Governance structures in the post asset restructuring period: responses by boards of directors and top managers to institutional pressures

Unlike firms in single divestiture studies, firms engaging in programs of divestiture may not do so as a result of substandard business unit performance (Johnson, 1996). A company that undertakes a program of divestitures might do so as a result of lower than expected growth in the unit or as a result of an exploratory move into new markets that did not live up to expectations or did not fit the firmís strategy. Based on these issues the link between substandard performance and restructuring activities might not be as strong for chronic restructuring firms as it would be for firms engaging in a single divestiture with the intent of rectifying a drop in performance. As such, it would be reasonable to assume that linkages between governance deficiencies, firm performance, and restructuring would not be as strong for these firms as they are for single divestiture firms. This is obviously and empirical question that needs to be assessed in future research in order to determine the boundaries of the governance-performance-restructuring paradigm.

pdf227 trang | Chia sẻ: maiphuongtl | Lượt xem: 2351 | Lượt tải: 0download
Bạn đang xem trước 20 trang tài liệu Governance structures in the post asset restructuring period: responses by boards of directors and top managers to institutional pressures, để xem tài liệu hoàn chỉnh bạn click vào nút DOWNLOAD ở trên
al outcomes: The moderating role of managerial discretion. Administrative Science Quarterly, 35: 484-503. Finkelstein, S. & Hambrick, D. C. (1996). Strategic leadership: Top executives and their effects on organizations. St. Paul, MN: West Educational Publishing. 195 Fiske, S. T. & Taylor, S. E. (1991). Social cognition (2nd edition). New York: McGraw- Hill. Fligstein, N. (1990). The transformation of corporate control. Cambridge, MA: Harvard University Press. Fligstein, N. (1991). The structural transformation of American industry: An institutional account of the causes of diversification in the largest firms, 1919 – 1979. In W. W. Powell & P. J. DiMaggio (Eds.), The new institutionalism in organizational analysis: 311-366. Chicago, IL: The University of Chicago Press. Fox, F. V. & Staw, B. M. (1979). The trapped administrator: Effects of job insecurity and policy resistance upon commitment to a course of action. Administrative Science Quarterly, 23: 449-471. Frank, R. (2002, February 6). More and more, mergers of ‘90s are becoming today’s spinoffs. Wall Street Journal, C1. Frank, R. & Sidel, R. (2002, June 6). Firms that lived by the deal in the ‘90s, now sink by the dozens. Wall Street Journal, A1. Fredrickson, J. W., Hambrick, D. C. & Baumrin, S. (1988). A model of CEO dismissal. Academy of Management Review, 13: 255-270. Fromson, B. D. (1990). The big owners roars. Fortune, 122: 66-78. Galaskiewicz, J. (1985). Interorganizational relations. Annual Review of Sociology, 11: 281-304. Gales, L. & Kesner, I. (1994). An analysis of board of director size and composition in bankrupt organizations. Journal of Business Research, 30: 271-282. Gatewood, R. D., Gowan, M. & Lautenschlager, G. (1993). Corporate image, recruitment image, and initial job choice decisions. Academy of Management Journal, 36: 414-427. Gaver, J. J., Gaver, K. M. & Battistel, G. P. (1992). The stock market reaction to performance plan adoption. Accounting Review, 67: 172-182. Gedajlovic, E. & Shapiro, D. (1998). Management and ownership effects: Evidence from five countries. Strategic Management Journal, 19: 533-553. Geletkanycz, M. A. & Hambrick, D. C. (1997). The external ties of top executives: Implications for strategic choice and performance. Administrative Science Quarterly, 42: 654-681. 196 Geneen, H. (1984, September 17). Why directors can’t protect the stockholders. Fortune, 110(6): 28. Gibbs, P. A. (1993). Determinants of corporate restructuring: The relative importance of corporate governance, takeover threat, and free cash flow. Strategic Management Journal, 14 (Special issue): 51-68. Gillan, S. L. & Starks, L. T. (2000). Corporate governance proposals and shareholder activism: The role of institutional investors. Journal of Financial Economics, 57: 275-301. Gilson, S. & Kraakman, L. (1991). Reinventing the outside director: An agenda for institutional investors. Stanford Law Review, 43: 863-880. Ginsberg, A. (1988). Measuring and modeling changes in strategy: Theoretical foundations and empirical directions. Strategic Management Journal, 9: 559-575. Ginsberg, A. & Buchholz, A. (1990). Converting to for-profit status: Corporate responsiveness to radical change. Academy of Management Journal, 33: 445- 477. Golden, B. R. & Zajac, E. J. (2001). When will boards influence strategy? Inclination x power = strategic change. Strategic Management Journal, 22: 1087-1111. Gompers, P. A. & Metrick, A. (2001). Institutional investors and equity prices. Quarterly Journal of Economics, 116: 229-259. Goodstein, J. & Boeker, W. (1991). Turbulence at the top: A new perspective on governance structure changes and strategic change. Academy of Management Journal, 34: 306-330. Goodstein, J., Gautam, K. & Boeker, W. (1994). The effects of board size and diversity on strategic change. Strategic Management Journal, 15: 241-250. Gomez-Mejia, L. R., Larraza-Kintana, M. & Makri, M. (2003). The determinants of executive compensation in family-controlled public corporations. Academy of Management Journal, 46: 226-237. Gomez-Mejia, L., Tosi, H. & Hinkin, T. (1987). Managerial control, performance, and executive compensation. Academy of Management Journal, 30: 51-70. Grant, R., Jammine, A. & Thomas, H. (1988). Diversity, diversification, and profitability among British manufacturing companies 1972-84. Academy of Management Journal, 31: 771-801. Greenwald, A. G. 1993. Consequences of prejudice against the null hypothesis. In G. Keren & C. Lewis (Eds.), A handbook for data analysis in the behavioral 197 sciences: Methodological issues: 419-448. Hillsdale, NJ: Lawrence Erlbaum Associates. Greenwood, R. & Hinings, C. R. (1996). Understanding radical organizational change: Bridging together the old and the