Does the Rolodex Matter? Corporate Elite's Small World and the Effectiveness of Boards of Directors
Abstract
This paper investigates the impact of social ties on the effectiveness of boards of directors. When the CEO and a number of directors belong to the same social networks, the CEO is less likely to be dismissed for poor performance. The results are robust to different measures of performance and networks, consistent after controlling for CEO ability, and not due to connected boards’ superior information. Socially connected CEOs are also more...
Paper Details
Title
Does the Rolodex Matter? Corporate Elite's Small World and the Effectiveness of Boards of Directors
Published Date
Feb 26, 2011
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