Board Interlocks and Firm Performance: Toward a Combined Agency-Resource Dependence Perspective Academic Article

abstract

• This study develops a combined agencyresource dependence perspective and applies it to the study of interlocking directorates. It suggests that interlocking directorates may exert either a positive or a negative effect on subsequent firm performance, depending on the firms relative resources, power imbalance, ownership concentration, and CEO ownership. A test on a sample of 145 Italian companies provides support for hypothesized effects. This study suggests that integrating agency and resource dependence theories provides a higher-order explanation of firm performance and helps advance both agency and resource dependence theories.

authors

• Withers, Michael

published proceedings

• JOURNAL OF MANAGEMENT

altmetric score

• 17.55

author list (cited authors)

• Zona, F., Gomez-Mejia, L. R., & Withers, M. C.

citation count

• 202

publication date

• February 2018

publisher

• SAGE Publications  Publisher

keywords

• Agency Theory
• Boards Of Directors
• Resource Dependence

Digital Object Identifier (DOI)

• 10.1177/0149206315579512

start page

• 589

end page

• 618

volume

• 44

issue

• 2

URL

• http://dx.doi.org/10.1177/0149206315579512