pp. 311-330
[GHOSHAL, 2005]
S. GHOSHAL.
“Bad Management Theories are destroying Good Management Practices”.
Academy of Management Learnings & Education, 4 (2005), pp. 75-91
[GIMENO et al., 1997]
J. GIMENO, T.B. FOLTA, A.C. COOPER, C.Y. WOO.
“Survival of the Fittest? Entrepreneurial human capital and the persistence of underperforming firms”.
Administrative Science Quarterly, 42 (1997), pp. 750-783
[GOLDEN and ZAJAC, 2001]
B.R. GOLDEN, E.J. ZAJAC.
“When will boards influence strategy? Inclination X power = strategic change”.
Strategic Management Journal, 22 (2001), pp. 1087-1111
[GOODSTEIN et al., 1994]
J. GOODSTEIN, K. GAUTAM, W. BOEKER.
“The Effects of Board Size and Diversity on Strategic Change”.
Strategic Management Journal, 15 (1994), pp. 241-250
[GORDON et al., 2000]
S.S. GORDON, W.H. STEWART JR, R. SWEO, W.A. LUKER.
“Convergence versus strategic reorientation: The antecedents of fast paced organizational change”.
Journal of Management, 26 (2000), pp. 911-945
[HAMBRICK and MASON, 1984]
D.C. HAMBRICK, P. MASON.
“Upper echelons: the organization as a reflection of its top managers”.
Academy of Management Review, 2 (1984), pp. 193-206
[HAMBRICK et al., 1996]
D.C. HAMBRICK, T.S. CHO, M.J. CHEN.
“The influence of top management team heterogeneity on firms' competitive moves”.
Administrative Science Quarterly, 41 (1996), pp. 659-684
[HAMBRICK et al., 2008]
D.C. HAMBRICK, A.V. WERDER, E.J. ZAJAC.
“New Directions in Corporate Governance Research”.
Organization Sciences, 19 (2008), pp. 381-385
[HARRIS and HELFAT, 1997]
D. HARRIS, C.E. HELFAT.
“Specificity of CEO Human Capital and Compensation”.
Strategic Management Journal, 18 (1997), pp. 895-920
[HARRISON, 1987]
J.R. HARRISON.
“The strategic use of corporate board committees”.
California Management Review, 30 (1987), pp. 109-125
[HENDRY and KIEL, 2004]
K. HENDRY, G. KIEL.
“The role of the board in firm strategy: integrating agency and organizational control perspectives”.
Corporate Governance: An International Review, 12 (2004), pp. 500-520
[HERMALIN and WEISBACH, 1988]
B.E. HERMALIN, M.S. WEISBACH.
“The determinants of Board Composition”.
Journal of Economics, 19 (1988), pp. 589-606
[HERMALIN and WEISBACH, 1998]
B.E. HERMALIN, M.S. WEISBACH.
“Endogenously chosen boards of directors and their monitoring of the CEO”.
American Economic Review, 88 (1998), pp. 96-118
[HERMAN, 1981]
E.S. HERMAN.
Corporate control. Corporate power, Cambridge University Press, (1981),
[HILL and SNELL, 1988]
C.W.L. HILL, S.A. SNELL.
“External control, corporate strategy, and firm performance in research-intensive industries”.
Strategic Management Journal, 9 (1988), pp. 577-590
[HILLMAN et al., 2000]
A.J. HILLMAN, A.A. CANNELLA, R. PAETZOLD.
“The resource dependence role of corporate directors strategic adaptation of board composition in response to environmental change”.
Journal of Management Studies, 37 (2000), pp. 235-255
[HILLMAN and DALZIEL, 2003]
A.J. HILLMAN, T. DALZIEL.
“Boards of Directors and Firm Performance: Integrating Agency and Resource Dependence Perspectives”.
Academy of Management Review, 28 (2003), pp. 383-396
[HOWTON, 2006]
S.W. HOWTON.
“Effect of Governance Characteristics on the State of the Firm after an Initial Public Offering”.
The Financial Review, 41 (2006), pp. 419-433
[HOYE, 2007]
R. HOYE.
“Commitment, Involvement and Performance of Voluntary Sport Organization Board Members”.
European Sport Management Quarterly, 7 (2007), pp. 109-121
[INGLEY and VAN DER WALT, 2005]
C. INGLEY, N. VAN DER WALT.
“Do Board Processes Influence Director and Board Performance? Statutory and performance implications”.
