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Toward a Behavioral Theory of Boards and Corporate Governance
University of Groningen, Groningen, Netherlands.
Lund University, Lund, Sweden.ORCID iD: 0000-0002-0680-1883
BI Norwegian School of Management, Oslo, Norway & Tor Vergata University, Rome, Italy.
2009 (English)In: Corporate governance: An International Review, ISSN 0964-8410, E-ISSN 1467-8683, Vol. 17, no 3, 307-319 p.Article in journal (Refereed) Published
Abstract [en]

Manuscript Type: Review

Research Question/Issue: A coherent alternative to an economic approach of corporate governance is missing. In this paper we take steps towards developing a behavioral theory of boards and corporate governance.

Research Findings/Results: Building upon concepts such as political bargaining, routinization of decision making, satisficing, and problemistic search, a behavioral theory of boards and corporate governance will focus more on (1) interactions and processes inside and outside the boardroom; (2) the fact that decision making is made by coalitions of actors and objectives are results of political bargaining; and (3) the notion that not only conflicting, but also cooperating, interests are parts of the boards' decision making and control over firm resources.

Theoretical Implications: The consequences are a new research agenda for boards and corporate governance. The agenda will focus on actual instead of stylized descriptions of board behavior. In a behavioral perspective the emphasis on problems of coordination, exploration, and knowledge creation may dominate over problems of conflict of interest, exploitation, and the distribution of value. A future research agenda based on a behavioral framework calls for novel and adventurous research designs.

Practical Implications: A behavioral theory of boards and corporate governance will be closer to actual board behavior than the traditional economic approach and research about boards and corporate governance may thus become more actionable for practitioners. © 2009 Blackwell Publishing Ltd.

Place, publisher, year, edition, pages
Chichester: Wiley-Blackwell, 2009. Vol. 17, no 3, 307-319 p.
Keyword [en]
Corporate governance, board processes, board composition, board leadership, board of director issues
National Category
Business Administration
Identifiers
URN: urn:nbn:se:hh:diva-26128DOI: 10.1111/j.1467-8683.2009.00741.xISI: 000266814100004Scopus ID: 2-s2.0-67049100297OAI: oai:DiVA.org:hh-26128DiVA: diva2:733915
Available from: 2014-07-13 Created: 2014-07-13 Last updated: 2015-02-24Bibliographically approved

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CiteExportLink to record
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Citation style
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