Corporate Governance-An International Review最新文献

{"title":"Board Attributes, Firm Performance, and the Moderating Role of National Culture: A Meta-Analysis","authors":"Matthew Farrell,&nbsp;Chris H. Willis,&nbsp;Nathapon Siangchokyoo,&nbsp;Ryan L. Klinger,&nbsp;Jamil Kreugel,&nbsp;Hami Usta,&nbsp;Timiry R. Tian,&nbsp;Ying Thaviphoke,&nbsp;Samuel Wilson","doi":"10.1111/corg.70002","DOIUrl":"https://doi.org/10.1111/corg.70002","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>The impact of board structures on firm performance remains a contentious governance topic with competing theoretical paradigms and inconclusive empirical support. Scholars propose that national culture could reconcile contradictory evidence; yet, argumentation is fragmented and direct tests are rare. We meta-analyzed 513 samples across 54 countries to examine relationships between board structures (i.e., board size, board independence, and CEO duality) and firm performance. We model national culture, using Hofstede's six cultural dimensions, as moderators to test whether these relationships align with agency or stewardship theory across different cultural settings.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>Findings indicate a substantial moderating role of national culture on board structure–firm performance relationships. However, the performance implications of board structures are contingent, varying by the specific board attribute, cultural dimension, and performance metric considered (accounting-based, market-based, or growth). For example, cultural moderators often have opposite effects on accounting versus market outcomes, and certain board features (notably, CEO duality) are more strongly influenced by culture than others. Our study is the first to meta-analyze board structure effects on growth-oriented performance measures and provides the most comprehensive meta-analytic estimates, sharpening understanding of the boundary conditions between agency and stewardship logic.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>Integrating national cultural values into competing agency versus stewardship paradigms, our research offers a nuanced, culture-contingent governance framework. Synthesizing theoretical arguments and empirical evidence, we present a roadmap of saturated, contested, and nascent research questions to steer future corporate governance scholarship.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>Our findings counter one-size-fits-all approaches, suggesting that boards, investors, and regulators tailor board architecture and governance codes to local cultural norms.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"34 2","pages":"310-337"},"PeriodicalIF":5.5,"publicationDate":"2026-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/corg.70002","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147565714","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Executives' Excess Compensation and Green Innovation Performance: An Attention-Based Theory Perspective","authors":"Zhengtang Zhang,&nbsp;Quan Zhang,&nbsp;Yeshen Liu,&nbsp;Kaixi Song,&nbsp;Yinfeng Wu","doi":"10.1111/corg.70029","DOIUrl":"https://doi.org/10.1111/corg.70029","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>Grounded in attention-based theory, this study examines the impact of executive excess compensation (EEC) on green innovation performance, while also analyzing how contextual factors at the individual (executives' tenure, performance-induced executives' turnover), organizational (performance shortfalls, ownership), and environmental (environmental regulation, media focus) levels shape this relationship.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>EEC fosters executives' long-term orientation, which in turn directs their attention toward green innovation and ultimately enhances green innovation performance. This effect is particularly pronounced in firms characterized by long executive tenure, low performance-induced turnover, minimal performance shortfalls, stringent environmental regulations, and intense media scrutiny; it is further exacerbated in family firms and state-owned enterprises where executives possess strong incentives for political promotion. Furthermore, additional analysis indicates that EEC also enhances green innovation quality.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>We help address inconsistencies in previous research on compensation incentives and corporate environmental governance by distinguishing EEC from other types of pay incentives. Based on attention-based theory, we argue that the weak connection between EEC and short-term financial performance motivates executives to adopt a long-term perspective and place greater emphasis on green innovation, thus enhancing both the quantity and quality of green innovation.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>These findings offer crucial policy implications for emerging economies confronting challenges in the effective incentivization of green innovation. By demonstrating that EEC motivates executives to prioritize environmental governance, we highlight a pathway for firms to secure a competitive advantage within the contemporary ESG-centric landscape.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"34 2","pages":"540-562"},"PeriodicalIF":5.5,"publicationDate":"2026-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147567812","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Government Environmental Attention and the Stock Price Crash Risk: From the Perspectives of External and Internal Governance","authors":"Zhipeng Liang,&nbsp;Jinyu Chen,&nbsp;Shijie Ding","doi":"10.1111/corg.70025","DOIUrl":"https://doi.org/10.1111/corg.70025","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>Based on the section of the future work plan in the government work report, this study explores how government environmental attention influences the stock price crash risk and the role of internal and external corporate governance in this process.