Corporate Governence: An International Review, 13 (2005), pp. 632-653
[JOHNSON et al., 1996]
J. JOHNSON, C.M. DAILY, A.E. ELLSTRAND.
“Board of directors: a review and research agenda”.
Journal of Management, 22 (1996), pp. 409-438
[JOHNSON et al., 1993]
R.A. JOHNSON, R.E. HOSKISSON, M.A. HITT.
“Board of director involvement in restructuring: the effects of board versus managerial controls and characteristics”.
Strategic Management Journal, 14 (1993), pp. 33-41
[JUDGE and ZEITHAML, 1992]
W.Q. JUDGE JR., C.P. ZEITHAML.
“Institutional and strategic choice perspectives on board involvement in the strategic decision making process”.
Academy of Management Journal, 35 (1992), pp. 766
[KALYTA, 2009]
P. KALYTA.
“Compensation Transparency and Managerial Opportunism: A Study of Supplemental Retirement Plans”.
Strategic Management Journal, (2009), pp. 405-423
[KATZ, 1982]
R. KATZ.
“Project Communication and Performance: An Investigation into the Effects of Group Longevity”.
Administrative Science Quarterly, 27 (1982), pp. 81-104
[KESNER et al., 1986]
I.F. KESNER, B. VICTOR, B.T. LAMONT.
“Research notes. Board composition and the commission of illegal acts: An investigation of Fortune 500 companies”.
Academy of Management Journal, 29 (1986), pp. 789-799
[KESNER and DALTON, 1985]
I.F. KESNER, D.R. DALTON.
“The Effect of Board Composition on CEO Succession and Organizational Performance”.
Quarterly Journal of Business and Economics, 24 (1985), pp. 3-21
[KESNER and DALTON, 1994]
I.F. KESNER, D.R. DALTON.
“Top management turnover and CEO succession: An investigation of the effects of turnover on performance”.
Journal of Management Studies, 31 (1994), pp. 701-713
[KIEL and NICHOLSON, 2003]
G.C. KIEL, G.J. NICHOLSON.
“Board composition and corporate performance: how Australian experience informs contrasting theories of corporate governance”.
Corporate Governance: An International Review, 11 (2003), pp. 189-205
[KIEL and NICHOLSON, 2005]
G.C. KIEL, G.J. NICHOLSON.
“Evaluating boards and directors”.
Corporate Governance: An International Review, 13 (2005), pp. 613-631
[KIM, 2005]
Y. KIM.
“Board Network Characteristics and Firm Performance in Korea”.
Corporate Governance: An International Review, 13 (2005), pp. 800-808
[KIM and CANELLA, 2008]
Y. KIM, J.L. CANELLA JR..
“Social Capital among corporate upper echelons and its impacts on executive promotion in Korea”.
Journal of World Business, 43 (2008), pp. 85-96
[KOR, 2003]
Y. KOR.
“Experience-based top management Team competence and sustained growth”.
Organization Science, 14 (2003), pp. 707-719
[KOR, 2006]
Y. KOR.
“Direct and interaction effects of top management team and board compositions on R & D investment strategy”.
Strategic Management Journal, 27 (2006), pp. 1081-1099
[KOR and MAHONEY, 2000]
Y. KOR, J.T. MAHONEY.
“Penrose's resource-based approach: The process and product of research creativity”.
Journal of Management Studies, 37 (2000), pp. 109-139
[KOR and SUNDARAMURTHY, 2009]
Y. KOR, C. SUNDARAMURTHY.
“Experience-Based Human Capital and Social Capital of Outside Directors”.
Journal of Management, 35 (2009), pp. 981-1006
[KORAC-KAKABADSE et al., 2001]
N. KORAC-KAKABADSE, A. KAKABADSE, A. KOUZMIN.
“Board Governance and company performance: any correlations?”.
Corporate Governance, 1 (2001), pp. 24-30
[KROLL et al., 2007]
M. KROLL, B. WALTERS, A.L.E. SON.
“The Impact of Board Composition and Top Management Team Ownership Structure on Post-IPO Performance in Young Entrepreneural Firms”.
