Positive and negative synergies between the CEO's and the corporate board's human and social capital: A study of biotechnology firms

被引：102

作者：

Sundaramurthy, Chamu ^{[1
]}

Pukthuanthong, Kuntara ^{[2
]}

Kor, Yasemin ^{[3
]}

机构：

[1] San Diego State Univ, Dept Management, San Diego, CA 92182 USA

[2] San Diego State Univ, Dept Finance, San Diego, CA 92182 USA

[3] Univ S Carolina, Dept Management, Darla Moore Sch Business, Columbia, SC 29208 USA

来源：

STRATEGIC MANAGEMENT JOURNAL | 2014年 / 35卷 / 06期

关键词：

human and social capital; initial public offering; board of directors; biotechnology; corporate governance; INITIAL PUBLIC OFFERINGS; ABSORPTIVE-CAPACITY; TOP EXECUTIVES; DIRECTORS; PERFORMANCE; MANAGERIAL; EXPERIENCE; GOVERNANCE; IMPACT; PERSISTENCE;

D O I：

10.1002/smj.2137

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper contributes to the corporate governance literature by developing and testing theory regarding positive and negative synergies between the CEO's and the board's human and social capital. Using a sample of 360 biotechnology firms that went public between 1995 and 2010, we demonstrate that accumulated public company board experiences of the CEO and the board have positive synergistic effects on IPO performance whereas the current board appointments have negative effects. While scientific educational backgrounds have positive synergies, industry-specific experiences produce either positive or counterproductive effects depending on the age and profitability of the firm. Thus, our paper contributes to the corporate governance and human and social capital literatures by describing the costs and benefits of specific types and combinations of CEO and board capital. Copyright (c) 2013 John Wiley & Sons, Ltd.

引用

页码：845 / 868

页数：24

共 116 条

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