new institutionalism. Academy of Management Review, 22: 1022-1054. Greve, H. R. (1998). Performance, aspirations, and risky organizational change. Administrative Science Quarterly, 43: 58-86. Grimm, C. M. & Smith, K. G. (1991). Management and organizational change: A note on the railroad industry. Strategic Management Journal, 12: 557-562. Grinyer, P. & McKiernan, P. (1990). Generating major change in stagnating companies. Strategic Management Journal, 11 (Special issue): 131-146. Gulati, R. & Westphal, J. D. (1999). Cooperative or controlling? The effects of CEO- board relations and the content of interlocks on the formation of joint ventures. Administrative Science Quarterly, 44: 473-506. Hambrick, D. C. & D’Aveni, R. (1992). Top team deterioration as part of the downward spiral of large corporate bankruptcies. Management Science, 38: 1445-1466. Hannan, M.T. & Freeman, J. H. (1984). Structural inertia and organizational change. American Sociological Review, 49: 149-164. Hansen, G. & Hill, C. W. (1991). A longitudinal study of the causes and consequences of changes in diversification in the U.S. pharmaceutical industry 1977-1986. Strategic Management Journal, 12: 187-199. Harrigan, K. R. (1981). Deterrents to divestiture. Academy of Management Journal, 21: 306-323. Harrigan, K. R. (1983). Strategies for vertical integration. Lexington, MA: D. C. Heath & Co. Harrison, J. R. (1987). The strategic use of corporate board committees. California Management Review, 30(1): 109-126. Haunschild, P. R. (1993). Interorganizational imitation: The impact of interlocks on corporate acquisition activity. Administrative Science Quarterly, 38: 564-92. Haunschild, P. R. (1994). How much is that company worth? Interorganizational relationships, uncertainty, and acquisition premiums. Administrative Science Quarterly, 39: 391-411. 198 Haunschild, P. R. & Beckman, C. (1998). When do interlocks matter? Alternate sources of information and interlock influence. Administrative Science Quarterly, 43: 815- 844. Haveman, H. A. (1993). Organizational size and change: Diversification in the savings and loan industry after deregulation. Administrative Science Quarterly, 38: 20-50. Henderson, A. & Fredrickson, J. (1996). Information processing demands as a determinant of CEO compensation. Academy of Management Journal, 39: 575- 606. Helmich, D. L. & Brown, W. B. (1972). Successor type and organizational change in the corporate enterprise. Administrative Science Quarterly, 17: 371-381. Herman, E. S. (1981). Corporate control, corporate power. Cambridge, MA: Cambridge University Press. Hermalin, B. E. & Weisbach, M. S. (1988). The determinants of board composition. RAND Journal of Economics, 19: 589-606. Hill, C. W. L. & Hoskisson, R. E. (1987). Strategy and structure in the multiproduct firm. Academy of Management Review, 12: 331-341. Hill, C. W. L. & Phan, P. (1991). CEO tenure as a determinant of CEO pay. Academy of Management Journal, 34: 707-717. Hill, C. W. L. & Snell, S. (1988). External control, corporate strategy, and firm performance in research-intensive industries. Strategic Management Journal, 9: 577-590. Hillman, A. J., Cannella, A. A. & Paetzold, R. (2000). The resource dependence role of corporate directors: Strategic adaptation of board composition in response to environmental change. Journal of Management Studies, 37: 235-256. Hillman, A. J. & Dalziel, T. (2003). Boards of directors and firm performance: Integrating agency and resource dependence perspectives. Academy of Management Review, 28: 383-396. Himmelberg, C. P., Hubbard, R. G. & Palia, D. (1999). Understanding the determinants of managerial ownership and the link between ownership and performance. Financial Management, 20: 101-122. Hite, G. L., Owers, J. E. & Rogers, R. C. (1987). The market for interfirm asset sales: Partial sell-offs and total liquidations. Journal of Financial Economics, 18: 229- 252. 199 Hitt, M. A., Hoskisson, R. E. & Ireland, R. D. (1990). Acquisitive growth and commitment to innovation in M-form firms. Strategic Management Journal, 11 (Special issue): 29-47. Hitt, M. A., Hoskisson, R. E., Johnson, R. A. & Moesel, D. D. (1996). The market for corporate control and firm innovation. Academy of Management Journal, 39: 1084-1119. Holderness, C. G. & Sheehan, D. (1985). Raiders or saviors? The evidence on six controversial investors. Journal of Financial Economics, 14: 555-579. Hoskisson, R. E. (1987). Multidivisional structure and performance: The contingency of diversification strategy. Academy of Management Journal, 30: 625-644. Hoskisson, R. E. & Hitt, M. A. (1988). Strategic control systems and relative R&D investments in large multiproduct firms. Strategic Management Journal, 9: 605- 621. Hoskisson, R. E. & Hitt, M. A. (1990). Antecedents and performance outcomes of diversification: A review and critique of theoretical perspectives. Journal of Management, 16: 461-509. Hoskisson, R. E. & Hitt, M. A. (1994). Downscoping: How to tame the diversified firm. New York: Oxford University Press. Hoskisson, R. E., Hitt, M. A., Johnson, R. A. & Grossman, W. (2002). Conflicting voices: The effects of institutional ownership heterogeneity and internal governance on corporate innovation strategies. Academy of Management Journal, 45: 697-716. Hoskisson, R. E. & Johnson, R. A. (1992). Corporate restructuring and strategic change: The effect of diversification strategy and R&D intensity. Strategic Management Journal, 13: 625-634. Hoskisson, R. E., Johnson, R. A. & Moesel, D. D. (1994). Corporate divestiture intensity in restructuring firms: Effects of governance, strategy, and performance. Academy of Management Journal, 37: 1207-1251. Hoskisson, R. E. & Turk, T. A. (1990). Corporate restructuring: Governance and control limits of the internal capital market. Academy of Management Review, 15: 459- 477. Hymowitz, C. (2003, February 24). How to fix a broken system: A rush of new plans promise to make corporate boards more accountable. Wall Street Journal, R1. James, R. R. & Soref, M. (1981). Profit constraints on managerial autonomy: Managerial theory and the unmaking of the corporation president. American Sociological Review, 46: 1-18. 