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Tekijä:Dowell, G. W. S.
Shackell, M. B.
Stuart, N. V.
Otsikko:Boards, CEOs, and surviving a financial crisis: evidence from the internet shakeout
Lehti:Strategic Management Journal
2011 : OCT, VOL. 32:10 p. 1025-1045
Asiasana:board of directors
financial crises
chief executive officers
corporate governance
equilibrium theory
strategic planning
decision making
Tiivistelmä:This article investigates whether corporate governance counts more for companies encountering financial difficulties. It is argued that financial crisis changes the relative costs and benefits of governance mechanisms and that more independent and smaller boards become more valuable in distressed companies. Event-history analysis of the failure of publicly traded Internet companies over the period 2000-2002 supports the hypotheses. The findings suggest that the relationship between governance and survival depends on company and environmental context and that one-size-fits-all strategies for governance mechanisms are thus likely to be ineffective.
SCIMA tietueen numero: 276176
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