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

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.
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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]
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Utilizza questo identificativo per citare o creare un link a questo documento: http://hdl.handle.net/11572/128065
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