Increased environmental uncertainty and changes in board linkage patterns

Article Abstract:

Increases in competitive uncertainty and resource dependence accompanied the deregulation of the airline industry. In such a situation, firms might use interlocking among boards of directors as a coping strategy. This study examined whether changes in board interlocking occurred with deregulation. Measures of direct head-to-head competition, indirect interlocking among competitors, and individual firms' financial dependence and performance allowed tests of hypotheses that would not have been possible with cross-sectional research. Results showed that indirect board interlocking was focused among competitors and that the focusing increased with industry uncertainty and the distance between firms' headquarters. Direct interlocking with financial institutions increased according to changes in individual firms' financial dependence and financial performance. (Reprinted by permission of the publisher.)

Management, Airlines, Interlocking directorates

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Internationalization and firm governance: the roles of CEO compensation, top team composition, and board structure

Article Abstract:

Using the complementary lenses of information-processing and agency theories, this study tests the proposition that the complexity resulting form a firm's degree of internationalization will be accommodated by its governance structure. Results from a sample of large U.S. firms support this perspective, suggesting that firms manage and cope with the information-processing demands and agency issues arising from internationalization through higher, longer-term CEO pay, larger top management teams, and the separation of chairperson and CEO positions. (Reprinted by permission of the publisher.)

Compensation and benefits, International business enterprises, Multinational corporations, Corporate governance, Chief executive officers

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Board composition and corporate financing: the impact of financial institution representation on borrowing

Article Abstract:

This study examined the extent to which the presence of representatives of financial institutions on firms' boards of directors affected borrowing decisions. Through a time-series analysis of 22 large U.S. manufacturing firms from 1956 through 1983, we found that the types of financial institutions represented on firms' boards were associated with the amounts and types of financing the firms obtained. (Reprinted by permission of the publisher.)

Finance, Corporations, Corporate finance

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