This study develops a combined agency–resource dependence perspective and applies it to the study of interlocking directorates. It suggests that interlocking directorates may exert either a positive or a negative effect on subsequent firm performance, depending on the firm’s relative resources, power imbalance, ownership concentration, and CEO ownership. A test on a sample of 145 Italian companies provides support for hypothesized effects. This study suggests that integrating agency and resource dependence theories provides a higher-order explanation of firm performance and helps advance both agency and resource dependence theories.
Board Interlocks and Firm Performance: Toward a Combined Agency–Resource Dependence Perspective / Zona, Fabio; Gomez Mejia, Luis R.; Withers, Michael C.. - In: JOURNAL OF MANAGEMENT. - ISSN 0149-2063. - STAMPA. - 44:2(2018), pp. 589-618. [10.1177/0149206315579512]
Board Interlocks and Firm Performance: Toward a Combined Agency–Resource Dependence Perspective
Zona, Fabio;
2018-01-01
Abstract
This study develops a combined agency–resource dependence perspective and applies it to the study of interlocking directorates. It suggests that interlocking directorates may exert either a positive or a negative effect on subsequent firm performance, depending on the firm’s relative resources, power imbalance, ownership concentration, and CEO ownership. A test on a sample of 145 Italian companies provides support for hypothesized effects. This study suggests that integrating agency and resource dependence theories provides a higher-order explanation of firm performance and helps advance both agency and resource dependence theories.File | Dimensione | Formato | |
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