200 Jain, P. C. (1985). The effect of voluntary sell-off announcements and shareholder wealth. Journal of Finance, 40: 209-224. Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance and takeovers. American Economic Review, 76: 323-329. Jensen, M. C. (1989). Eclipse of the public corporation. Harvard Business Review, 67 (September-October): 61-74. Jensen, M. C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance, 48: 831-880. Jensen, M. C. (1998). Self-interest, altruism, incentives, and agency. In M. C. Jensen (Ed.), Foundations of organizational strategy: 39-50. Cambridge, MA: Harvard University Press. Jensen, M. C. & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency cost, and ownership structure. Journal of Financial Economics, 3: 305- 360. Johnson, J. L., Daily, C. M. & Ellstrand, A. E. (1996). Boards of directors: A review and research agenda. Journal of Management, 22: 409-438. Johnson, R. A. (1996). Antecedents and outcomes of corporate refocusing. Journal of Management, 22: 439-483. Johnson, R. A. & Greening, D. W. (1999). The effects of corporate governance and institutional ownership types on corporate social performance. Academy of Management Journal, 42: 564-576. Johnson, R. A., Hoskisson, R. E. & Hitt, M. A. (1993). Board of director involvement in restructuring: The effects of board versus managerial controls and characteristics. Strategic Management Journal, 14: 33-50. Judge, C. & Zeithaml, C. (1992). Institutional and strategic choice perspective on board involvement in the strategic decision process. Academy of Management Journal, 35: 766-794. Kabir, R., Cantrijn, D. & Jeunink, A. (1997). Takeover defenses, ownership structure and stock returns in the Netherlands: An empirical analysis. Strategic Management Journal, 18: 97-109. Kamens, D. (1977). Legitimating myths and educational organization: The relationship between organizational ideology and formal structure. American Sociological Review, 42: 208-219. 201 Kang, J. & Shivdasani, A. (1995). Firm performance, corporate governance, and top executive turnover in Japan. Journal of Financial Economics, 7: 29-58. Kaplan, S. N. & Minton, B. A. (1994). Appointments of outsiders to Japanese boards: Determinants and implications for managers. Journal of Financial Economics, 36: 225-258. Kaplan, S. N. & Weisbach, M. S. (1992). The success of acquisitions: Evidence from divestitures. Journal of Finance, 47: 107-138. Kaplan, S. & Reishus, D. (1990). Outside directorships and corporate performance. Journal of Financial Economics, 27: 389-410. Kesner, I. F., Victor, B. & Lamont, B. T. (1986). Board composition and the commission of illegal acts: An investigation of Fortune 500 companies. Academy of Management Journal, 29: 789-799. Kimberly, J. R. & Zajac, E. J. (1988). The dynamics of CEO/board relationships. In D. C. Hambrick (Ed.), The executive effect: Concepts and methods for studying top managers: 179-205. Greenwich, CT: JAI Press. Kesner, I. (1987). Directors’ stock ownership and organizational performance: An investigation of Fortune 500 companies. Journal of Management, 13: 499-507. Kessides, I. (1986). Advertising, sunk costs, and barriers to entry. Review of Economics and Statistics, 68: 84-95. Kleinbaum, D. G., Kupper, L. L. & Muller, K. E. (1988). Applied multiple regression analysis and other multivariate methods (2nd edition). Boston, MA: PWS-Kent. Kose, J., Lang, L. H. P. & Netter, J. (1992). The voluntary restructuring of large firms in response to performance decline. Journal of Finance, 47: 891-917. Kose, J. & Ofek, E. (1995). Asset sale and increase in focus. Journal of Financial Economics, 37: 105-126. Kosnik, R. D. (1987). Greenmail: A study of board performance in corporate governance. Administrative Science Quarterly, 32: 163-185. Kosnik, R. D. (1990). Effects of board demography and directors’ incentives on corporate greenmail decisions. Academy of Management Journal, 33: 129-150. Kraatz, M. S. & Zajac, E. J. (1996). Exploring the limits of the new institutionalism: The causes and consequences of illegitimate organizational change. American Sociological Review, 61: 812-836. 202 Krackhardt, D. (1992). The strength of strong ties: The importance of philos in organizations. In N. Nohria & R. G. Eccles (Eds.), Networks and organizations: Structure, form, and action: 216-239. Boston: Harvard Business School Press. Kroll, M., Wright, P., Toombs, L. & Leavell, H. (1997). Form of control: A critical determinant of acquisition performance and CEO rewards. Strategic Management Journal, 18: 85-96. Kumar, R. & Sopariwala, P. R. (1992). The effect of adoption of long-term performance plans on stock prices and accounting number. Journal of Finance, 67: 561-573. Lambert, R. A., Larcker, D. F. & Weigelt, K. (1993). The structure of organizational incentives. Administrative Science Quarterly, 38: 438-461. Lang, J. R. & Lockhart, D. E. (1990). Increased environmental uncertainty and changes in board linkage patterns. Academy of Management Journal, 33: 106-128. Lang, L. H. P., Poulson, A. & Stulz, R. (1995). Asset sales, firm performance, and the agency costs of managerial discretion. Journal of Financial Economics, 37: 3-37. Lang, L. H. P. & Stulz, R. M. (1994). Tobin’s q, corporate diversification, and firm performance. Journal of Political Economy, 102: 1248-1280. Langley, M. (2003, June 6). Want to lift your firm’s rating on governance? Buy the test. Wall Street Journal, A1. Larcker, D. F. (1983). The association between performance plan adoption and corporate capital investment. Journal of Accounting and Economics, 5: 3-30. Lawrence, B. S. (1997). The black box of organizational demography. Organization Science, 8: 1-22. Leblebici, H., Salancik, G. R., Copay, A. & King, T. (1991). Institutional change and the transformation of interorganizational fields: An organizational history of the U.S. radio broadcasting industry. Administrative Science Quarterly, 36: 333-363. Leland, H. & Pyle, D. (1977). Informational asymmetries, financial structure, and financial intermediation. Journal of Finance, 32: 371-387. Lev, B. & Zarowin, P. (1999). The boundaries of financial reporting and how to extend them. Journal of Accounting Research, 37: 353-385. Levy, L. (1993a). Separate chairmen: Their roles and compensation. The Corporate Board, 14: 10-15. Levy, L. (1993b). Separate chairmen of the board: Their roles, legal liabilities, and compensation. A special report of The Corporate Board. Lansing, MI: Vanguard. 