Academy of Management Journal, 50 (2007), pp. 1198-1216
[KROLL et al., 2008]
M. KROLL, B.A. WALTERS, P. WRIGHT.
“Board vigilance, directors experience, and corporate outcomes”.
Strategic Management Journal, 29 (2008), pp. 363-382
[LANGEVOORT, 2001]
D.C. LANGEVOORT.
“The human nature of corporate boards: law, norms and the unintended consequences of independence and accountability”.
Georgetown Law Journal, 89 (2001), pp. 797-832
[LANT et al., 1992]
T.K. LANT, F.J. MILLIKEN, B. BATRA.
“The role of managerial learning and interpretation in strategic persistence and reorientation: An empirical exploration”.
Strategic Management Journal, 13 (1992), pp. 585-608
[LETZA et al., 2004]
S. LETZA, X.P. SUN, J. KIRKBRIDE.
“Shareholding versus stakeholding: A critical review of corporate governance”.
Corporate Governance: An International Review, 12 (2004), pp. 242-262
[LORSCH and MCIVER, 1989]
J.W. LORSCH, E. MCIVER.
Pawns or Potentates: The Reality of America's Corporate Boards, Harvard Business School Press, (1989),
[LYNALL et al., 2003]
M.D. LYNALL, B.R. GOLDEN, A.J. HILLMAN.
“Board composition from adolescence to maturity: a multitheoric view”.
Academy of Management Review, 28 (2003), pp. 416-431
[MACUS, 2005]
M. MACUS.
“Interactions on boards and board capability: Two empirical studies of performance effects of boards”.
International Journal Human Resources Development and Management, 5 (2005), pp. 389-411
[MACUS, 2008]
M. MACUS.
“Board Capability”.
International Studies of Management and Organization, 38 (2008), pp. 98-116
[MALLETTE and FOWLER, 1992]
P. MALLETTE, K.L. FOWLER.
“Effects of board composition and stock ownership on the adoption of “poison pill”.
Academy of Management Journal, 35 (1992), pp. 1010-1035
[MARCH, 1999]
J.G. MARCH.
The Pursuit of Organizational Intelligence, Blackwell, (1999),
[MICHEL and HAMBRICK, 1992]
J.C. MICHEL, D.G. HAMBRICK.
“Diversification posture and top management team characteristics”.
Academy of Management Journal, 35 (1992), pp. 9-37
[MILLER and FRIESEN, 1984]
D. MILLER, P. FRIESEN.
“A longitudinal study of the corporate life cycle”.
Management Science, 30 (1984), pp. 1161-1183
[MCINTYRE et al., 2007]
M.L. MCINTYRE, S.A. MURPHY, P. MITCHELL.
“The top team: examining board composition and firm performance”.
Corporate Governance, 7 (2007), pp. 547-561
[MINICHILLI and HANSEN, 2007]
A. MINICHILLI, C. HANSEN.
“The Board advisory task in small firms and the event of crises”.
Journal of Management Governance, 11 (2007), pp. 5-22
[MOSAKOWSKI, 1993]
E. MOSAKOWSKI.
“A resource-based perspective on the dynamic strategy-performance relationship: An empirical examination of the focus and differentiation strategies in entrepreneurial firms”.
Journal of Management, 19 (1993), pp. 819-839
[MUELLER and BARKER, 1997]
G.C. MUELLER, V. BARKER.
“Upper echelons and board characteristics of turnaround and nonturnaround declining firms”.
Journal of Business Research, 39 (1997), pp. 119-135
[MURPHY and MCINTYRE, 2007]
S.A. MURPHY, M.L. MCINTYRE.
“Board of director performance: a group dynamics perspectives”.
Corporate Governance, 7 (2007), pp. 209-224
[NICHOLSON and KIEL, 2007]
G.J. NICHOLSON, G.C. KIEL.
“Can Directors Impact Performance?” A case-based test of three theories of corporate governance”.
Corporate Governance: An International Review, 15 (2007), pp. 585-608
[OCASIO, 1994]
W. OCASIO.
“Political dynamics and the circulation of power: CEO succession in U.S. industrial corporations, 1960-1990”.
Administrative Science Quarterly, 39 (1994), pp. 285-314
[O'REGAN and OSTER, 2005]
K. O'REGAN, S.M. OSTER.
“Does the Structure and Composition of the Board Matter? The Case of Nonprofit Organizations”.