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>This study takes the sample of heavily polluting industry firms listed on Chinese A-shares from 2011 to 2020 and finds that government environmental attention can effectively reduce the stock price crash risk. The mechanism analysis suggests that government environmental attention mitigates crash risk by reducing information asymmetry. The improvement of internal and external corporate governance mechanisms can enhance the dampening effect of government environmental attention on the crash risk.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>First, our study offers a new perspective for exploring the determinants of crash risk and enriches the literature on the role of government environmental attention in financial markets. Second, we make a significant contribution to the literature on the attention-based view. We not only enrich the application of the attention-based view, but also provide new theoretical grounding for how government influences corporate behavior through soft constraints such as environmental attention. Third, our study advances the theoretical understanding of corporate governance by integrating the attention-based view and the perspectives of internal and external governance. It emphasizes the “amplifier” role of internal and external governance mechanisms in transmitting governmental environmental attention.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>This study reflects the forward-looking guidance role of government work reports from an empirical perspective, which has practical significance for the government to improve its environmental policies, for firms to optimize resource allocation and prevent the crash risk, and for the capital market to maintain stable operation. It also integrates the internal and external governance environment of firms, which helps optimize the corporate governance system, improve the corporate governance mechanism, and provide theoretical guidance for corporate management.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"34 2","pages":"468-485"},"PeriodicalIF":5.5,"publicationDate":"2026-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147563937","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"CEO Characteristics and Corporate Social Responsibility and Irresponsibility: Mirrored or Distinct Correlates? A Meta-Analytic Review","authors":"Sibel Ozgen,&nbsp;Dasol Sim,&nbsp;Nathan J. Hiller,&nbsp;Yuyang Zhou,&nbsp;Ronaldo Parente","doi":"10.1111/corg.70003","DOIUrl":"https://doi.org/10.1111/corg.70003","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>Are specific characteristics of CEOs—a key corporate governance actor—related to Corporate Social Responsibility (CSR) and/or Corporate Social Irresponsibility (CSI) of the firms they lead?</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings</h3>\u0000 \u0000 <p>Based on 420 primary studies (425 independent samples), this meta-analysis found that a majority of CEO characteristics examined were significantly associated with firm-level CSR and less consistently related to CSI. Only three characteristics (gender, political connections, and liberalism) demonstrated symmetric relationships, such that the sign/valence was positive for CSR (CSI) and negative for CSI (CSR). Education was positively associated with CSR (but not CSI), whereas tenure showed negative, and narcissism positive, associations with both. Institutional context altered some relationships. Rather than being inversely related, the relationship between CSR and CSI was moderate and positive, further demonstrating that CSR and CSI are not simply two ends of a “corporate social performance” continuum.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>This work advances corporate governance and strategic leadership research by providing across-study estimates of relationships between a host of CEO characteristics and two seemingly opposite forms of corporate social performance.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>These findings suggest a framework for succession planning and executive selection that considers both CSR and CSI tendencies, while accounting for context and CEO characteristics that may act as a double-edged sword.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"34 2","pages":"338-357"},"PeriodicalIF":5.5,"publicationDate":"2026-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147562259","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Board Size in Context: A Meta-Analysis on the Relationship Between Board Size and Firm Performance","authors":"Fabian K. Ahrens,&nbsp;Dennis B. Veltrop,&nbsp;Laetitia B. Mulder,&nbsp;Floor Rink","doi":"10.1111/corg.12664","DOIUrl":"https://doi.org/10.1111/corg.12664","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>Research presents mixed findings on the relationship between board size and firm performance. Acknowledging that larger boards simultaneously offer increased resources and face heightened coordination demands, we propose that the ongoing ambiguity in this relationship stems from the context-dependent nature of how larger boards balance these two opposing forces. This paper introduces a novel contingency framework comprising three firm-level factors (board independence, type of performance, and ownership concentration) and three country-level factors (legal origin, in-group collectivism, and gender egalitarianism) that determine whether board size relates positively or negatively to firm performance.