THE EFFECT OF BOARD CAPITAL AND CEO POWER ON STRATEGIC CHANGE

• 成果类型: Article
• 署名作者: Haynes, Katalin Takacs; Hillman, Amy
• 署名单位: Texas A&M University System; Texas A&M University College Station; Mays Business School; Arizona State University; Arizona State University-Tempe
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.859
• 发表日期: 2010
• 页码: 1145-1163
• 关键词: Boards of directors; BOARD COMPOSITION; human capital; Social capital; POWER; STRATEGIC CHANGE

摘要

We develop the construct of board capitol, composed of the breadth and depth of directors' human and social capital, and explore how board capital affects strategic change. Building upon resource dependence theory, we submit that board capital breadth leads to more strategic change, while board capital depth leads to less. We also recognize CEO power as a moderator of these relationships. Our hypotheses are tested using a random sample of firms on the S&P 500. We find support for the effect of board capital on strategic change, and partial support for the moderating effect of CEO power. Copyright (C) 2010 John Wiley & Sons, Ltd.