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| Author: | McDonald, M.L. Westphal, J.D. |
| Title: | Getting by with the advice of their friends: CEO's advice networks and firms' strategic responses to poor performance |
| Journal: | Administrative Science Quarterly
2003 : MAR, VOL. 48:1, p. 1-32 |
| Index terms: | Chief executive officers Company performance Corporate strategy Human relations |
| Language: | eng |
| Abstract: | It is theorized in this article that relatively poor company performance can prompt chief executive officers (CEOs) to seek more advice from executives of other companies who are their friends or similar to them and less advice from acquaintances or dissimilar others and it is suggested how and why this pattern of advice seeking could reduce company's propensity to change corporate strategy in response to poor performance. The authors test their hypotheses with large-sample survey data on the identities of CEO's advice contacts and archival data on company performance and corporate strategy. |
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