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>We test the predictive value of our contingency framework in a meta-analysis based on 346 studies across 110 countries. At the firm level, the impact of board size differs by performance type, showing a stronger negative association with market-based performance, whereas board independence and ownership concentration do not play a significant moderating role. At the country level, we find positive moderating influences of common law origin and high in-group collectivism, while gender egalitarianism shows no moderating effect.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>Our contextual framework reconciles divergent findings on the board size–firm performance relationship. Our results highlight the futility of a “one-size-fits-all” approach. It offers a contextualized view on the resource–coordination balance that acknowledges the important role of country-level contingencies therein. All in all, our findings highlight that contextually imposed coordination demands make it more difficult for larger boards to capitalize on their resources.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>Board size recommendations need to be tailored to contextual variables such as performance type, legal system, and sociocultural factors.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"34 2","pages":"290-309"},"PeriodicalIF":5.5,"publicationDate":"2026-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/corg.12664","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147569914","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Judicial Independence and Political Connection: Evidence From China","authors":"Xuchang Chen,&nbsp;Yijie Min","doi":"10.1111/corg.70031","DOIUrl":"https://doi.org/10.1111/corg.70031","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>Ample evidence highlights the importance of accumulating political assets to mitigate external uncertainty. However, relatively little is known about when firms decide to reduce their political connections. This study examines how firms adjust their politician appointments in response to the improvements in institutional quality.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>This study utilizes a unique research setting involving the establishment of circuit courts in China. As a part of judicial reform, the establishment of circuit courts substantially enhances local judicial independence. The results reveal that as judicial independence strengthens, firms tend to reduce their reliance on political connections and consequently appoint fewer politicians to their boards and/or top management teams. The negative relationship between judicial independence and politician appointments is more pronounced when firms are engaged in interfirm R&amp;D collaboration and less pronounced when economic policy uncertainty is high.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>Building on resource dependence theory, this study explores firms' nonmarket strategies by examining how they reduce engagement with local political connections as legal institutions improve. In addition, this study adds to the antecedents of political connections from an institutional perspective.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>The findings highlight the value of legal reforms that promote judicial impartiality and independence. Moreover, practitioners can benefit from institutional improvements by balancing market and nonmarket strategies.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"34 2","pages":"563-576"},"PeriodicalIF":5.5,"publicationDate":"2026-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147567453","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Moving Forward by Looking Back: Synthesizing Extant Corporate Governance Knowledge","authors":"Brian K. Boyd,&nbsp;Corinne Post,&nbsp;Angelo M. Solarino","doi":"10.1111/corg.70027","DOIUrl":"https://doi.org/10.1111/corg.70027","url":null,"abstract":"","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"34 2","pages":"509-519"},"PeriodicalIF":5.5,"publicationDate":"2026-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147567834","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Innovation-Promoting Role of Governmental Stock Market Stabilization Funds","authors":"Xingquan Yang,&nbsp;Zheng Yang","doi":"10.1111/corg.70024","DOIUrl":"https://doi.org/10.1111/corg.70024","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>This study exploits China's 2015 introduction of stock market stabilization funds (SMSFs) as a quasi-natural experiment and uses panel data on Chinese A-share–listed companies from 2010 to 2018 to assess the causal effect of SMSFs on corporate innovation through a difference-in-differences (DID) framework.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>We find that China's SMSFs significantly enhance corporate innovation. Mechanism analyses indicate that SMSFs promote corporate innovation through the corporate governance effect (curbing managerial self-interest and controlling shareholder tunneling) and the risk shock mitigation effect (reducing stock price crash risk). Furthermore, we find that the positive effect of SMSFs on corporate innovation is stronger when a firm is held by multiple SMSFs or when SMSFs increase their stock holdings. This effect is also more pronounced for state-owned firms or firms receiving greater analyst attention. Finally, we find that China's SMSFs more effectively promote corporate innovation in regions with higher marketization levels and better government quality.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>First, we broaden the existing research on the relationship between government intervention and corporate innovation by providing new empirical evidence to clarify the debate on this relationship from the perspective of causal identification. Second, we link the literature on SMSFs and corporate innovation to enrich the understanding of the economic consequences of SMSFs, expand the existing research on institutional investors, and offer new perspectives for exploring the factors influencing corporate innovation.