¿Son efectivos los consejos de administración?la eficacia del consejo y los resultados de la empresa

  1. Barroso Castro, M. Carmen
  2. Villegas Periñán, María del Mar
  3. Pérez-Calero, L.
Revista:
Investigaciones europeas de dirección y economía de la empresa

ISSN: 1135-2523

Año de publicación: 2010

Volumen: 16

Número: 3

Páginas: 107-126

Tipo: Artículo

DOI: 10.1016/S1135-2523(12)60037-9 DIALNET GOOGLE SCHOLAR lock_openDialnet editor

Otras publicaciones en: Investigaciones europeas de dirección y economía de la empresa

Resumen

Numerosos trabajos han estudiado la influencia del consejo de administración en las decisiones y resultados de sus empresas. No obstante, la enorme popularidad alcanzada en el campo del gobierno corporativo por estos estudios, no viene acompañada por sus resultados, que han sido ambiguos y, a veces, conflictivos. En esta investigación proponemos que la efectividad de los consejos depende de las experiencias y conocimientos de los consejeros que lo conforman, así como de la estructura de estos consejos. Entendemos que ambas dimensiones (composición y estructura) no son ''por sí'' suficientes para el logro de consejos plenamente efectivos, pero si se definen como elementos necesarios para ello. Desde nuestra perspectiva, constituyen el potencial que permitirá lograr una adecuada capacidad estratégica por parte del consejo. Nuestros resultados muestran la importancia de las variables que conforman la estructura y composición del consejo (tamaño del consejo, permanencia, experiencia de los consejeros) a la hora de explicar los resultados empresariales.

