Zhongyuan Sun

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Corporate governance and upper echelons

Boards, top management teams, executives and shareholders.

Of its 42 readings, 6 are assigned in two or more sources and listed first, with the number of sources beside each (in bold for the core readings, in 4 or more); the 36 listed in only one source are folded under each heading.

In the theory tree: grows out of 21 Organizational economics.

Drawn from: Pollock (Tennessee); Jia (USC); Yiu (CUHK); Wan (CUHK); Lounsbury & Zhao (Oxford Bibliographies); Peng (UT Dallas); Anteby (Boston University); Kogut & Keum (Columbia); Sullivan (HKUST). Full details of the sources are on the reading lists page.

By decade

Before 1950: 0 readings<19501950s: 0 readings1950s1960s: 0 readings1960s1970s: 0 readings1970s1980s: 2 readings1980s1990s: 15 readings1990s2000s: 19 readings192000s2010s: 6 readings2010s2020s: 0 readings2020s
Most date from the 2000s; half were published in 2003 or later.

Also assigned

In 2 to 3 sources.

  1. Davis, G. F. (1991). Agents without Principles? The Spread of the Poison Pill through the Intercorporate Network. Administrative Science Quarterly, 36(4), 583. https://doi.org/10.2307/23932753
  2. Khanna, T., & Palepu, K. (2000). The Future of Business Groups in Emerging Markets: Long-Run Evidence from Chile. Academy of Management Journal, 43(3), 268–285. https://doi.org/10.2307/15563953
  3. Westphal, J. D., & Zajac, E. J. (2013). A Behavioral Theory of Corporate Governance: Explicating the Mechanisms of Socially Situated and Socially Constituted Agency. Academy of Management Annals, 7(1), 607–661. https://doi.org/10.5465/19416520.2013.7836693
  4. Hambrick, D. C., & Mason, P. A. (1984). Upper Echelons: The Organization as a Reflection of Its Top Managers. Academy of Management Review, 9(2), 193. https://doi.org/10.2307/2584342
  5. Davis, G. F. (2005). New Directions in Corporate Governance. Annual Review of Sociology, 31(1), 143–162. https://doi.org/10.1146/annurev.soc.31.041304.1222492
  6. Chatterjee, A., & Hambrick, D. C. (2007). It's All about Me: Narcissistic Chief Executive Officers and Their Effects on Company Strategy and Performance. Administrative Science Quarterly, 52(3), 351–386. https://doi.org/10.2189/asqu.52.3.3512

