Top management team strategic consensus, demographic homogeneity and firm performance: a report of resounding nonfindings

Article Abstract:

A study was conducted to investigate the proposed but untested moderating influence of industry dynamism on the relationship between top management team consensus and firm-level performance. The study also aimed to find out whether or not the demographic homogeneity of the top management team could further explain performance variations. Executives from 39 machine-tool companies and 26 electronic-components firms participated in the study by completing survey questionnaires. Moderated hierarchical regression analyses were then performed on the data. Results failed to provide support for the positive relationships between consensus on goals and means, demographic similarity, and firm performance. No support was also found for the hypothesis that these relationships would be stronger in a stable industry than in a dynamic one. Future researchers are urged to exercise caution in terms of methodology to avoid similar nonfindings.

Performance, Executives, Demography, Goal setting, Consensus (Social sciences)

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Bankruptcy as a deliberate strategy: theoretical considerations and empirical evidence

Article Abstract:

The costs and benefits of using bankruptcy and bankruptcy reorganization as remedies for financial difficulties are discussed. Bankruptcy strategies are outlined, followed by an empirical analysis of 73 reorganizations of public firms between 1980 and 1986. The study shows that such strategies are largely unsuccessful and expensive in terms of administrative, business and reputation costs. External constraints on managerial prerogatives, stakeholder interests, firm size and filing delays are some of the major factors that determine the success of a bankruptcy strategy. Despite their high costs, bankruptcy and bankruptcy reorganizations remain options in case of financial distress when stakeholders are uncooperative in the process of allocating losses.

Evaluation, Bankruptcy, Bankruptcy reorganizations, Bankruptcy reorganization

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