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The relative power of ceos and boards of directors: Associations with corporate performance

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  • John A. Pearce
  • Shaker A. Zahra

Abstract

A typology of the relative powers of the chief executive officer and the board of directors was derived based on the literature, highlighting four situations: Caretaker, Statutory, Proactive and Participative boards. Data collected from Fortune 500 Industrial and Fortune 500 Service corporations supported the typology. The results showed significant differences among the four board types in their characteristics, internal process, decision‐making styles, board effectiveness, and contribution to company performance. Powerful boards were associated with superior corporate financial performance.

Suggested Citation

  • John A. Pearce & Shaker A. Zahra, 1991. "The relative power of ceos and boards of directors: Associations with corporate performance," Strategic Management Journal, Wiley Blackwell, vol. 12(2), pages 135-153, February.
    • Handle: RePEc:bla:stratm:v:12:y:1991:i:2:p:135-153
    DOI: 10.1002/smj.4250120205
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