Referencias bibliográficas

  • AGUILERA R.V. " Corporate governance and director accountability: an institutional comparative perspective" . British Journal of Management 2005, 16:39-53.
  • ARTHUR W.B. Increasing returns and path dependence in the economy 1994, University of Michigan Press, Ann Arbor, MI.
  • BAILEY E.E., HELFAT C.E. " External management succession, human capital and firm performance: An integrative analysis" . Managerial and Decision Economics 2003, 24:347-369.
  • BALIGA B.R., MOYER R.C., RAO R.S. " CEO duality and form performance: What's the fuss?" . Strategic Management Journal 1996, 17(1):41-53.
  • BARNHART S., ROSENSTEIN S. " Board composition, managerial ownership, and firm performance: an empirical analysis" . Financial Review 1998, 33:1-36.
  • BARROSO C., DOMínGUEZ M., VECINO J., VILLEGAS M.M. " Does the Team Leverage the Board's Decisions?" . Corporate Governance: An International Review 2009, 17:744-761.
  • BEEKUN R., STEDHAM Y., YOUNG G. " Board Characteristics, managerial controls and corporate strategy: a study of U.S. hospitals" . Journal of management 1998, 24:3-19.
  • BENNEDSEN M., KONGSTED H.C., NIELSEN K.M. " The causal effect of board size in the performance of small and medium-sized firms" . Journal of Banking & Finance 2008, 32:1098-1109.
  • BENNETT R.J., ROBSON P.J.A. " The Role of Boards of Directors in Small and Medium-Sized Firms" . Journal of Small Business and Enterprise Development 2004, 11:95-113.
  • BEVERLEY J., SHIREENJIT J. " Board Structure and Firm Performance: Evidence from India's Top Companies" . Corporate Governance: An International Review 2009, 17(4):492-509.
  • BOEKER W. " Strategic change: The influence of managerial characteristics and organizational growth" . Academy of Management Journal 1997, 40:152-170.
  • BOEKER W., GOODSTEIN J. " Performance and successor choice: The moderating effects of governance and ownership" . Academy of Management Journal 1993, 36:173-186.
  • BOMMER W.H., ELLSTRAND A.F. " CEO successor choice, its antecedents, and influence on subsequent firm performance: An empirical analysis" . Group and Organization Management 1996, 21:105-123.
  • CARPENTER M.A. " The implications of strategy and social context for the relationship between top management team heterogeneity and firm performance" . Strategic Management Journal 2002, 23:275-284.
  • CARPENTER M.A., WESTPHAL J.D. " The strategic context of external network ties: examining the impact of director appointments on board involvement in strategic decision making" . Academy of Management Journal 2001, 44:639-660.
  • CASPAR R. " The Composition of Semi-Two-Tier Corporate Boards and Firm Performance" . Corporate Governance: An International Review 2005, 13(5):691-701.
  • CASTANIAS R.P., HELFAT C.E. " The Managerial Rents Models: Theory and Empirical Analysis" . Journal of Management 1991, 27:661-678.
  • COOPER A.C., GIMENO-GASCON F- J., WOO C.Y. " Initial human and financial capital as predictor of new venture performance" . Journal of Business Venturing 1994, 9(5):371-395.
  • DAILY C.M., DALTON D.R. " Corporate governance and the bankrupt firm: an empirical assessment" . Strategic Management Journal 1994, 15:643-654.
  • DAILY C.M., JOHNSON J.L., DALTON D.R. " On the measurements of board composition: Poor consistency and a serious mismatch of theory and operationalization" . Decision Sciences 1999, 30:83-106.
  • DAILY C.M., MCDOUGALL C., COVIN J.G., DALTON D.R. " Governance and Strategic Leadership in Entrepreneurial Firms" . Journal of Management 2002, 28:387-412.
  • DALTON D.R., DAILY C.M., ELLSTRAND A.E., JOHNSON J.L. " Meta-analytic reviews of board composition, leadership structure, and financial performance" . Strategic Management Journal 1998, 19:269-290.
  • DALTON D.R., DAILY C.M., JOHNSON J.L., ELLSTRAND A.E. " Number of Directors and Financial Performance: a Meta-analysis" . Academy of Management Journal 1999, 42:674-686.
  • DAILY C., DALTON D. " Board of directors leadership and structure: control and performance implications" . Entrepreneurship Theory and Practice 1993, Spring:65-81.
  • DAILY C.M., DALTON D.R., CANNELLA A.A. " Corporate Governance: decades of dialogue and data" . Academy of Management Review 2003, 28:371-382.
  • DAVIS G.F. " Agents without Principles? The Spread of the Poison Pill through the Inter corporate Network" . Administrative Science Quarterly 1991, 36:583-613.
