INTERLOCKS AND FIRM PERFORMANCE: THE ROLE OF UNCERTAINTY IN THE DIRECTORATE INTERLOCK-PERFORMANCE RELATIONSHIP

• 成果类型: Article
• 署名作者: Martin, Geoffrey; Gozubuyuk, Remzi; Becerra, Manuel
• 署名单位: Ozyegin University; IE University
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.2216
• 发表日期: 2015
• 页码: 235-253
• 关键词: directorate interlock; performance; uncertainty; networks; RESOURCE DEPENDENCE

摘要

We examine how uncertainty influences the performance effects of directorate interlocks. Our study offers a new perspective of directorate interlocks as mechanisms that enable firms to improve performance when confronted with greater uncertainty, suggesting that uncertainty positively moderates the interlock-performance relationship. This contrasts with the view based on resource dependence theory suggesting networks reduce uncertainty and enhance firm performance, implying that uncertainty mediates the interlock effect upon performance. Using a sample of 3,745 firms across manufacturing industries in the United States during the period 2001-2009, we find support for the moderation argument and less convincing support for mediation, suggesting that firms may not form interlocks necessarily to reduce uncertainty. Instead, firms may create interlocks to enable adaptation and enhance performance when confronted by uncertainty. Copyright (c) 2013 John Wiley & Sons, Ltd.