203 Lewis-Beck, M. (1980). Applied regression: An introduction. Newbury Park, CA: Sage. Lorsch, J. W. & MacIver, E. (1989). Pawns or potentates: The reality of America’s corporate boards. Boston, MA: Harvard Business School Press. Lowenstein, M. J. (2000). The conundrum of executive compensation. Wake Forest Law Review, 35: 1-30. Lubatkin, M. & Chatterjee, S. (1991). The strategy-shareholder value relationship: Testing temporal stability across market cycles. Strategic Management Journal, 12: 251-270. Lublin, J. S. (1998, April 15). Calpers trustees adopt standards for governance. Wall Street Journal, A1. Lublin, J. S. (2001, January 23). Multiple seats of power. Wall Street Journal, B1. Luoma, P. & Goodstein, J. (1999). Stakeholders and corporate boards: Institutional influences on board composition and structure. Academy of Management Journal, 42: 553-563. Lynall, M. D., Golden, B. R. & Hillman, A. J. (2003). Board composition from adolescence to maturity: A multitheoretic view. Academy of Management Review, 28: 416-431. Mace, M. L. (1986). Directors: Myth and reality. (2nd edition). Boston, MA: Harvard Business School Press. Mallette, P. & Fowler, K. L. (1992). Effects of board composition and stock ownership on the adoption of poison pills. Academy of Management Journal, 35: 1010-1035. Manne, H. G. (1965). Mergers and the market for corporate control. Journal of Political Economy, 73: 110-120. March, J. G. & Simon, H. A. (1958). Organizations. New York: J. Wiley & Sons. Markides, C. C. (1992). Consequences of corporate restructuring: Ex ante evidence. Academy of Management Journal, 35: 398-412. Markides, C. C. (1993). Corporate refocusing, Business Strategy Review, 4: 1-15. Markides, C. C. (1995). Diversification, restructuring and economic performance. Strategic Management Journal, 16: 101-118. Markides, C. C. & Singh, H. (1997). Corporate restructuring: A symptom of poor governance or a solution to past managerial mistakes? European Management Journal, 15: 212-219. 204 Mavrinac, S. & Siesfeld, T. (1998). Measures that matter: An exploratory investigation of investors’ information needs and value priorities. In D. Neef, G. A. Siesfeld & J. Cefola (Eds.), The economic impact of knowledge: 273-294. Boston, MA: Butteworth Heinemann. Mayer, M. & Whittington, R. (2003). Diversification in context: A cross-national and cross-temporal extension. Strategic Management Journal, 24: 773-781. McGuire, J. & Matta, E. (2003). CEO stock options: The silent dimension of ownership. Academy of Management Journal, 46: 255-265. Mergers & Acquisitions. (1990). The M&A bonanza of the ‘80s . . . and its legacy, Vol. 24: 90-95. Meyer, A. D., Brooks, G. R. & Goes, J. B. (1990). Environmental jolts and industry revolutions: Organizational responses to discontinuous change. Strategic Management Journal, 11 (Special issue): 93-110. Meyer, J. W. (1975). Leadership and organizational structure. American Journal of Sociology, 81: 514-542. Meyer, J. W. & Rowan, B. (1977). Institutionalized organizations: Formal structure as myth and ceremony. American Journal of Sociology, 83: 340-363. Meyer, J. W. & Rowan, B. (1978). The structure of educational organizations. In M. W. Meyer (Ed.), Environments and organizations: 78-109. San Francisco, CA: Jossey-Bass. Mikkelson, W. & Ruback, R. (1985). An empirical analysis of the interfirm equity investment process. Journal of Financial Economics, 14: 523-553. Mikkelson, W. & Ruback, R. (1991). Targeted repurchases and common stock returns. Rand Journal of Economics, 22: 544-556. Miles, R. E., Snow, C. C., Meyer, A. D. & Coleman, H. J. (1978). Organizational strategy, structure, and process. Academy of Management Review, 3: 546-562. Miller, C. E. & Komorita, S. S. (1987). Coalition formation in organizations: From the laboratory to the real world. In M. H. Bazerman, B. H. Sheppard, and R. H. Lewicki (Eds.), Research on negotiations in organizations: 43-61. Greenwich, CT: JAI Press. Miller, D. & Friesen, P. H. (1982). Structural change and performance: Quantum versus piecemeal – incremental approaches. Academy of Management Journal, 25: 867-892. 205 Miller, K. D. & Bromiley, P. (1990). Strategic risk and corporate performance: An analysis of alternative risk measures. Academy of Management Journal, 33: 756- 779. Minard, L. (1998, September 7). Will Europe and Japan reform their corporate governance? Forbes, 162(5): 114-117. Mintzberg, H. (1983). Power in and around organizations. Englewood Cliffs, NJ: Prentice Hall. Mizruchi, M. S. (1983). Who controls whom? An examination of the relation between management and boards of directors in large American corporation. Academy of Management Review, 8: 426-435. Mizruchi, M. S. (1996). What do interlocks do? An analysis, critique, and assessment of research on interlocking directorates. Annual Review of Sociology, 22: 271-298. Mizruchi, M. S. & Stearns, L. B. (1988). A longitudinal study of the formation of interlocking directorates. Administrative Science Quarterly, 33: 194-210. Mone, M. A., Mueller, G. C., & Mauland, W. (1996). The perceptions and usage of statistical power in applied psychology and management research. Personnel Psychology, 49: 103-120. Monks, R. A. G. & Minnow, N. (1991). Power and accountability. New York: Harper Business. Montgomery, C. A. & Thomas, A. R. (1988). Divestment: Motives and gains. Strategic Management Journal, 9: 93-97. Montgomery, C. A., Thomas, A. R. & Kamath, R. (1984). Divestiture, market valuation, and strategy. Academy of Management Journal, 27: 830-840. Morck, R. A., Shleifer, A. & Vishny, R. (1988). Management ownership and market valuation: An empirical analysis. Journal of Financial Economics, 20: 293-315. Morck, R. A., Shleifer, A. & Vishny, R. (1990). Do managerial objectives drive bad acquisitions? Journal of Finance, 25: 31-48. Murphy, K. (1999). Executive compensation. In O. Ashenfelter & D. Card (Eds.), Handbook of labor economics: 2485-2563. Amsterdam: New Holland. National Association of Corporate Directors. (1996) Report of the NACD blue ribbon commission on director professionalism. Washington, DC: National Association of Corporate Directors. 