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| Tekijä: | Haynes, K.T. Hillman, A. |
| Otsikko: | The effect of board capital and CEO power on strategic change |
| Lehti: | Strategic Management Journal
2010 : NOV, VOL. 31:11, p. 1145-1163 |
| Asiasana: | chief executive officers board of directors human capital strategy change power companies |
| Vapaa asiasana: | social capital |
| Kieli: | eng |
| Tiivistelmä: | This study develops the construct of board capital, consisting of the directors' human and social capital. It is explored how board capital (here as: b-cap.) affects strategic (herein as: str.) change. Based on resource dependence theory, it is argued that b-cap. breadth leads to more str. change, whereas b-cap. depth leads to less. Chief executive officers' (CEO) power is recognized as a moderator of these relationships. The study's hypotheses are tested using a random sample of nearly 240 firms on the S&P 500. There is found support for the effect of b-cap. on str. change, and also partial support for the moderating effect of CEO power. |
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