The Journal of Law, Economics, & Organization, 21 (2005), pp. 205-227
[ORTIZ et al., 2009]
ORTIZ, N. ARAGÓN, J. A. y GÓMEZ, S. (2009) “La relación entre la rentabilidad y la presencia de consejeros compartidos. Un análisis desde la teoría de recursos y capacidades”, XXIII Congreso anual AEDEM: Administrando en entornos inciertos, 3-5 junio, Sevilla, editado en CD-Rom., ESIC Editorial.
[PALMER et al., 1993]
D.A. PALMER, P.D. JENNINGS, X. ZHOU.
“Late Adoption of the Multidivisional Form by Large U. S. Corporations: Institutional, Political and Economics Accounts”.
Administrative Science Quarterly, 38 (1993), pp. 100-131
[PALMER and BARBER, 2001]
D. PALMER, B.M. BARBER.
“Challengers, Elites, and Owning Families: A Social Class Theory of Corporate Acquisitions in the 1960s.”.
Administrative Science Quarterly, 46 (2001), pp. 87-120
[PEARCE and ZAHRA, 1991]
J.A. PEARCE, S.A. ZAHRA.
“The relative power of CEOs and boards of directors: associations with corporate performance”.
Strategic of Management Journal, 12 (1991), pp. 135-153
[PEARCE and ZAHRA, 1992]
J.A. PEARCE, S.A. ZAHRA.
“Board compensation from a strategic contingency perspective”.
Journal of Management Studies, 29 (1992), pp. 411-438
[PETROVIC, 2008]
J. PETROVIC.
“Unlocking the role of a board director: a review of the literature”.
Management Decision, 46 (2008), pp. 1373-1392
[PETTIGREW, 1992]
A.M. PETTIGREW.
“The character and significance of strategy process research”.
Strategic Management Journal, 13 (1992), pp. 5-16
[PFEFFER, 1972]
J. PFEFFER.
“Merger as a response to organizational interdependence”.
Administrative Science Quarterly, 17 (1972), pp. 382-394
[PFEFFER, 1973]
J. PFEFFER.
“Size, composition and function of hospital of boards of directors”.
Administrative Science Quarterly, 18 (1973), pp. 349-364
[PFEFFER, 1983]
J. PFEFFER.
Organizational demography.
Research in Organizational Behavior, pp. 299-357
[PFEFFER and SALANCIK, 1978]
J. PFEFFER, G. SALANCIK.
The external control of organizations: a resource dependence perspective, Harper y Row, (1978),
[PITCHER et al., 2000]
P. PITCHER, S. CHREIM, V. KISFALVI.
“CEO succession research: Methodological bridges over troubled waters”.
Strategic Management Journal, 21 (2000), pp. 625-648
[PRAHALAD and BETTIS, 1986]
C. PRAHALAD, R. BETTIS.
“The dominant logic: A new linkage between diversity and performance”.
Strategic Management Journal, 7 (1986), pp. 485-510
[PUGLIESE and WENSTOP, 2007]
A. PUGLIESE, P.Z. WENSTOP.
“Board members' contribution to strategic decision-making in small firms”.
Journal of Management Governance, 11 (2007), pp. 383-404
[PUGLIESE et al., 2009]
A. PUGLIESE, P.J. BEZEMER, A.M. ZATTONI, M. HUSE, F.A.J. VAN DEN BOSCH, H.W. VOLBERDA.
“Boards of Directors' Contribution to Strategy: A Literature Review and Research Agenda”.
Corporate Governance: An International Review, 17 (2009), pp. 292-306
[RINDOVA, 1999]
V.P. RINDOVA.
“What corporate boards have to do with strategy: a cognitive perspective”.
Journal of Management Studies, 36 (1999), pp. 953-975
[ROBERTS and O'REILLY, 1979]
K.H. ROBERTS, C.A. O'REILLY.
“Some correlates of communication roles in organizations”.
Academy of Management, 22 (1979), pp. 42-57
[ROBERTS, et al., 2005]
J. ROBERTS, T. MCNULTY, P. STILES.
“Beyond agency conceptions of the work of non-executive director: creating accountability in the boardroom”.
British Journal of Management, 16 (2005), pp. S5-S26
[ROSENSTEIN, 1987]
J. ROSENSTEIN.
“Why don't US boards get more involved in strategy?”.
