Session 89

Integrating Theories of Stakeholders, Ownership, Governance and Boards

Track A

Date: Monday, October 5, 2015

Track M

Time: 16:45 – 18:00


Room: Governor's Square 15

Session Co-Chairs:

  • Victor Jarosiewicz, University of Florida
  • Maurizio Zollo, Bocconi University

Title: It’s Easy to say Board of Directors!: A Taxonomy


  • Angelo Solarino, University of Leeds

Abstract: Research on Board of Directors has characterize the board itself using a number of diverse constructs and measures, yet we are far from understanding its contribution to the company’s outcomes. This article, starting from those constructs, creates a conceptual framework able to accommodate all variables used into a dimensional scaling approach based on three dimensions: board independence, board know-how and board behavioral integration. The ultimate goal of the article is to bring order in the rich and conflicting board literature and to offer directions for future researches.

Title: The Buck Stops Here: Ownership and Judgment As Complements in Strategy Research


  • Peter Klein, Baylor University
  • Nicolai Foss, Bocconi University
  • Lasse Lien, Norwegian School of Economics
  • Todd Zenger, University of Utah

Abstract: The concept of ownership is fundamental to strategic management, yet underdeveloped in the literature. We review the role of ownership in strategy research and show how implicit claims about ownership underlie core theories about the existence and boundaries of the firm, the origins and sustainability of competitive advantage, and the allocation of resources and activities across and within firms. Building on a research stream that associates owner-ship with judgment under uncertainty and on the notion that the ability to exercise owner-ship effectively is asymmetrically distributed across individuals and firms, we illuminate the hypothesis that ownership and judgment are complements. This basic relationship under-girds a vast array of theoretical ideas and outcomes in strategy research, including competitive advantage, capital market outcomes, firm boundaries, and industry dynamics.

Title: Toward an Integrated Theory of Strategy


  • Maurizio Zollo, Bocconi University
  • Mario Minoja, University of Modena and Reggio Emilia
  • Vittorio Coda, Bocconi University

Abstract: We introduce the concepts of customer advantage, stakeholder advantage and economic surplus to develop an integrative approach to the study of strategic management. A general framework of strategic decision-making and performance is proposed, explaining how, in a production team view of the firm (Blair and Stout, 1999), a firm engages its stakeholders in relational contracts and deploys its resources and capabilities in product and resource markets to produce economic surplus, the residual value above the payment of fixed stakeholder compensations, which is then shared among customers and stakeholders, including shareholders. This model is then applied to analyze the interdependencies between competitive, growth and stakeholder strategies for the achievement of customer and stakeholder advantage.

Title: Venture Board Governance: Linking Director Departure to Post-IPO Performance


  • Victor Jarosiewicz, University of Florida
  • Gwendolyn Lee, University of Florida

Abstract: Despite an increasing attention on board composition in governance research, how director departure affects an entrepreneurial firm’s performance is unclear, especially the departure of directors who represent the venture capital (VC) that funded the entrepreneurial firm. Our study fills the gap by exploring how director departure affects Emerging Growth Companies’ (EGCs’) post-IPO stock performance. Our analysis of 7,295 directors and 1,596 EGCs shows that the effect of director departure on post-IPO performance is biased by the endogeneity of director departure. We address the endogeneity bias with propensity score matching. The matched-sample comparison shows that not all director departure has an impact on EGC’s post-IPO performance. Only the departure of VC-directors has a positive impact, increasing EGCs’ 3-year buy-and-hold returns since the IPO by 31 percent.

All Sessions in Track A...

Mon: 08:00 – 09:15
Session 88: Firm Boundaries: Theories of New Sources of Competitive Advantage
Mon: 16:45 – 18:00
Session 89: Integrating Theories of Stakeholders, Ownership, Governance and Boards
Tue: 08:00 – 09:15
Session 91: Theory Integration: Strategic Management with IB, Competitive Dynamics, and Value Capture
Tue: 15:45 – 17:00
Session 93: Blending CSR, Non-Profit, Symbolic Management and Practitioner Focus Perspectives

All Sessions in Track M...

Sun: 08:00 – 09:15
Session 49: Stakeholder Strategy and Corporate Growth
Sun: 09:45 – 11:00
Session 48: On Teaching CSR as a Strategic Management Topic
Sun: 11:15 – 12:30
Session 47: On the Emerging B Corp Phenomenon and the Future of Capitalism
Sun: 17:45 – 00:00
Session 322: Stakeholder Strategy Business Meeting
Mon: 08:00 – 09:15
Session 39: Who is a stakeholder?
Mon: 11:15 – 12:30
Session 34: New Explanations of Contextual Differences in CSR
Session 244: Legitimacy, Stakeholders, and Competition
Session 257: Explaining CSR: Internal Factors
Mon: 13:45 – 15:00
Session 37: Political Ties: Knots or Bows?
Mon: 16:45 – 18:00
Session 42: The Word is Out! Stakeholder Responses to Public Signals of Firms' Behaviors
Session 89: Integrating Theories of Stakeholders, Ownership, Governance and Boards
Tue: 08:00 – 09:15
Session 43: First Principles in Creating Value: Stakeholder Theory
Tue: 11:00 – 12:15
Session 260: CSR Challenges
Tue: 14:15 – 15:30
Session 44: What's New? Intersecting Stakeholders with Entrepreneurial Industries, Firms, and Organizational Forms
Tue: 15:45 – 17:00
Session 46: Accidents, Disasters, and Stakeholder Demands
Session 265: Performance Effects of CSR and Non Market Strategy
Tue: 17:30 – 18:45
Session 90: Stakeholder Strategies in Emerging Markets

Strategic Management Society