The DOI matches its Crossref record; 4 of the 4 references it cites were found in a registry or an index.
The Moderating Effect of CEO Power on the Board Composition–Firm Performance Relationship*
Abstract
abstract Prior studies of the relationship between the composition of boards of directors and firm performance offer equivocal results. Drawing on agency and power circulation theories, we attempt to reduce this equivocality by asserting that CEO power moderates the relationship. Specifically, an outside director dominated board is needed to check a powerful CEO, but monitoring by other executives provides sufficient constraints on CEOs with low power. We used event study methodology to test the effects of the interaction between board composition and CEO power on stock market reaction to 73 unexpected CEO deaths. We found support for our theorizing among two of three sources of CEO power. Thus, although regulatory trends increasingly support outside director dominated boards, our findings indicate that this may not always benefit shareholders and that CEO power should be considered when constructing boards.
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Cites
Agency Theory: An Assessment and Review
Eisenhardt, K. M. (1989) · The Academy of Management Review · doi:10.5465/amr.1989.4279003 · Cited by 13,338
Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure
Jensen (Deceased), M. C., & Meckling, W. H. (1998) · doi:10.2139/ssrn.94043 · Cited by 2,749
Power in Top Management Teams: Dimensions, Measurement, and Validation
Finkelstein, S. (1992) · Academy of Management Journal · doi:10.5465/256485 · Cited by 2,389
Chief Executive Personality and Corporate Strategy and Structure in Small Firms
Miller, D., & Toulouse, J.-M. (1986) · Management Science · doi:10.1287/mnsc.32.11.1389 · Cited by 780 · cited 1×
“Future inquiry might focus on other CEO attributes that might moderate the effect of board composition on firm performance, such as locus of control (e.g. Miller and Toulouse, 1986), narcissism (e.g. Kets de Vries, 1993), or a sense of justice (e.g. Kim and Mauborgne, 1991).”
Metadata
- Authors
- Combs, J. G., Ketchen, D. J., Perryman, A. A., & Donahue, M. S.
- Venue
- Journal of Management Studies
- Publisher
- Wiley
- Published
- 2007-06-05
- Volume
- 44
- Issue
- 8
- Pages
- 1299-1323
- ISSN
- 0022-2380 (ISSN-L)
- 1467-6486
- OpenAlex
- W2072533737
- Cited by
- 297
- References
- 4
- FWCI
- 28.16
- Type
- journal article
- Language
- en
- Open access
- closed
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