  • DAVIS G.F., THOMPSON T.A. " A social movement perspective on corporate control" . Administrative Science Quarterly 1994, 39:141-173.
  • DAVIS J.H., SCHOORMAN F.D., DONALDSON L. " Toward a Stewardship theory of management" . Academy of Management Review 1997, 22:20-47.
  • DE ANDRES P., AZOFRA V., LOPEZ F. " Corporate Boards in OECD Countries: size, composition, functioning and effectiveness" . Corporate Governance: An International Review 2005, 13:197-210.
  • DE ANDRES P., VALLELADO E. " Corporate governance in banking: The role of the board of directors" . Journal of Banking & Finance 2008, 32:2570-2580.
  • DEHAENE A., DE VUYST V., OOGHE H. " Corporate performance and board structure in Belgian companies" . Long Range Planning 2001, 34:383-398.
  • DEMB A., NEUBAUER F. " The Corporate Board: Confronting the Paradoxes" . Long Range Planning 1992, 25:9-21.
  • DONALDSON L. " The ethereal hand: organizational management theory" . Academy of Management Review 1990, 15:369-381.
  • DONALDSON L., DAVIS J.H. " Stewardship theory or agency theory: CEO governance and shareholders returns" . Australian Journal of Management 1991, 16:49-64.
  • DONALDSON L., DAVIS J.H. " Boards and company performance- research challenges the conventional wisdom" . Corporate Governance: An International Review 1994, 2:151-160.
  • DONOHER W.J., REED R., STORRUD-BARNES S.F. " Incentive Alignment, Control, and the Issue of Misleading Financial Disclosures" . Journal of Management 2007, 33:547-569.
  • EISENBERG T., SUNDGREN S., WELLS M. " Larger board size and decreasing firm value in small firms" . Journal of Financial Economics 1998, 48:35-55.
  • ERAKOVIC L., GOEL S. " Board- Management Relationships. Resources and Internal Dynamics" . Management Revue 2008, 19:53-69.
  • FAHLENBRACH R., LOW A., STULZ R.M. " Why do firms appoint CEOs as outside directors?" . Journal of Financial Economics 2010, publicado online March 11. 2010.
  • FINEGOLD D., BENSON G.S., HECHT D. " Corporate Boards and Company Performance: review of research in light of recent reforms" . Corporate Governance: An International Review 2007, 15:865-878.
  • FINKELSTEIN S., HAMBRICK D.C. " Chief executive compensation: A study of the intersection of markets and political processes" . Strategic Management Journal 1989, 10:121-134.
  • FINKELSTEIN S., HAMBRICK D.C. " Top Management Team Tenure and Organizational Outcomes: The moderating Role of Managerial Discretion" . Administrative Science Quarterly 1990, 35:484-503.
  • FINKELSTEIN S., HAMBRICK D.C. Strategic leadership: Top executives and their effects on organizations 1996, West, Minneapolis, MN.
  • FINKELSTEIN S., MOONEY D. " Not the usual suspects: How to use board process to make boards better" . Academy of Management Executive 2003, 17(2):101-113.
  • FORBES D.P., MILLIKEN F.J. " Cognition and corporate governance: understanding boards of directors as strategic decision-making groups" . Academy of Management Review 1999, 24:489-505.
  • GABRIELSSON J. " Boards of directors and entrepreneurial posture in medium-size companies" . International Small Business Journal 2007, 25:511-535.
  • GABRIELSSON J., HUSE M. " Context, Behavior and Evolution: Challenges in Research on Boards and Governance" . International Studies of Management and Organization 2004, 34:11-36.
  • GABRIELSSON J., WINLUND H. " Boards of directors in small and medium-sized industrial firms: examining the effects of the board's working style on board task performance" . Entrepreneurship & Regional Development 2000, 12:311-330.
  • GHOSHAL S. " Bad Management Theories are destroying Good Management Practices" . Academy of Management Learnings & Education 2005, 4:75-91.
  • GIMENO J., FOLTA T.B., COOPER A.C., WOO C.Y. " Survival of the Fittest? Entrepreneurial human capital and the persistence of underperforming firms" . Administrative Science Quarterly 1997, 42:750-783.
  • GOLDEN B.R., ZAJAC E.J. " When will boards influence strategy? Inclination X power = strategic change" . Strategic Management Journal 2001, 22:1087-1111.
  • GOODSTEIN J., GAUTAM K., BOEKER W. " The Effects of Board Size and Diversity on Strategic Change" . Strategic Management Journal 1994, 15:241-250.
  • GORDON S.S., STEWART W.H., SWEO R., LUKER W.A. " Convergence versus strategic reorientation: The antecedents of fast paced organizational change" . Journal of Management 2000, 26:911-945.