Long Range Planning, 20 (1987), pp. 30-34
[RUTHERFORD and BUCHHOLTZ, 2007]
M. RUTHERFORD, A. BUCHHOLTZ.
“Investigating the relationship between board characteristics and board information”.
Corporate Governance: An International Review, 15 (2007), pp. 576-583
[RUIGROK et al., 2006]
W. RUIGROK, S.I. PECK, H. KELLER.
“Board Characteristics and involvement in strategic decision making: evidence from Swiss companies”.
Journal of Management Studies, 43 (2006), pp. 1201-1226
[SANDERS and CARPENTER, 1998]
W.G. SANDERS, M.A. CARPENTER.
“Internationalization and firm governance: The roles of CEO compensation, top team composition, and board structure”.
Academy of Management Journal, 41 (1998), pp. 158-179
[SANTIAGO-CASTRO and BAEK, 2004]
M. SANTIAGO-CASTRO, H. BAEK.
“Board Composition and Firm Performance of Large Latin American Firms: An Exploratory View”.
Latin American Business Review, 4 (2004), pp. 1-19
[SCHEFCZYK and GERPOTT, 2001]
M. SCHEFCZYK, T.J. GERPOTT.
“Qualifications and turnover of managers and venture capital-financed firm performance: An empirical study of German venture capital-investments”.
Journal of Business Venturing, 16 (2001), pp. 145-163
[SCHNAKE; et al., 2005]
M.E. SCHNAKE;, W.B. FREDENBERGER, R.J. WILLIAMS.
“The Influence of Board Characteristics on the frequency of 10-K Investigation”.
Journal of Business Strategies, 22 (2005), pp. 101-117
[SCHOONHOVEN et al., 1990]
C.B. SCHOONHOVEN, K.M. EISENHARDT, K. LYMAN.
“Speeding Products to Market: Waiting Time to First Product Introduction in New Firms”.
Administrative Science Quarterly, 35 (1990), pp. 177-207
[SHEN and CANNELLA, 2002]
W. SHEN, A.A. CANNELLA Jr.
“Power dynamics with top management and their impacts on CEO dismissal followed by inside succession”.
Academy of Management Journal, 45 (2002), pp. 1195-1206
[SHERWIN, 2003]
L. SHERWIN.
“Building an Effective Board”.
Bank Accounting and Finance, 16 (2003), pp. 22-29
[SHIVDASANI and YERMACK, 1999]
A. SHIVDASANI, D. YERMACK.
“CEO Involvement in the Selection of New Board Members: An Empirical Analysis”.
Journal of Finance, 54 (1999), pp. 1829-1853
[SONNENFELD, 2002]
J.A. SONNENFELD.
“What makes great boards great?”.
Harvard Business Review, 80 (2002), pp. 106-113
[STEVENSON and RADIN, 2009]
W. STEVENSON, R.F. RADIN.
“Social Capital and Social Influence on the Board of Directors”.
Journal of Management Studies, 46 (2009), pp. 16-44
[STILES and TAYLOR, 2001]
P. STILES, B. TAYLOR.
Boards at Work: How Directors View their Roles and Responsabilities, Oxford University Press, (2001),
[SUNDARAMURTHY and LEWIS, 2003]
C. SUNDARAMURTHY, M. LEWIS.
“Control and Collaboration: Paradoxes of Governance”.
Academy of Management Review, 28 (2003), pp. 397-415
[USEEM, 1984]
M. USEEM.
“Corporate Social And Political Action”.
California Management Review, 26 (1984), pp. 141-154
[VAN DEN BERGHE and LEVRAU, 2004]
L.A.A. VAN DEN BERGHE, A. LEVRAU.
“Evaluating Boards of Directors: what constitutes a good corporate board”.
Corporate Governance: An International Review, 12 (2004), pp. 461-478
[VAN EES et al., 2009]
H. VAN EES, J. GABRIELSSON, M. HUSE.
“Toward a Behavioral Theory of Boards and Corporate Governance”.
Corporate Governance: An International Review, 17 (2009), pp. 307-319
[VAFEAS, 1999]
N. VAFEAS.
“The Nature of Board Nominating Committees and Their Role in Corporate Governance”.
Journal of Business Finance & Accounting, 26 (1999), pp. 199-225
[VAFEAS, 2003]
N. VAFEAS.
“Length of Board Tenure and Outside Director Independence”.