206 Nelson, R. R. & Winter, S. G. (1982). An evolutionary theory of economic change. Cambridge, MA: Harvard University Press. Nickerson, R. S. (2000). Null hypothesis significance testing: A review of an old and continuing controversy. Psychological Methods, 5: 241-301. Nussbaum, B. & Dobrzynski, J. H. (1987, May 18). The battle for corporate control. Business Week, 102-109. O’Barr, W. M. & Conley, J. M. (1992). Fortune and folly: The wealth and power of institutional investors. Homewood, IL: Irwin. Ocasio, W. (1994). Political dynamics and the circulation of power: CEO succession in U.S. industrial corporations. Administrative Science Quarterly, 39: 285-312. Ocasio, W. (1999). Institutionalized action and corporate governance: The reliance on rules of CEO succession. Administrative Science Quarterly, 44: 384-416. Oliver, C. (1991). Strategic responses to institutional processes. Academy of Management Review, 16: 145-179. Ozanian, M. K. & Decarlo, S. (2003, May 12). Does the board have a backbone? Forbes, 171 (10): 106. Palepu, K. (1985). Diversification strategy, profit performance, and the entropy measure. Strategic Management Journal, 6: 239-255. Palich, L. E., Cardinal, L. B. & Miller, C. C. (2000). Curvilinearity in the diversification- performance linkage: An examination of over three decades of research. Strategic Management Journal, 21: 155-174. Palmer, D. A. (1983). Broken ties: Interlocking directorates and intercorporate coordination. Administrative Science Quarterly, 28: 40-55. Palmer, D. A., Jennings, P. D. & Zhou, X. (1993). Late adoption of the multidivisional form by large U.S. corporations: Institutional, political, and economic accounts. Administrative Science Quarterly, 38: 100-131. Patton, A. & Baker, J. C. (1987). Why won’t directors rock the boat? Harvard Business Review, 65 (November/December): 10-18. Parsons, T. (1960). Structure and process in modern societies. Glencoe, IL: Free Press. Pearce, J. A. & Zahra, S. A. (1991). The relative power of CEOs and boards of directors. Strategic Management Journal, 12: 135-153. 207 Pearce, J. A. & Zahra, S. A. (1992). Board composition from a strategic contingency perspective. Journal of Management Studies, 29: 411-438. Pedhazur, E. J. & Schmelkin, L. P. (1991). Measurement, design, and analysis: An integrated approach. Hillsdale, NJ: Lawrence Erlbaum Associates. Pennings, J. M. (1980). Interlocking directorates. San Francisco: Jossey-Bass. Perry, T. & Zenner, M. (2000). CEO compensation in the 1990s: Shareholder alignment or shareholder expropriation. Wake Forest Law Review, 35: 123-152. Pettigrew, A. (1992). On studying managerial elites. Strategic Management Journal, 13: 163-182. Pfeffer, J. (1972). Size and composition of corporate boards of directors: The organization and its environment. Administrative Science Quarterly, 17: 218-228. Pfeffer, J. (1973). Size, composition and function of hospital boards of directors: A study of organization-environment linkage. Administrative Science Quarterly, 18: 349- 364. Pfeffer, J. (1974). Co-optation and the composition of electric utility boards of directors. Pacific Sociological Review, 17: 333-363. Pfeffer, J. (1981). Management as symbolic action: The creation and maintenance of organizational paradigms. In L. L. Cummings & B. M. Staw (Eds.), Research in Organizational Behavior: 1-52. Greenwich, CT: JAI Press. Pfeffer, J. (1991). Organizational theory and structural perspectives on management. Journal of Management, 17: 789-803. Pfeffer, J. & Salancik, G. R. (1978). The external control of organizations. New York: Harper & Row. Pound, J. (1992). Beyond takeovers: Politics comes to corporate control. Harvard Business Review, 70: 83-93. Pozen, R. C. (1994). Institutional investors: The reluctant activist. Harvard Business Review, (January/February): 140-149. Pratt, E. (1993). Governance and the board: Keeping an eye on America’s future. Directors and Boards, 17: 625-648. Prevost, A. K. & Rao, R. P. (2000). Of what value are shareholder proposals sponsored by public pension funds? Journal of Business, 73: 177-204. 208 Priem, R. L., Lyon, D. W. & Dess, G. G. (1999). Inherent limitations of demographic proxies in top management team heterogeneity research. Journal of Management, 25: 935-953. Provan, J. G. (1980). Board power and organizational effectiveness among human service agencies. Academy of Management Journal, 23: 221-236. Puffer, S. M. & Weintrop, J. B. (1991). Corporate performance and CEO turnover: The role of performance expectations. Administrative Science Quarterly, 36: 1-19. Rajagopalan, N. (1997). Strategic orientations, incentive plan adoptions, and firm performance: Evidence from electric utility firms. Strategic Management Journal, 18: 761-785. Rajagopalan, N. & Finkelstein, S. (1992). Effects of strategic orientation and environmental change on senior management reward systems. Strategic Management Journal, 13 (special issue): 127-142. Ravenscraft, D. & Scherer, F. M. (1987). Mergers, sell-offs and economic efficiency. Washington, DC: The Brookings Institution. Rechner, P. L. & Dalton, D. R. (1991). CEO duality and organizational performance: A longitudinal analysis. Strategic Management Journal, 12: 155-160. Rediker, K. J. & Seth, A. (1995). Boards of directors and substitution effects of alternative governance mechanisms. Strategic Management Journal, 16: 85-99. Reger, R. K. (1997). Review of “Strategic Leadership: Top executives and their effects on organizations” by Sydney Finkelstein and Donald C. Hambrick. West Publishing Company, 1996. Academy of Management Review, 22: 802-805. Rehfeld, B. (1998). A suite victory for shareholders. Institutional Investor, 32(7): 37-44. Reilly, A. H., Brett, J. M. & Stroh, L. K. (1993). The impact of corporate turbulence on managers’ attitudes. Strategic Management Journal, 14 (Special issue): 167-179. Rich, M. (2003, February 7). Cendant makes major changes to corporate governance rules. Wall Street Journal, B5. Richard, O. C. (2000). Racial diversity, business strategy, and firm performance: A resource-based view. Academy of Management Journal, 43: 164-177. Richardson, R. J. (1987). Directorship interlocks and corporate profitability. Administrative Science Quarterly, 32: 367-386. Riley, J. G. (1989). Signaling. In J. Eatwell, M. Milgate & P. Newman (Eds.), Allocation, information, and markets: 287-294. New York: Norton. 