  • HAMBRICK D.C., MASON P. " Upper echelons: the organization as a reflection of its top managers" . Academy of Management Review 1984, 2:193-206.
  • HAMBRICK D.C., CHO T.S., CHEN M.J. " The influence of top management team heterogeneity on firms' competitive moves" . Administrative Science Quarterly 1996, 41:659-684.
  • HAMBRICK D.C., WERDER A.V., ZAJAC E.J. " New Directions in Corporate Governance Research" . Organization Sciences 2008, 19:381-385.
  • HARRIS D., HELFAT C.E. " Specificity of CEO Human Capital and Compensation" . Strategic Management Journal 1997, 18:895-920.
  • HARRISON J.R. " The strategic use of corporate board committees" . California Management Review 1987, 30:109-125.
  • HENDRY K., KIEL G. " The role of the board in firm strategy: integrating agency and organizational control perspectives" . Corporate Governance: An International Review 2004, 12:500-520.
  • HERMALIN B.E., WEISBACH M.S. " The determinants of Board Composition" . Journal of Economics 1988, 19:589-606.
  • HERMALIN B.E., WEISBACH M.S. " Endogenously chosen boards of directors and their monitoring of the CEO" . American Economic Review 1998, 88:96-118.
  • HERMAN E.S. Corporate control. Corporate power 1981, Cambridge University Press, Cambridge.
  • HILL C.W.L., SNELL S.A. " External control, corporate strategy, and firm performance in research-intensive industries" . Strategic Management Journal 1988, 9:577-590.
  • HILLMAN A.J., CANNELLA A.A., PAETZOLD R. " The resource dependence role of corporate directors strategic adaptation of board composition in response to environmental change" . Journal of Management Studies 2000, 37:235-255.
  • HILLMAN A.J., DALZIEL T. " Boards of Directors and Firm Performance: Integrating Agency and Resource Dependence Perspectives" . Academy of Management Review 2003, 28:383-396.
  • HOWTON S.W. " Effect of Governance Characteristics on the State of the Firm after an Initial Public Offering" . The Financial Review 2006, 41:419-433.
  • HOYE R. " Commitment, Involvement and Performance of Voluntary Sport Organization Board Members" . European Sport Management Quarterly 2007, 7:109-121.
  • INGLEY C., VAN DER WALT N. " Do Board Processes Influence Director and Board Performance? Statutory and performance implications" . Corporate Governence: An International Review 2005, 13:632-653.
  • JOHNSON J., DAILY C.M., ELLSTRAND A.E. " Board of directors: a review and research agenda" . Journal of Management 1996, 22:409-438.
  • JOHNSON R.A., HOSKISSON R.E., HITT M.A. " Board of director involvement in restructuring: the effects of board versus managerial controls and characteristics" . Strategic Management Journal 1993, 14:33-41.
  • JUDGE W.Q., ZEITHAML C.P. " Institutional and strategic choice perspectives on board involvement in the strategic decision making process" . Academy of Management Journal 1992, 35:766.
  • KALYTA P. " Compensation Transparency and Managerial Opportunism: A Study of Supplemental Retirement Plans" . Strategic Management Journal 2009, 405-423.
  • KATZ R. " Project Communication and Performance: An Investigation into the Effects of Group Longevity" . Administrative Science Quarterly 1982, 27:81-104.
  • KESNER I.F., VICTOR B., LAMONT B.T. " Research notes. Board composition and the commission of illegal acts: An investigation of Fortune 500 companies" . Academy of Management Journal 1986, 29:789-799.
  • KESNER I.F., DALTON D.R. " The Effect of Board Composition on CEO Succession and Organizational Performance" . Quarterly Journal of Business and Economics 1985, 24:3-21.
  • KESNER I.F., DALTON D.R. " Top management turnover and CEO succession: An investigation of the effects of turnover on performance" . Journal of Management Studies 1994, 31:701-713.
  • KIEL G.C., NICHOLSON G.J. " Board composition and corporate performance: how Australian experience informs contrasting theories of corporate governance" . Corporate Governance: An International Review 2003, 11:189-205.
  • KIEL G.C., NICHOLSON G.J. " Evaluating boards and directors" . Corporate Governance: An International Review 2005, 13:613-631.
  • KIM Y. " Board Network Characteristics and Firm Performance in Korea" . Corporate Governance: An International Review 2005, 13:800-808.
  • KIM Y., CANELLA J.L. " Social Capital among corporate upper echelons and its impacts on executive promotion in Korea" . Journal of World Business 2008, 43:85-96.
