TOO MANY PEAS IN A POD? HOW OVERLAPS IN DIRECTORS' LOCAL AND GLOBAL STATUS CHARACTERISTICS INFLUENCE BOARD TURNOVER IN NEWLY PUBLIC FIRMS

• 成果类型: Article
• 署名作者: Acharya, Abhijith G.; Pollock, Timothy G.
• 署名单位: Wilfrid Laurier University; University of Tennessee System; University of Tennessee Knoxville
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/amj.2017.1144
• 发表日期: 2021
• 页码: 1472-1496
• 关键词: STRATEGIC DECISION-MAKING; corporate governance; longitudinal data; ORGANIZATIONAL DEMOGRAPHY; RELATIONAL DEMOGRAPHY; diversity; performance; management; POWER; ceo

摘要

Drawing on status characteristics theory, we explore how boards' social structures influence board turnover. We theorize that (a) understanding directors' relative standing and spheres of influence in the local status hierarchy creates deference structures that reduce conflict and enhance stability, thereby reducing board turnover; and (b) shared performance expectations and attraction based on homophily in the global status hierarchy can also reduce conflict and enhance stability and thus serve as another means of reducing board turnover. Using five years of post-initial public offering data on 218 firms that went public between 2001 and 2005, we find that overlaps in directors' local status characteristics captured by their shared tenure and expertise and directors' global status homogeneity increase the likelihood of board turnover. However, the directors' global status characteristics shape the relative salience of the positive or negative effects of boards' local status characteristics, leading to different effects on board turnover.