209 Robbins, D. K. & Pearce, J. A. (1992). Turnaround: Retrenchment and recovery. Strategic Management Journal, 13: 287-309. Rock, E. B. (1991). The logic and (uncertain) significance of institutional shareholder activism. Georgetown Law Journal, 79: 445-506. Rosenfeld, J. D. (1984). Additional evidence on the relation between divestiture announcements and shareholder wealth. Journal of Finance, 39: 1437-1448. Rosenstein, S. & Wyatt, J. G. (1990). Outside directors, board independence, and shareholder wealth. Journal of Financial Economics, 26: 175-191. Rosenstein, S. & Wyatt, J. (1994). Shareholder wealth effects when an officer of one corporation joins the board of directors of another. Managerial and Decision Economics, 15: 317-327. Ross, S. A. (1977). The determinants of financial structure: The incentive signaling approach. Bell Journal of Economics, 8: 23-40. Rumelt, R. P. (1974). Strategy, structure, and economic performance. Cambridge, MA: Harvard University Press. Rumelt, R. P. (1982). Diversification strategy and profitability. Strategic Management Journal, 3: 359-369. Rundle, R. L. (2003, April 8). Tenet’s CEO to leave board; Barbekow stays as executive. Wall Street Journal, A8. Ryan, L. A. & Schneider, M. (2002). The antecedents of institutional investor activism. Academy of Management Review, 27: 554-573. Salancik, G. R. & Meindl, J. R. (1984). Corporate attributions as strategic illusions of management control. Administrative Science Quarterly, 29: 238-254. Salancik, G. R. & Pfeffer, J. (1980). Effects of ownership structure and performance on executive tenure in U.S. corporations. Academy of Management Journal, 23: 653-664. Salwen, K. G. & Lublin, J. S. (1992, April 27). Giant investors flex their muscles more at U.S. corporations. Wall Street Journal, A1. Sanders, W. M. & Carpenter, M. A. (2003). Strategic satisficing? A behavioral-agency theory perspective on stock repurchase program announcements. Academy of Management Journal, 46: 160-178. Sauley, K. S. & Bedeian, A. G. (1989). .05: A case of the tail wagging the distribution. Journal of Management, 15: 335-344. 210 Schellenger, M. H., Wood, D. D. & Tashakori, A. (1989). Board of director composition, shareholder wealth, and dividend policy. Journal of Management, 15: 457-467. Schlenker, B. R. (1980). Impression management. Monterey, CA: Brooks/Cole. Schlenker, B. R. & Weigold, M. F. (1992). Interpersonal processes involving impression regulation and management. Annual Review of Psychology, 43: 133-168. Palo Alto, CA: Annual Reviews. Schultz, A. (1996, September 20). California pension fund is developing 1997 governance standards for boards. Wall Street Journal, B5. Schulze, W. S., Lubatkin, M. H. & Dino, R. N. (2003). Exploring the agency consequences of ownership dispersion among the directors of private family firms. Academy of Management Journal, 46: 179-194. Schwartz, K. B. & Menon, K. (1985). Executive succession in failing firms. Academy of Management Journal, 28: 680-686. Schwartz, R. A. (1991). Institutionalization of the equity markets. Journal of Portfolio Management, 17(2): 44-49. Scott, W. R. (1991). Unpacking institutional arguments. In W. W. Powell & P. J. DiMaggio (Eds.), The new institutionalism in organizational analysis: 164-182. Chicago, IL: The University of Chicago Press. Scott, R. W. (1995). Institutions and organizations. Thousand Oaks, CA: Sage Publications. Scott, R. W., Ruef, M., Mendel, P. J. & Caronna, C. A. (2000). Institutional change and healthcare organizations. Chicago: University of Chicago Press. Securities Industry Association. (2000). Securities Industry Association fact book. New York: Securities Industry Association. Sedlmeier, P. & Gigerenzer, G. (1989). Do studies of statistical power have an effect on the power of studies? Psychological Bulletin, 105: 309-316. Selznick, A. (1949). TVA and the grass roots. Berkeley, CA: University of California Press. Servaes, H. (1996). The value of diversification during the conglomerate merger wave. Journal of Finance, 51: 1201-1225. Seward, J. K. & Walsh, J. P. (1996). The governance and control of voluntary corporate spin-offs. Strategic Management Journal, 17: 25-39. 211 Sharma, A. & Kesner, I. F. (1996). Diversifying entry: Some ex ante explanations for postentry survival and growth. Academy of Management Journal, 39: 635-677. Shen, W. (2003). The dynamics of the CEO-board relationship: An evolutionary perspective. Academy of Management Review, 28: 466-476. Shivdasani, A. (1993). Board composition, ownership structure, and hostile takeovers. Journal of Accounting and Economics, 16: 167-198. Shleifer, A. & Vishny, R. W. (1986). Large shareholders and corporate control. Journal of Political Economy, 94: 461-484. Shleifer, A. & Vishny, R. W. (1991). Takeovers in the ‘60s and the ‘80s: Evidence and implications. Strategic Management Journal, 12 (Special issue): 51-60. Shleifer, A. & Vishny, R. W. (1991). The takeover wave of the 1980s. Journal of Applied Corporate Finance, 4: 49-56. Shleifer, A. & Vishny, R. W. (1997). A survey of corporate governance. Journal of Finance, 52: 737-783. Short, H. (1994). Ownership, control, financial structure and the performance of firms. Journal of Economic Survey, 8: 203-249. Sicherman, N. W. & Pettway, R. H. (1987). Acquisition of divested assets and shareholder wealth. Journal of Finance, 52: 1261-1273. Silverman, R. E. (2002, October 29). GE adds 2 outside directors in move to boost governance. Wall Street Journal, A8. Simison, R. L. & Blumenstein, R. (1995, December 5). GM decides one head is better than two. Wall Street Journal: B1. Simmonds, P.G. (1990). The combined diversification breadth and mode dimensions and the performance of large diversified firms. Strategic Management Journal, 11: 399-410. Singh, H. & Harianto, F. (1989). Management-board relationships, takeover risk, and the adoption of golden parachutes. Academy of Management Journal, 32: 7-24. Singh, J. V., House, R. J. & Tucker, D. J. (1986). Organizational change and organizational mortality. Administrative Science Quarterly, 31: 587-611. Smart, D. L. & Hitt, M. A. (1994). A mid-range theory regarding the antecedents of restructuring types: An integration of agency, upper echelon, and resource-based perspectives. In P. Shrivastava, A. Huff & J. Dutton (Eds.), Advances in strategic management: 159-186. Greenwich, CT: JAI Press. 