  • KOR Y. " Experience-based top management Team competence and sustained growth" . Organization Science 2003, 14:707-719.
  • KOR Y. " Direct and interaction effects of top management team and board compositions on R & D investment strategy" . Strategic Management Journal 2006, 27:1081-1099.
  • KOR Y., MAHONEY J.T. " Penrose's resource-based approach: The process and product of research creativity" . Journal of Management Studies 2000, 37:109-139.
  • KOR Y., SUNDARAMURTHY C. " Experience-Based Human Capital and Social Capital of Outside Directors" . Journal of Management 2009, 35:981-1006.
  • KORAC-KAKABADSE N., KAKABADSE A., KOUZMIN A. " Board Governance and company performance: any correlations?" . Corporate Governance 2001, 1:24-30.
  • KROLL M., WALTERS B., SON A.L.E. " The Impact of Board Composition and Top Management Team Ownership Structure on Post-IPO Performance in Young Entrepreneural Firms" . Academy of Management Journal 2007, 50:1198-1216.
  • KROLL M., WALTERS B.A., WRIGHT P. " Board vigilance, directors experience, and corporate outcomes" . Strategic Management Journal 2008, 29:363-382.
  • LANGEVOORT D.C. " The human nature of corporate boards: law, norms and the unintended consequences of independence and accountability" . Georgetown Law Journal 2001, 89:797-832.
  • LANT T.K., MILLIKEN F.J., BATRA B. " The role of managerial learning and interpretation in strategic persistence and reorientation: An empirical exploration" . Strategic Management Journal 1992, 13:585-608.
  • LETZA S., SUN X.P., KIRKBRIDE J. " Shareholding versus stakeholding: A critical review of corporate governance" . Corporate Governance: An International Review 2004, 12:242-262.
  • LORSCH J.W., MCIVER E. Pawns or Potentates: The Reality of America's Corporate Boards 1989, Harvard Business School Press, Boston, MA.
  • LYNALL M.D., GOLDEN B.R., HILLMAN A.J. " Board composition from adolescence to maturity: a multitheoric view" . Academy of Management Review 2003, 28:416-431.
  • MACUS M. " Interactions on boards and board capability: Two empirical studies of performance effects of boards" . International Journal Human Resources Development and Management 2005, 5:389-411.
  • MACUS M. " Board Capability" . International Studies of Management and Organization 2008, 38:98-116.
  • MALLETTE P., FOWLER K.L. " Effects of board composition and stock ownership on the adoption of " poison pill" . Academy of Management Journal 1992, 35:1010-1035.
  • MARCH J.G. The Pursuit of Organizational Intelligence 1999, Blackwell, Oxford, UK.
  • MICHEL J.C., HAMBRICK D.G. " Diversification posture and top management team characteristics" . Academy of Management Journal 1992, 35:9-37.
  • MILLER D., FRIESEN P. " A longitudinal study of the corporate life cycle" . Management Science 1984, 30:1161-1183.
  • MCINTYRE M.L., MURPHY S.A., MITCHELL P. " The top team: examining board composition and firm performance" . Corporate Governance 2007, 7:547-561.
  • MINICHILLI A., HANSEN C. " The Board advisory task in small firms and the event of crises" . Journal of Management Governance 2007, 11:5-22.
  • MOSAKOWSKI E. " A resource-based perspective on the dynamic strategy-performance relationship: An empirical examination of the focus and differentiation strategies in entrepreneurial firms" . Journal of Management 1993, 19:819-839.
  • MUELLER G.C., BARKER V. " Upper echelons and board characteristics of turnaround and nonturnaround declining firms" . Journal of Business Research 1997, 39:119-135.
  • MURPHY S.A., MCINTYRE M.L. " Board of director performance: a group dynamics perspectives" . Corporate Governance 2007, 7(2):209-224.
  • NICHOLSON G.J., KIEL G.C. " Can Directors Impact Performance?" A case-based test of three theories of corporate governance" . Corporate Governance: An International Review 2007, 15:585-608.
  • OCASIO W. " Political dynamics and the circulation of power: CEO succession in U.S. industrial corporations, 1960-1990" . Administrative Science Quarterly 1994, 39:285-314.
  • O'REGAN K., OSTER S.M. " Does the Structure and Composition of the Board Matter? The Case of Nonprofit Organizations" . The Journal of Law, Economics, & Organization 2005, 21:205-227.
  • ORTIZ, N. ARAGón, J. A. y GómEZ, S. (2009) " La relación entre la rentabilidad y la presencia de consejeros compartidos. Un análisis desde la teoría de recursos y capacidades" , XXIII Congreso anual AEDEM: Administrando en entornos inciertos, 3-5 junio, Sevilla, editado en CD-Rom., ESIC Editorial.
