SHOOT FOR THE STARS? PREDICTING THE RECRUITMENT OF PRESTIGIOUS DIRECTORS AT NEWLY PUBLIC FIRMS

• 成果类型: Article
• 署名作者: Acharya, Abhijith G.; Pollock, Timothy G.
• 署名单位: Singapore Management University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/amj.2011.0639
• 发表日期: 2013
• 页码: 1396-1419
• 关键词: TOP MANAGERIAL PRESTIGE; BOARD COMPOSITION; financial performance; prospect-theory; management; POWER; DECISION; IMPACT; CONSEQUENCES; demography

摘要

This study explores how CEOs' and outside directors' desires for the benefits of signaling and homophily intertwine with their concerns over maintaining power and preserving local status hierarchies to affect the likelihood a firm recruits prestigious outside directors to its board. Using pooled cross-sectional data on the five years following the initial public offerings (IPOs) of 210 firms that went public between 2001 and 2004, we found that prestigious CEOs and directors viewed the recruitment of prestigious new directors differently and that these perceptions were moderated by factors that increase the salience of risk of potential losses to CEOs and existing board members.