212 Smart, D. L. & Hitt, M. A. (1996). A test of the agency theory perspective of corporate restructuring. Working paper, University of Nebraska at Omaha. Smith, M. P. (1996). Shareholder activism by institutional investors: Evidence from CalPERS. Journal of Finance, 51: 227-252. Smith, K. G. & Grimm, C. M. (1987). Environmental variation, strategic change and firm performance: A study of railroad deregulation. Strategic Management Journal, 8: 363-376. Spence, A. (1973). Job market signaling. Quarterly Journal of Economics, 87: 355-379. Spencer, A. (1983). On the edge of organization: The role of outside director. New York: J. Wiley & Sons. Starbuck, W. H. (1976). Organizations and their environments. In M. D. Dunnette (Ed.), Handbook of industrial and organizational psychology: 1069-1123. New York: Rand McNally. Staw, B. M. (1981). The escalation of commitment to a course of action. Academy of Management Review, 6: 577-587. Staw, B. M., Sandelands, L. & Dutton, J. (1981). Threat-rigidity effects in organizational behavior: A multilevel analysis. Administrative Science Quarterly, 26: 501-524. Stearns, L. B. & Mizruchi, M. S. (1993). Board composition and corporate financing: The impact of financial institution representation of borrowing. Academy of Management Journal, 36: 603-618. Stiles, P. & Taylor, B. (2001). Boards at work: How directors view their roles and responsibilities. New York: Oxford University Press. Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. Academy of Management Review, 20: 571-610. Sundaramurthy, C. (1996). Corporate governance within the context of antitakeover provisions. Strategic Management Journal, 17: 377-394. Sundaramurthy, C., Mahoney, J. M. & Mahoney, J. T. (1997). Board structure, antitakeover provisions, and stockholder wealth. Strategic Management Journal, 18: 231-245. Sutton, R. I. & Callahan, A. L. (1987). The stigma of bankruptcy: Spoiled organizational image and its management. Academy of Management Journal, 30: 405-436. 213 Teachers Insurance and Annuity Association-College Retirement Equities Fund. (1997). TIAA-CREF policy statement on corporate governance. New York: Teachers Insurance and Annuity Association-College Retirement Equities Fund. Tedeschi, J. T. & Reiss, M. (1981). Verbal strategies in impression management. In C. Antaki (Ed.), The psychology of ordinary explanations of social behavior: 271- 309. London: Academic Press. Tehranian, H., Travlos, N. G. & Waegelein, J. F. (1987). The effect of long-term performance plans on corporate sell-off-induced abnormal returns. Journal of Finance, 42: 933-942. Teoh, S. H., Welch, I. & Wazzan, C. P. (1999). The effect of socially activist investment policies on the financial markets. Journal of Business, 72: 35-90. Tesler, L. G. (1964). Advertising and competition. Journal of Political Economy, 72: 537- 562. Thompson, J. D. (1967). Organizations in action. New York: McGraw-Hill. Thomsen, S. & Pederson, T. (2000). Ownership structure and economic performance in the largest European countries. Strategic Management Journal, 21: 689-705. Tihanyi, L., Johnson, R. A., Hoskisson, R. E. & Hitt, M. A. (2003). Institutional ownership differences and international diversification: The effects of boards of directors and technological opportunity. Academy of Management Journal, 46: 195-211. Tolbert, P. S. & Zucker, L. G. (1996). The institutionalization of institutional theory. In S. R. Clegg, C. Hardy & W. R. Nord (Eds.), Handbook of Organization Studies: 175- 190. Newbury Park, CA: Sage Publications. Tosi, H. L. & Gomez-Mejia, L. R. (1989). The decoupling of CEO pay and performance: An agency theory perspective. Administrative Science Quarterly, 34: 169-189. Tosi, H. L., Werner, S., Katz, J. P. & Gomez-Mejia, L. R. (2000). How much does performance matter? A meta-analysis of CEO pay studies. Journal of Management, 26: 301-339. Townley, B. (2002). The role of competing rationalities in institutional change. Academy of Management Journal, 45: 163-179. Trueman, B., Wong, M. H. F. & Zhang, X. (2000). The eyeballs have it: Searching for the value in internet stocks. Journal of Accounting Research, 38: 137-162. Turban, D. B. & Greening, D. W. (1997). Corporate social performance and organizational attractiveness to prospective employees. Academy of Management Journal, 40: 658-672. 214 Tushman, M. L. & Anderson, P. (1986). Technological discontinuities and organizational environments. Administrative Science Quarterly, 31: 439-465. Tushman, M. L. & Romanelli, E. (1985). Organizational evolution: A metamorphosis model of convergence and reorientation. In L. L. Cummings & B. M. Staw (Eds.), Research in organizational behavior, 7: 171-222. Greenwich, CT: JAI Press. Useem, M. (1984). The inner circle: Large corporations and the rise of business political activity in the US and UK. New York: Oxford University Press. Useem, M. (1993). Executive defense: Shareholder power and corporate reorganizations. Cambridge, MA: Harvard University Press. Useem, M. (1996). Investor capitalism. New York: Basic Books. Useem, M., Bowman, E. H., Myatt, J. & Irvine, C. W. (1996). U.S. institutional investors look at corporate governance in the 1990s. European Management Journal, 11: 175-189. Wade, J. P., O’Reilly, C. A. & Chandratat, I. (1990). Golden parachutes: CEOs and the exercise of social influence. Administrative Science Quarterly, 35: 587-603. Wade, J. P., Porac, J. F. & Pollock, T. G. (1997). Worth, words, and the justification of executive pay. Journal of Organizational Behavior, 18: 641-664. Wahal, S. (1996). Pension fund activism and firm performance. Journal of Financial and Quantitative Analysis, 31: 1-23. Walsh, J. P. & Seward, J. K. (1990). On the efficiency of internal and external corporate control mechanisms. Academy of Management Review, 15: 421-458. Weisbach, M. (1988). Outside directors and CEO turnover. Journal of Financial Economics, 20: 431-460. Westphal, J. D. (1999). Collaboration in the boardroom: Behavioral and performance consequences of CEO-board social ties. Academy of Management Journal, 42: 7-24. Westphal, J. D. & Fredrickson, J. W. (2001). Who directs strategic change? Director experience, the selection of new CEOs, and change in corporate strategy. Strategic Management Journal, 22: 1113-1137. Westphal, J. D., Gulati, R. & Shortell, S. M. (1997). Customization or conformity: An institutional and network perspective on the content and consequences of TQM adoption. Administrative Science Quarterly, 42: 366-394. 