  • PALMER D.A., JENNINGS P.D., ZHOU X. " Late Adoption of the Multidivisional Form by Large U. S. Corporations: Institutional, Political and Economics Accounts" . Administrative Science Quarterly 1993, 38:100-131.
  • PALMER D., BARBER B.M. " Challengers, Elites, and Owning Families: A Social Class Theory of Corporate Acquisitions in the 1960s." . Administrative Science Quarterly 2001, 46:87-120.
  • PEARCE J.A., ZAHRA S.A. " The relative power of CEOs and boards of directors: associations with corporate performance" . Strategic of Management Journal 1991, 12:135-153.
  • PEARCE J.A., ZAHRA S.A. " Board compensation from a strategic contingency perspective" . Journal of Management Studies 1992, 29:411-438.
  • PETROVIC J. " Unlocking the role of a board director: a review of the literature" . Management Decision 2008, 46:1373-1392.
  • PETTIGREW A.M. " The character and significance of strategy process research" . Strategic Management Journal 1992, 13:5-16.
  • PFEFFER J. " Merger as a response to organizational interdependence" . Administrative Science Quarterly 1972, 17:382-394.
  • PFEFFER J. " Size, composition and function of hospital of boards of directors" . Administrative Science Quarterly 1973, 18:349-364.
  • PFEFFER J. Organizational demography. Research in Organizational Behavior 1983, 299-357. JAI Press, Greenwich, CT, 5. L.L. Cummings, B.M. Staw (Eds.).
  • PFEFFER J., SALANCIK G. The external control of organizations: a resource dependence perspective 1978, Harper y Row, New York.
  • PITCHER P., CHREIM S., KISFALVI V. " CEO succession research: Methodological bridges over troubled waters" . Strategic Management Journal 2000, 21:625-648.
  • PRAHALAD C., BETTIS R. " The dominant logic: A new linkage between diversity and performance" . Strategic Management Journal 1986, 7:485-510.
  • PUGLIESE A., WENSTOP P.Z. " Board members' contribution to strategic decision-making in small firms" . Journal of Management Governance 2007, 11:383-404.
  • PUGLIESE A., BEZEMER P.J., ZATTONI A.M., HUSE M., VAN DEN BOSCH F.A.J., VOLBERDA H.W. " Boards of Directors' Contribution to Strategy: A Literature Review and Research Agenda" . Corporate Governance: An International Review 2009, 17:292-306.
  • RINDOVA V.P. " What corporate boards have to do with strategy: a cognitive perspective" . Journal of Management Studies 1999, 36:953-975.
  • ROBERTS K.H., O'REILLY C.A. " Some correlates of communication roles in organizations" . Academy of Management 1979, 22:42-57.
  • ROBERTS J., MCNULTY T., STILES P. " Beyond agency conceptions of the work of non-executive director: creating accountability in the boardroom" . British Journal of Management 2005, 16:S5-S26.
  • ROSENSTEIN J. " Why don't US boards get more involved in strategy?" . Long Range Planning 1987, 20:30-34.
  • RUTHERFORD M., BUCHHOLTZ A. " Investigating the relationship between board characteristics and board information" . Corporate Governance: An International Review 2007, 15:576-583.
  • RUIGROK W., PECK S.I., KELLER H. " Board Characteristics and involvement in strategic decision making: evidence from Swiss companies" . Journal of Management Studies 2006, 43:1201-1226.
  • SANDERS W.G., CARPENTER M.A. " Internationalization and firm governance: The roles of CEO compensation, top team composition, and board structure" . Academy of Management Journal 1998, 41:158-179.
  • SANTIAGO-CASTRO M., BAEK H. " Board Composition and Firm Performance of Large Latin American Firms: An Exploratory View" . Latin American Business Review 2004, 4:1-19.
  • SCHEFCZYK M., GERPOTT T.J. " Qualifications and turnover of managers and venture capital-financed firm performance: An empirical study of German venture capital-investments" . Journal of Business Venturing 2001, 16:145-163.
  • SCHNAKE; M.E., FREDENBERGER W.B., WILLIAMS R.J. " The Influence of Board Characteristics on the frequency of 10-K Investigation" . Journal of Business Strategies 2005, 22:101-117.
  • SCHOONHOVEN C.B., EISENHARDT K.M., LYMAN K. " Speeding Products to Market: Waiting Time to First Product Introduction in New Firms" . Administrative Science Quarterly 1990, 35:177-207.
  • SHEN W., CANNELLA A.A. " Power dynamics with top management and their impacts on CEO dismissal followed by inside succession" . Academy of Management Journal 2002, 45:1195-1206.