Journal of Business Finance & Accounting, 30 (2003), pp. 1043-1064
[WADE et al., 1990]
J. WADE, C.A. O'REILLY, I. CHANDRATAT.
“Golden parachutes: CEOs and the exercise of social influence”.
Administrative Science Quarterly, 35 (1990), pp. 587-603
[WAGNER et al., 1998]
J.A. WAGNER III, J.L. STIMPERT, E. FUBARA.
“Board composition and organizational performance: Two studies of insider/outsider effects”.
The Journal of Management Studies, 35 (1998), pp. 655-677
[WALSH and SEWARD, 1990]
J.P. WALSH, J.K. SEWARD.
“On the Efficiency of Internal and External Corporate Control Mechanisms”.
Academy of Management Review, 15 (1990), pp. 421-458
[WALTERS et al., 2007]
B. WALTERS, M. KROLL, P. WRIGHT.
“CEO tenure, boards of directors, and acquisition performance”.
Journal of Business Research, 60 (2007), pp. 331-338
[WALTERS and LE, 2007]
K.M. WALTERS, S.A. LE.
“The impact of the Board composition and top management team ownership structure on post-ipo performance in young entrepreneurial firms”.
Academy of Management Journal, 50 (2007), pp. 1198-1216
[WESTPHAL, 1999]
J.D. WESTPHAL.
“Collaboration in the boardroom: behavioral and performance consequences of CEO-board social ties”.
Academy of Management Journal, 42 (1999), pp. 7-24
[WESTPHAL and FREDRICKSON, 2001]
J.D. WESTPHAL, J.W. FREDRICKSON.
“Who Directs Strategic Change? Director Experience, the Selection of New CEOs, and Change in Corporate Strategy”.
Strategic Management Journal, 22 (2001), pp. 1113-1161
[WESTPHAL and BEDNAR, 2005]
J.D. WESTPHAL, M.K. BEDNAR.
“Pluralistic Ignorance in Corporate Boards and Firms' Strategic Persistence in Response to Low Firm Performance”.
Administrative Science Quarterly, 50 (2005), pp. 262-298
[WIERSEMA and BANTEL, 1992]
M.F. WIERSEMA, K.A. BANTEL.
“Top management team demography and corporate strategic change”.
Academy of Management Journal, 35 (1992), pp. 91-121
[WIERSEMA and BANTEL, 1993]
M.F. WIERSEMA, K.A. BANTEL.
“Top management team turnover as an adaptation mechanism: The role of the environment”.
Strategic Management Journal, 14 (1993), pp. 485-504
[YERMACK, 1996]
D. YERMACK.
“Higher market valuation of companies with a small board of directors”.
Journal of Finantial Economics, 40 (1996), pp. 185-211
[ZAHRA and PEARCE, 1989]
S.A. ZAHRA, J.A. PEARCE.
“Board of directors and corporate financial performance: a review and integrate model”.
Journal of Management, 15 (1989), pp. 291-334
[ZAHRA et al., 2000]
S.A. ZAHRA, D.O. NEUBAUM, M. HUSE.
“Entrepreneurship in medium-size companies: Exploring the effects of ownership and governance systems”.
Journal of Management, 26 (2000), pp. 947-976
[ZAJAC and WESTPHAL, 1996]
E.J. ZAJAC, J.D. WESTPHAL.
“Who shall succeed? How CEO/board preferences and power affect the choice of new CEOs”.
Academy of Management Journal, 39 (1996), pp. 64-90
[ZALD, 1969]
M.N. ZALD.
“The power and functions of board of directors: a theoretical synthesis”.
American Journal of Sociology, 75 (1969), pp. 97-111
[ZENGER and LAWRENCE, 1989]
T.R. ZENGER, B.S. LAWRENCE.
“Organizational demography: The differential effects of age and tenure distribution on technical communication”.
Academy of Management Journal, 32 (1989), pp. 353-376
[ZELECHOWSKI, and BILIMORIA, 2004]
D.D. ZELECHOWSKI, D. BILIMORIA.
“Characteristics of Women and Men Corporate Inside Directors in the US”.
Corporate Governance: An International Review, 12 (2004), pp. 337-342
Copyright © 2010. Academia Europea de Dirección y Economía de la Empresa