Further readings

36 more, listed in one source
  1. Kosnik, R. D. (1987). Greenmail: A Study of Board Performance in Corporate Governance. Administrative Science Quarterly, 32(2), 163. https://doi.org/10.2307/2393124
  2. Wade, J., O'Reilly, C. A., join(' ', & Chandratat, I. (1990). Golden Parachutes: CEOs and the Exercise of Social Influence. Administrative Science Quarterly, 35(4), 587. https://doi.org/10.2307/2393510
  3. Finkelstein, S. (1992). Power in top management teams: Dimensions, measurement, and validation. Academy of Management Journal, 35(3), 505–538. https://doi.org/10.2307/256485
  4. Smith, K. G., Smith, K. A., Olian, J. D., Sims, H. P., join(' ', O'Bannon, D. P., & Scully, J. A. (1994). Top Management Team Demography and Process: The Role of Social Integration and Communication. Administrative Science Quarterly, 39(3), 412. https://doi.org/10.2307/2393297
  5. Zajac, E. J., & Westphal, J. D. (1995). Accounting for the Explanations of CEO Compensation: Substance and Symbolism. Administrative Science Quarterly, 40(2), 283. https://doi.org/10.2307/2393639
  6. Main, B. G. M., O'Reilly, C. A., & Wade, J. (1995). The CEO, the Board of Directors and Executive Compensation: Economic and Psychological Perspectives. Industrial and Corporate Change, 4(2), 293–332. https://doi.org/10.1093/icc/4.2.293
  7. Westphal, J. D., & Zajac, E. J. (1995). Who Shall Govern? CEO/Board Power, Demographic Similarity, and New Director Selection. Administrative Science Quarterly, 40(1), 60. https://doi.org/10.2307/2393700
  8. Johnson, J. L., Daily, C. M., & Ellstrand, A. E. (1996). Boards of Directors: A Review and Research Agenda. Journal of Management, 22(3), 409–438. https://doi.org/10.1177/014920639602200303
  9. Belliveau, M. A., O'Reilly, C. A., & Wade, J. B. (1996). Social capital at the top: Effects of social similarity and status on CEO compensation. Academy of Management Journal, 39(6), 1568–1593. https://doi.org/10.2307/257069
  10. Westphal, J. D. (1998). Board Games: How CEOs Adapt to Increases in Structural Board Independence from Management. Administrative Science Quarterly, 43(3), 511. https://doi.org/10.2307/2393674
  11. Westphal, J. D., & Zajac, E. J. (1998). The Symbolic Management of Stockholders: Corporate Governance Reforms and Shareholder Reactions. Administrative Science Quarterly, 43(1), 127. https://doi.org/10.2307/2393593
  12. David, P., Kochhar, R., & Levitas, E. (1998). The effect of institutional investors on the level and mix of CEO compensation. Academy of Management Journal, 41(2), 200–208. https://doi.org/10.2307/257102
  13. Forbes, D. P., & Milliken, F. J. (1999). Cognition and Corporate Governance: Understanding Boards of Directors as Strategic Decision-Making Groups. Academy of Management Review, 24(3), 489. https://doi.org/10.2307/259138
  14. Ocasio, W. (1999). Institutionalized Action and Corporate Governance: The Reliance on Rules of CEO Succession. Administrative Science Quarterly, 44(2), 384–416. https://doi.org/10.2307/2667000
  15. Rindova, V. P. (1999). What Corporate Boards have to do with Strategy: A Cognitive Perspective. Journal of Management Studies, 36(7), 953–975. https://doi.org/10.1111/1467-6486.00165
  16. Bertrand, M., Mehta, P., & Mullainathan, S. (2002). Ferreting out Tunneling: An Application to Indian Business Groups. Quarterly Journal of Economics, 117(1), 121–148. https://doi.org/10.1162/003355302753399463
  17. Pollock, T. G., Fischer, H. M., & Wade, J. B. (2002). The Role of Power and Politics in Repricing Executive Options. Academy of Management Journal, 45(6), 1172–1182. https://doi.org/10.2307/3069432
  18. Hillman, A. J., & Dalziel, T. (2003). Boards of Directors and Firm Performance: Integrating Agency and Resource Dependence Perspectives. Academy of Management Review, 28(3), 383. https://doi.org/10.2307/30040728
  19. Daily, C. M., Dalton, D. R., & Cannella, A. A. (2003). Corporate Governance: Decades of Dialogue and Data. Academy of Management Review, 28(3), 371. https://doi.org/10.2307/30040727
  20. McDonald, M. L., & Westphal, J. D. (2003). Getting by with the Advice of Their Friends: CEOs' Advice Networks and Firms' Strategic Responses to Poor Performance. Administrative Science Quarterly, 48(1), 1–32. https://doi.org/10.2307/3556617
  21. Carpenter, M. A., Pollock, T. G., & Leary, M. M. (2003). Governance, the Experience of Principals and Agents, and Global Strategic Intent: Testing a Model of Reasoned Risk Taking. Strategic Management Journal.
  22. Denis, D. K., & McConnell, J. J. (2003). International corporate governance. Journal of Financial and Quantitative Analysis.
  23. Westphal, J. D., & Khanna, P. (2003). Keeping Directors in Line: Social Distancing as a Control Mechanism in the Corporate Elite. Administrative Science Quarterly, 48(3), 361–398. https://doi.org/10.2307/3556678
  24. Carpenter, M. A., Geletkanycz, M. A., & Sanders, W. G. (2004). Upper Echelons Research Revisited: Antecedents, Elements, and Consequences of Top Management Team Composition. Journal of Management, 30(6), 749–778. https://doi.org/10.1016/j.jm.2004.06.001
  25. Westphal, J. D., & Bednar, M. K. (2005). Pluralistic Ignorance in Corporate Boards and Firms' Strategic Persistence in Response to Low Firm Performance. Administrative Science Quarterly, 50(2), 262–298. https://doi.org/10.2189/asqu.2005.50.2.262
  26. Wade, J. B., O'Reilly, C. A., III, & Pollock, T. G. (2006). Overpaid CEOs and Underpaid Managers: Fairness and Executive Compensation. Organization Science, 17(5), 527–544. https://doi.org/10.1287/orsc.1060.0204
  27. Wasserman, N. (2006). Stewards, Agents, and the Founder Discount: Executive Compensation in New Ventures. Academy of Management Journal, 49(5), 960–976. https://doi.org/10.5465/amj.2006.22798177
  28. Westphal, J. D., & Stern, I. (2007). Flattery Will Get You Everywhere (Especially If You Are A Male Caucasian): How Ingratiation, Boardroom Behavior, And Demographic Minority Status Affect Additional Board Appointments at U.S. Companies. Academy of Management Journal, 50(2), 267–288. https://doi.org/10.5465/amj.2007.24634434
  29. Mcdonald, M. L., Khanna, P., & Westphal, J. D. (2008). Getting Them to Think Outside the Circle: Corporate Governance, Ceos' External Advice Networks, and Firm Performance. Academy of Management Journal, 51(3), 453–475. https://doi.org/10.5465/amj.2008.32625969
  30. Westphal, J. D., & Bednar, M. K. (2008). The Pacification of Institutional Investors. Administrative Science Quarterly, 53(1), 29–72. https://doi.org/10.2189/asqu.53.1.29
  31. Pollock, T. G., Fund, B. R., & Baker, T. (2009). Dance with the one that brought you? Venture capital firms and the retention of founder‐CEOs. Strategic Entrepreneurship Journal, 3(3), 199–217. https://doi.org/10.1002/sej.71
  32. Park, S. H., Westphal, J. D., & Stern, I. (2011). Set up for a Fall: The Insidious Effects of Flattery and Opinion Conformity toward Corporate Leaders. Administrative Science Quarterly, 56(2), 257–302. https://doi.org/10.1177/0001839211429102
  33. Boivie, S., Graffin, S. D., & Pollock, T. G. (2012). Time for Me to Fly: Predicting Director Exit at Large Firms. Academy of Management Journal, 55(6), 1334–1359. https://doi.org/10.5465/amj.2010.1083
  34. Jia, N., Shi, J., & Wang, Y. (2013). Coinsurance Within Business Groups: Evidence from Related Party Transactions in an Emerging Market. Management Science, 59(10), 2295–2313. https://doi.org/10.1287/mnsc.1120.1703
  35. Diestre, L., Rajagopalan, N., & Dutta, S. (2015). Constraints in acquiring and utilizing directors' experience: An empirical study of new‐market entry in the pharmaceutical industry. Strategic Management Journal, 36(3), 339–359. https://doi.org/10.1002/smj.2215
  36. Shi, W., Connelly, B. L., & Hoskisson, R. E. (2017). External corporate governance and financial fraud: cognitive evaluation theory insights on agency theory prescriptions. Strategic Management Journal, 38(6), 1268–1286. https://doi.org/10.1002/smj.2560