Board composition from a strategic contingency perspective

Article Abstract:

This study examined the association between corporations' environments, strategies, and past performance and the composition of their boards of directors as measured by size and outside director representation. The environment, strategy and past performance were viewed as posing a strategic contingency; each of these sets could determine the success or failure of the company. Data on 119 Fortune 500 industrial companies for the 1983-9 period were used. Canonical analysis showed that increased uncertainty of a firm's environment, use of external growth and diversification; reliance on leverage as a means of finance, and poor past financial performance were associated with large board size and increased outside representation in subsequent years. Most important, board composition was positively associated with future measurements of corporate financial performance. (Reprinted by permission of the publisher.)

Research, Corporate directors, Business success

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Corporate Entrepreneurship and Real Options in Transitional Policy Environments: Theory Development

Article Abstract:

Four types of corporate strategies are identified and described: adaptive, preemptive, optioned, and synchronized. A theoretical framework is developed for modeling and predicting these strategies within transitional policy environments.

Methods, Models, Organizational behavior, Organizational behaviour

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Choosing Constraints as a Third Solution to Agency

Article Abstract:

The corporate mission statement is used to illustrate a method for embedding constraints; recommendations are also presented for mission statement content and process.

Agency theory, Mission statements

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