INSTITUTIONAL AND STRATEGIC CHOICE PERSPECTIVES ON BOARD INVOLVEMENT IN THE STRATEGIC DECISION PROCESS.

William Q. Judge · Carl P. Zeithaml

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

Abstract

The level of a board of directors' involvement in strategic decisions can be viewed as an institutional response or as a strategic adaptation to external pressures for greater board involvement. We examined the antecedents and effects of board involvement from both the institutional and strategic choice perspectives. Data obtained from personal interviews with 114 board members and archival records indicated that board size and levels of diversification and insider representation were negatively related to board involvement, and organizational age was positively related to it. Furthermore, we found board involvement to be positively related to financial performance after controlling for industry and size effects. Overall, the results suggest that both theoretical perspectives are necessary for a comprehensive description of the strategic role of boards.

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References

1983The Iron Cage Revisited: Institutional Isomorphism and Collective Rationality in Organizational Fields 2004The iron cage revisited institutional isomorphism and collective rationality in organizational fields 1983Separation of Ownership and Control 1980Significance tests and goodness of fit in the analysis of covariance structures.1989Boards of Directors and Corporate Financial Performance: A Review and Integrative Model 1985Corporate Governance and the Board of Directors: Performance Effects of Changes in Board Composition 1990The Composition of Boards of Directors and Strategic Control: Effects on Corporate Strategy 1991Strategic decision models: Integrating different perspectives

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