  • SHERWIN L. " Building an Effective Board" . Bank Accounting and Finance 2003, 16:22-29.
  • SHIVDASANI A., YERMACK D. " CEO Involvement in the Selection of New Board Members: An Empirical Analysis" . Journal of Finance 1999, 54:1829-1853.
  • SONNENFELD J.A. " What makes great boards great?" . Harvard Business Review 2002, 80:106-113.
  • STEVENSON W., RADIN R.F. " Social Capital and Social Influence on the Board of Directors" . Journal of Management Studies 2009, 46:16-44.
  • STILES P., TAYLOR B. Boards at Work: How Directors View their Roles and Responsabilities 2001, Oxford University Press, Oxford.
  • SUNDARAMURTHY C., LEWIS M. " Control and Collaboration: Paradoxes of Governance" . Academy of Management Review 2003, 28:397-415.
  • USEEM M. " Corporate Social And Political Action" . California Management Review 1984, 26:141-154.
  • VAN DEN BERGHE L.A.A., LEVRAU A. " Evaluating Boards of Directors: what constitutes a good corporate board" . Corporate Governance: An International Review 2004, 12:461-478.
  • VAN EES H., GABRIELSSON J., HUSE M. " Toward a Behavioral Theory of Boards and Corporate Governance" . Corporate Governance: An International Review 2009, 17:307-319.
  • VAFEAS N. " The Nature of Board Nominating Committees and Their Role in Corporate Governance" . Journal of Business Finance & Accounting 1999, 26:199-225.
  • VAFEAS N. " Length of Board Tenure and Outside Director Independence" . Journal of Business Finance & Accounting 2003, 30:1043-1064.
  • WADE J., O'REILLY C.A., CHANDRATAT I. " Golden parachutes: CEOs and the exercise of social influence" . Administrative Science Quarterly 1990, 35:587-603.
  • WAGNER J.A., STIMPERT J.L., FUBARA E. " Board composition and organizational performance: Two studies of insider/outsider effects" . The Journal of Management Studies 1998, 35:655-677.
  • WALSH J.P., SEWARD J.K. " On the Efficiency of Internal and External Corporate Control Mechanisms" . Academy of Management Review 1990, 15:421-458.
  • WALTERS B., KROLL M., WRIGHT P. " CEO tenure, boards of directors, and acquisition performance" . Journal of Business Research 2007, 60:331-338.
  • WALTERS K.M., LE S.A. " The impact of the Board composition and top management team ownership structure on post-ipo performance in young entrepreneurial firms" . Academy of Management Journal 2007, 50:1198-1216.
  • WESTPHAL J.D. " Collaboration in the boardroom: behavioral and performance consequences of CEO-board social ties" . Academy of Management Journal 1999, 42:7-24.
  • WESTPHAL J.D., FREDRICKSON J.W. " Who Directs Strategic Change? Director Experience, the Selection of New CEOs, and Change in Corporate Strategy" . Strategic Management Journal 2001, 22:1113-1161.
  • WESTPHAL J.D., BEDNAR M.K. " Pluralistic Ignorance in Corporate Boards and Firms' Strategic Persistence in Response to Low Firm Performance" . Administrative Science Quarterly 2005, 50:262-298.
  • WIERSEMA M.F., BANTEL K.A. " Top management team demography and corporate strategic change" . Academy of Management Journal 1992, 35:91-121.
  • WIERSEMA M.F., BANTEL K.A. " Top management team turnover as an adaptation mechanism: The role of the environment" . Strategic Management Journal 1993, 14:485-504.
  • YERMACK D. " Higher market valuation of companies with a small board of directors" . Journal of Finantial Economics 1996, 40:185-211.
  • ZAHRA S.A., PEARCE J.A. " Board of directors and corporate financial performance: a review and integrate model" . Journal of Management 1989, 15:291-334.
  • ZAHRA S.A., NEUBAUM D.O., HUSE M. " Entrepreneurship in medium-size companies: Exploring the effects of ownership and governance systems" . Journal of Management 2000, 26:947-976.
  • ZAJAC E.J., WESTPHAL J.D. " Who shall succeed? How CEO/board preferences and power affect the choice of new CEOs" . Academy of Management Journal 1996, 39:64-90.
  • ZALD M.N. " The power and functions of board of directors: a theoretical synthesis" . American Journal of Sociology 1969, 75:97-111.
  • ZENGER T.R., LAWRENCE B.S. " Organizational demography: The differential effects of age and tenure distribution on technical communication" . Academy of Management Journal 1989, 32:353-376.
  • ZELECHOWSKI D.D., BILIMORIA D. " Characteristics of Women and Men Corporate Inside Directors in the US" . Corporate Governance: An International Review 2004, 12:337-342.
Fuente de los datos: Dialnet