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>Our findings confirm the positive role of government intervention in promoting corporate innovation and demonstrate that moderate, well-designed, and long-term-oriented government intervention in capital markets can yield beneficial outcomes. Our study provides valuable implications for the operation of SMSFs in other East Asian economies and for the healthy and sustainable development of capital markets in emerging economies.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"34 2","pages":"445-467"},"PeriodicalIF":5.5,"publicationDate":"2026-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147563812","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Does Organizational Power Allocation Respond to Technological Shift in the Digital Age? Empirical Evidence From Chinese Listed Firms","authors":"Danyang Chen,&nbsp;Lili Jiu,&nbsp;Yuanyuan Liu","doi":"10.1111/corg.70026","DOIUrl":"https://doi.org/10.1111/corg.70026","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>This study examines how organizational structures adapt to digital technologies in the digital age. Many nontechnology firms are undergoing transformations driven by data-driven digital technologies. However, their existing structures often fail to accommodate these changes, thus prompting a need for strategic adaptation to integrate these technologies into business operations. Specifically, we propose that digitalization facilitates decentralized power in governance structures.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>To better capture how digitalization influences governance structure, we focus on the adoption of digital technologies and apply multiple measures of digitalization to examine its impact on the empowerment of subsidiaries by parent firms. Using public data from China's listed companies between 2009 and 2020, we find that firms with higher levels of digitalization tend to decentralize decision-making authority to their subsidiaries. Moderation tests indicate that this effect is more pronounced for companies with greater business diversification and those operating in environments of higher uncertainty, highlighting the role of digital technologies in managing task uncertainty and governance costs. Further analysis suggests that this shift in power allocation significantly enhances firm productivity.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>This study contributes to the growing literature on corporate digitalization by shifting the focus from antecedents and production efficiency to proactive adaptation strategies. By exploring changes in internal power structures and their financial consequences, we offer insights into how digital technologies can drive competitive advantage within firms. Additionally, we contribute to organizational structure theory by positing that digital technologies act as an external contingency for nontech firms, requiring structural decentralization to align with technological shifts.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>Our findings have implications for both professional managers and shareholders. For nontech firms seeking to enhance operational efficiency through digitalization, they should consider optimizing internal power structures in response to technological shifts, which can improve firm performance.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"34 2","pages":"486-508"},"PeriodicalIF":5.5,"publicationDate":"2026-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147566013","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Talk or Fight? Activist Board Entry and Its Impact on Firm Strategic Change","authors":"Eugene See,&nbsp;Bruce Skaggs","doi":"10.1111/corg.70028","DOIUrl":"https://doi.org/10.1111/corg.70028","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>This study examines how the method of activist director board entry—via private settlements or proxy battles—influences their impact on firm strategic change, highlighting the moderating influence of prior activist experience on these entry methods.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>We find that activist directors appointed via proxy battles lead to less firm strategic change than activist directors appointed through private settlements. Further, we find that under private settlement conditions, activist directors without prior activist experience lead to more strategic change than those with prior activist experience. Under proxy battle conditions, however, we find no significant difference in strategic change between activist directors with and without prior activist experience.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>Adopting a behavioral perspective, we propose that the situational context of activist board entry shapes how incumbent directors perceive activist appointees through alignment and legitimacy—perceptions that, in turn, influence their receptivity to activist-driven strategic change. Our findings highlight how these contextual dynamics affect firm strategic change and underscore conditions under which prior activist experience moderates such effects.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>For activist shareholders, our findings suggest that settlement-based director appointments result in more strategic change than contested elections. Moreover, nominating directors without prior activist experience may reduce resistance and foster smoother integration within the boardroom under cooperative settlement conditions. These insights can inform campaign strategy, director selection, and engagement protocols during activist negotiations.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"34 2","pages":"520-539"},"PeriodicalIF":5.5,"publicationDate":"2026-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/corg.70028","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147567547","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}