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.
2018
2
Zona, Fabio; Gomez Mejia, Luis R.; Withers, Michael C.
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]
File in questo prodotto:
File Dimensione Formato  
Zona0149206315579512.pdf

Solo gestori archivio

Descrizione: Versione finale 2018
Tipologia: Versione editoriale (Publisher’s layout)
Licenza: Tutti i diritti riservati (All rights reserved)
Dimensione 254.41 kB
Formato Adobe PDF
254.41 kB Adobe PDF   Visualizza/Apri

I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11572/128065
Citazioni
  • ???jsp.display-item.citation.pmc??? ND
  • Scopus 190
  • ???jsp.display-item.citation.isi??? 162
  • OpenAlex ND
social impact