Corporate Governance, Strategy and Survival in a Declining Industry: A Study of UK Cotton Textile Companies
AbstractBuilding on the strategic flexibility perspective, this paper examines the influences of organizational diversity, ownership structure and board characteristics on strategic responses to industrial decline in firms from the UK textile industry. Using samples of exiting and surviving companies it shows that, in line with the predictions of the strategic flexibility framework, the surviving companies tended to have a higher level of organizational diversity. They also tended to have larger institutional ownership and more diverse boards. These factors are associated with higher investment, financial performance, and growth. The results are consistent with the resource and service roles of the corporate governance factors. Copyright Blackwell Publishing Ltd 2003.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Journal of Management Studies.
Volume (Year): 40 (2003)
Issue (Month): 4 (06)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2380
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- Daniel Johanson, 2008. "Corporate governance and board accounts: exploring a neglected interface between boards of directors and management," Journal of Management and Governance, Springer, vol. 12(4), pages 343-380, November.
- Iwasaki, Ichiro, 2013. "Global Financial Crisis, Corporate Governance, and Firm Survival: The Russian Experience," RRC Working Paper Series 37, Russian Research Center, Institute of Economic Research, Hitotsubashi University.
- Toms, Steven, 2005. "Financial control, managerial control and accountability: evidence from the British Cotton Industry, 1700-2000," Accounting, Organizations and Society, Elsevier, vol. 30(7-8), pages 627-653.
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