215 Westphal, J. D. & Milton, L. P. (2000). New experience and network ties affect the influence of demographic minorities on corporate boards. Administrative Science Quarterly, 45: 366-398. Westphal, J. D. & Zajac, E. J. (1994). Substance and symbolism in CEO’s long-term incentive plans. Administrative Science Quarterly, 39: 367-390. Westphal, J. D. & Zajac, E. J. (1995). Who shall govern? CEO/board power, demographic similarity, and new director selection. Administrative Science Quarterly: 40: 60-83. Westphal, J. D. & Zajac, E. J. (1997). Defections from the inner circle: Social exchange, reciprocity, and the diffusion of board independence in U. S. corporations. Administrative Science Quarterly, 42: 161-183. Westphal, J. D. & Zajac, E. J. (1998). The symbolic management of stockholders: Corporate governance reforms and shareholder returns. Administrative Science Quarterly, 43: 127-153. Westphal, J. D. & Zajac, E. J. (2001). Explaining institutional decoupling: The case of stock repurchase programs. Administrative Science Quarterly, 46: 202-228. Wernerfelt, B. & Montgomery, C. (1988). Tobin’s q and the importance of focus in firm performance. American Economic Review, 78: 246-250. Williams, M. L. & Gauer, T. N. (1994). The effect of managing diversity policy on organizational attractiveness. Group and Organization Management, 19: 295- 308. Williams, J. R., Paez, B. & Sanders, L. (1988). Conglomerates revisited. Strategic Management Journal, 9: 403-414. Williamson, O. E. (1975). Markets and hierarchies: Analysis and antitrust implications. New York: Free Press. Williamson, O. E. (1984). Corporate governance. Yale Law Journal, 93: 1197-1230. Williamson, O. E. (1985). The economic institutions of capitalism: Firms, markets and relational contracting. New York: Free Press. Winn, D. N. (1977). On the relation between return, risk, and market structure. Quarterly Journal of Economics, 91: 153-156. Wiseman, R. M. & Gomez-Mejia, L. R. (1998). A behavioral agency model of managerial risk taking. Academy of Management Review, 23: 133-153. 216 Wright, P. & Ferris, S. P. (1997). Agency conflict and corporate strategy: The effect of divestment on corporate value. Strategic Management Journal, 18: 77-83. Wright, P., Ferris, S. P., Sarin, A. & Awasthi, V. (1996). Impact of corporate outsider, blockholder, and institutional ownership on firm risk taking. Academy of Management Journal, 39: 441-463. Young, G. J., Stedham, Y. & Beekun, R. I. (2000). Board of directors and the adoption of a CEO performance evaluation process: Agency – and institutional – theory perspectives. Journal of Management Studies, 37: 277-295. Zahra, S. A., Neusbaum, D. O. & Huse, M. (2000). Entrepreneurship in medium size companies: Exploring the effects of ownership and governance systems. Journal of Management, 26: 947-976. Zahra, S. A. & Pearce, J. A. (1989). Boards of directors and corporate financial performance: A review and integrative model. Journal of Management, 15: 291- 334. Zajac, E. J. & Westphal, J. D. (1995). Accounting for the explanations of CEO compensation: Substance and symbolism. Administrative Science Quarterly, 40: 283-308. Zajac, E. J. & Westphal, J. D. (1996). Who shall succeed? How CEO/board preferences and power affect the choice of new CEOs. Academy of Management Journal, 39: 64-90. Zald, M. N. (1969). The power and functions of board of directors. American Journal of Sociology, 5: 97-111. Zucker, L. G. (1977). The role of institutionalization in cultural persistence. American Sociological Review, 42: 726-743. Zucker, L. G. (1983). Organizations as institutions. In S. B. Bacharach (Ed.), Research in the Sociology of Organizations, 2: 1-42. Greenwich, CT: JAI Press. Zucker, L. G. (1987). Institutional theories of organization. Annual Review of Sociology, 13: 443-464. 217 VITA Luke Hendrik Cashen was born on July 25, 1972, in Great Yarmouth, England, to the parents of Fritz Hulen Cashen and Baukje Anneke Hoekstra-Cashen, and to the sister of Carrie Agatha Cashen Trosclair. He is the grandson of Thomas Hulen Cashen, June Roberta Welch-Cashen, Hendrik Reitse Hoekstra, and Agatha Alida Anna de Winter-Hoekstra. It was not until 1984 when Luke moved to the United States and settled in New Iberia, Louisiana. Prior to moving to the United States, Luke lived with his family in England, Singapore, Borneo, and The Netherlands. Upon his graduation from Catholic High School of New Iberia in 1990, Luke attended Louisiana State University where he obtained a Bachelor of Science in economics in 1994. After graduation, he worked as a Management Associate for the Federal Reserve Bank of Atlanta in New Orleans. Luke later returned to Louisiana State University on a full-time basis and graduated with a Master of Business Administration degree in 1997. Based on the influence of Dr. Lamar Jones, Luke decided to pursue a doctorate in Business Administration (Management) with a predominant focus on strategic management. He is scheduled to graduate in December 2005. Luke is currently a tenure track faculty member in the Management and Marketing Department at Nicholls State University in Thibodaux, Louisiana. Additionally, he teaches for the Executive Education Program in the E. J. Ourso College of Business at Louisiana State University. Prior to accepting a position at Nicholls State University, Luke was an Instructor at Louisiana State University and an adjunct instructor at the University of Louisiana – Lafayette.

Các file đính kèm theo tài liệu này:

  • pdf1.pdf
Tài liệu liên quan