It is useful to consider the interlocks according to the type of board member (executive or non-executive) who posseses them? Their effect on firm performance
- Leticia Pérez-Calero Sánchez
- Carmen Barroso-Castro
ISSN: 1019-6838
Año de publicación: 2015
Volumen: 24
Número: 3
Páginas: 130-137
Tipo: Artículo
Otras publicaciones en: Revista europea de dirección y economía de la empresa
Resumen
Partiendo de los supuestos de la teoría de dependencia de recursos, el principal objetivo de esta investigación pasa por conocer cómo y de qué forma la pertenencia de los consejeros a múltiples consejos (interlocks) podría afectar a la rentabilidad de la empresa y si es importante considerar en esta relación la procedencia de los interlocks según la tipología del consejero que lo ostente (consejeros ejecutivos y no ejecutivos). Mediante un análisis de datos de panel dinámico (GMM), y a través de una muestra de 88 empresas cotizadas en el Mercado Continuo español para el periodo 2005–2008, los resultados obtenidos confirman que existe una relación curvilínea (en forma de U invertida) entre los interlocks y el rendimiento de la empresa, y que esta relación es sólo significativa si tenemos en cuenta el número total de vínculos externos, y no sólo cuando tomamos en número de vínculos generados por los consejeros no-ejecutivos. Asimismo, podemos afirman que el grado de familiaridad y conocimiento mutuo entre los miembros del consejo (medido por la permanencia media del consejo) influye sobre esta relación.
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