Who directs strategic change? Director experience, the selection of new CEOs, and change in corporate strategy

• 成果类型: Review
• 署名作者: Westphal, JD; Fredrickson, JW
• 署名单位: University of Texas System; University of Texas Austin
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.205
• 发表日期: 2001
• 页码: 1113-1137
• 关键词: Boards; governance; change

摘要

We develop a theory of board-directed strategic change in which directors (1) conceive changes in corporate strategy that reflect the strategies of their own home companies, and (2) select new CEOs who have prior experience with similar strategies to facilitate implementation. The findings show that, while the experience of new CEOs appears to predict corporate strategic change, these effects disappear after accounting for board experience. Thus, our results suggest that executive effects on strategy can mask board effects. Copyright (C) 2001 John Wiley & Sons, Ltd.