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A Multi-Theory Approach Of The Strategic Role Of Boards

  • BORDEAN Ovidiu-Niculae

    (Babeș-Bolyai University of Cluj-Napoca, Romania)

  • CRIȘAN Emil Lucian

    (Babeș-Bolyai University of Cluj-Napoca, Romania)

  • POP Zenovia Cristiana

    (Babeș-Bolyai University of Cluj-Napoca, Romania)

Boards’ involvement in the decision process has been reported in different ways in accordance with corporate governance theories. Several scholars postulates that both resource dependence and stakeholder theory emphasize board involvement in decision management through boards’ service roles; the legalistic perspective describes boards’ involvement in decision control through the execution of control roles; whereas stewardship theory reflects boards’ involvement in both decision management and decision control through boards’ strategic roles. Other theoreticians split the way in which boards get involved in the decision process into two phases and make comments on the contractual approach associated with agency theory, managerial theory, legalistic theory, stakeholder theory within which boards are known for their limited involvement and on strategic approach linked to stewardship theory and resource dependency theory which recognize the strategic role of boards. Unlike board’s control task which is grounded in the agency theory, the strategic task of boards is believed to have a multi-theoretic basis. The paper makes a comparative analysis of different corporate governance theories that are linked to the strategic role of boards.

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Article provided by Lucian Blaga University of Sibiu, Faculty of Economic Sciences in its journal Studies in Business and Economics.

Volume (Year): 7 (2012)
Issue (Month): 2 (August)
Pages: 43-51

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Handle: RePEc:blg:journl:v:7:y:2012:i:2:p:43-51
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  1. Stiles, Philip & Taylor, Bernard, 2001. "Boards at Work: How Directors View their Roles and Responsibilities," OUP Catalogue, Oxford University Press, number 9780198288763, March.
  2. Pugliese, A. & Bezemer, P.J. & Zattoni, A. & Huse, M. & van den Bosch, F.A.J. & Volberda, H.W., 2009. "Boards of Directors’ Contribution to Strategy: A Literature Review and Research Agenda," ERIM Report Series Research in Management ERS-2009-013-STR, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
  3. Humphry Hung, 1998. "A typology of the theories of the roles of governing boards," Corporate Governance: An International Review, Wiley Blackwell, vol. 6(2), pages 101-111, 04.
  4. Kevin Hendry & Geoffrey C. Kiel, 2004. "The Role of the Board in Firm Strategy: integrating agency and organisational control perspectives," Corporate Governance: An International Review, Wiley Blackwell, vol. 12(4), pages 500-520, October.
  5. Violina P. Rindova, 1999. "What Corporate Boards have to do with Strategy: A Cognitive Perspective," Journal of Management Studies, Wiley Blackwell, vol. 36(7), pages 953-975, December.
  6. Davide Ravasi & Alessandro Zattoni, 2006. "Exploring the Political Side of Board Involvement in Strategy: A Study of Mixed-Ownership Institutions," Journal of Management Studies, Wiley Blackwell, vol. 43(8), pages 1671-1702, December.
  7. Zahra, Shaker A. & Pearce, John A., 1990. "Determinants of board directors' strategic involvement," European Management Journal, Elsevier, vol. 8(2), pages 164-173, June.
  8. Gérard Charreaux, 2000. "Le conseil d'administration dans les théories de la gouvernance," Working Papers CREGO 001201, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations, revised Dec 2000.
  9. Winfried Ruigrok & Simon I. Peck & Hansueli Keller, 2006. "Board Characteristics and Involvement in Strategic Decision Making: Evidence from Swiss Companies," Journal of Management Studies, Wiley Blackwell, vol. 43(5), pages 1201-1226, 07.
  10. Melinda Muth & Lex Donaldson, 1998. "Stewardship Theory and Board Structure: a contingency approach," Corporate Governance: An International Review, Wiley Blackwell, vol. 6(1), pages 5-28, 01.
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