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| Author: | Westphal, J. D. Boivie, S. Chng, D. H. M. |
| Title: | The strategic impetus for social network ties: reconstituting broken CEO friendship ties |
| Journal: | Strategic Management Journal
2006 : MAY, VOL 27:5, p. 425-445 |
| Index terms: | networks network analysis top management chief executive officers resource management uncertainty |
| Freeterms: | friendship |
| Language: | eng |
| Abstract: | This paper investigates whether top management may maintain informal ties to executives of other firms in order to manage uncertainty arising from resource dependence. Previous research has focused on the reconstitution of broken ties among boards of directors, which has provided little evidence that friendships would be leveraged to manage uncertainty. This article suggests that the benefits from maintaining inter-organizational friendship ties are comparable to the supposed benefits of board cooptation, while imposing fewer constraints on the organization. The theory indicates that corporate leaders may reconstitute informal ties to leaders of other companies that have the power to constrain their firms' access to needed resources when those ties have been disrupted. The theory is tested with a longitudinal empirical study. |
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