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Can Directors Impact Performance? A case-based test of three theories of corporate governance

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  • Gavin J. Nicholson
  • Geoffrey C. Kiel

    (The University of Notre Dame Australia)

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    Abstract

    We examine hypothesised links between the board of directors and firm performance as predicted by the three predominant theories in corporate governance research, namely agency theory, stewardship theory and resource dependence theory. By employing a pattern matching analysis of seven cases, we are able to examine the hypothesised link between board demography and firm performance expected under each theory. We find that while each theory can explain a particular case, no single theory explains the general pattern of results. We conclude by endorsing recent calls for a more process-orientated approach to both theory and empirical analysis if we are to understand how boards add value. Copyright (c) 2007 The Authors; Journal compilation (c) 2007 Blackwell Publishing Ltd.

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    Bibliographic Info

    Article provided by Wiley Blackwell in its journal Corporate Governance: An International Review.

    Volume (Year): 15 (2007)
    Issue (Month): 4 (07)
    Pages: 585-608

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    Handle: RePEc:bla:corgov:v:15:y:2007:i:4:p:585-608

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    Web page: http://www.blackwellpublishing.com/journal.asp?ref=0964-8410&site=1

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    Cited by:
    1. Franz Kellermanns & Kimberly Eddleston & Ravi Sarathy & Fran Murphy, 2012. "Innovativeness in family firms: a family influence perspective," Small Business Economics, Springer, vol. 38(1), pages 85-101, January.
    2. Kallifatides, Markus & Petrelius Karlberg, Pernilla, 2012. "What makes for a value-creating corporate board? A literature synthesis and suggestions for research," Working Paper Series in Business Administration 2012:1, Stockholm School of Economics, revised 15 Jan 2013.
    3. Huang, Tsu-Te (Andrew) & Chen, Le & Stewart, Rodney A. & Panuwatwanich, Kriengsak, 2013. "Leveraging power of learning capability upon manufacturing operations," International Journal of Production Economics, Elsevier, vol. 145(1), pages 233-252.

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