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- Title
BOARD COMPOSITION FROM ADOLESCENCE TO MATURITY: A MULTITHEORETIC VIEW.
- Authors
Lynall, Matthew D.; Golden, Brian R.; Hillman, Amy J.
- Abstract
We develop theory to show how board composition and, consequently, firm performance are a reflection of both the firm's life cycle stage and the relative power of the CEO and external financiers at the time of founding. This theory provides insight into the predictive validity of agency, resource dependence, institutional, and social network theories. We also argue that boards are subject to path dependency, and, thus, board composition is likely to persist over time.
- Subjects
BOARDS of directors; CHIEF executive officers; MANAGEMENT; PERFORMANCE; BUSINESS success; ORGANIZATIONAL age; AGENCY theory; ORGANIZATIONAL sociology; SOCIAL network theory; INSTITUTIONAL theory (Sociology)
- Publication
Academy of Management Review, 2003, Vol 28, Issue 3, p416
- ISSN
0363-7425
- Publication type
Article
- DOI
10.5465/AMR.2003.10196743