The relative power of ceos and boards of directors: Associations with corporate performance

John A. Pearce · Shaker A. Zahra

636 citations0/0 files storedStrategic Management Journal

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Corporate Finance and Governance Gender Diversity and Inequality Organizational Management and Leadership

Abstract

Abstract A typology of the relative powers of the chief executive officer and the board of directors was derived based on the literature, highlighting four situations: Caretaker, Statutory, Proactive and Participative boards. Data collected from Fortune 500 Industrial and Fortune 500 Service corporations supported the typology. The results showed significant differences among the four board types in their characteristics, internal process, decision‐making styles, board effectiveness, and contribution to company performance. Powerful boards were associated with superior corporate financial performance.

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1983Separation of Ownership and Control 1989Boards of Directors and Corporate Financial Performance: A Review and Integrative Model 1972Size and Composition of Corporate Boards of Directors: The Organization and its Environment 1971Directors: Myth and Reality 1973Size, Composition, and Function of Hospital Boards of Directors: A Study of Organization-Environment Linkage

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