Stay or Leave: Director Identities and Voluntary Exit from the Board During Organizational Crisis

References

• Aron A., Aron E. (2000) Self-expansion motivation and including other in the self. , Ickes W., Duck S., eds. The Social Psychology of Personal Relationships. (John Wiley & Sons, Chichester, UK) , 109–122.Google Scholar
• Arthaud-Day M. L., Certo S. T., Dalton C. M., Dalton D. R. (2006) A changing of the guard: Executive and director turnover following corporate financial restatements. Acad. Management J. 49(6) 1119–1136.Crossref, Google Scholar
• Ashforth B. E. (2001) Role Transitions in Organizational Life: An Identity-Based Perspective. (Lawrence Erlbaum Associates, Mahwah, NJ) .Google Scholar
• Ashforth B. E. (2007) Identity: The elastic concept. , Bartel C. A., Blader S. L., Wrzesniewski A., eds. Identity and the Modern Organization. (Lawrence Erlbaum Associates, Mahwah, NJ) , 85–96.Google Scholar
• Ashforth B. E., Johnson S. A. (2001) Which hat to wear? The relative salience of multiple identities in organizational contexts. , Hogg M. A., Terry D. J., eds. Social Identity Processes in Organizational Contexts. (Psychology Press, Philadelphia) , 31–48.Google Scholar
• Ashforth B. E., Harrison S. H., Corley K. G. (2008) Identification in organizations: An examination of four fundamental questions. J. Management 34(3) 325–374.Crossref, Google Scholar
• Bamber E. M., Iyer V. M. (2002) Big 5 auditors' professional and organizational identification: Consistency or conflict? Auditing 21(2) 21–38.Crossref, Google Scholar
• Biddle B. J. (1979) Role Theory: Expectations, Identities, and Behaviors. (Academic Press, New York) .Google Scholar
• Brewer M. B., Gardner W. (1996) Who is this “we”? Levels of collective identity and self representations. J. Personality Soc. Psych. 71(1) 83–93.Crossref, Google Scholar
• Brockner J., James E. H. (2008) Toward an understanding of when executives see crisis as opportunity. J. Appl. Behav. Sci. 44(1) 94–115.Crossref, Google Scholar
• Chatterjee S., Harrison J. S. (2001) Corporate governance. , Hitt M. A., Freeman R. E., Harrison J. S., eds. The Blackwell Handbook of Strategic Management. (Blackwell, Oxford, UK) , 543–563.Google Scholar
• Clair J. A., Waddock S. (2007) A “total” responsibility management approach to crisis management and signal detection in organizations. , Pearson C. M., Roux-Dufort C., Clair J. A., eds. International Handbook of Organizational Crisis Management. (Sage, Thousand Oaks, CA) , 299–314.Crossref, Google Scholar
• Corley K. G. (2005) Examining the non-executive director's role from a non-agency theory perspective: Implications arising from the Higgs Report. British J. Management 16(Supplement S1) S1–S4.Crossref, Google Scholar
• Daily C. M. (1996) Governance patterns in bankruptcy reorganizations. Strategic Management J. 17(5) 355–375.Crossref, Google Scholar
• Daily C. M., Dalton D. R. (1995) CEO and director turnover in failing firms: An illusion of change? Strategic Management J. 16(5) 393–400.Crossref, Google Scholar
• Daily C. M., Dalton D. R. (1998) The role of governance in corporate decline: A review and research agenda. , Ketchen D., ed. Turnaround Research: Past Accomplishments and Future Challenges. Advances in Applied Business Strategy, Vol. 5. (JAI Press, Stamford, CT) , 239–260.Google Scholar
• Daily C. M., Certo S. T., Dalton D. R. (1999) A decade of corporate women: Some progress in the boardroom, none in the executive suite. Strategic Management J. 20(1) 93–100.Crossref, Google Scholar
• Dalton D. R., Dalton C. M. (2008) On the progress of corporate women: Less a glass ceiling than a bottleneck? , Vinnicombe S., Singh V., Burke R. J., Bilimoriam D., Huse M., eds. Women on Corporate Boards of Directors: International Research and Practice. (Edward Elgar, Cheltenham, UK) , 184–197.Crossref, Google Scholar
• Dalton D. R., Daily C. M., Ellstrand A. E., Johnson J. L. (1998) Meta-analytic reviews of board composition, leadership structure, and financial performance. Strategic Management J. 19(3) 269–290.Crossref, Google Scholar
• Dalton D. R., Daily C. M., Johnson J. L., Ellstrand A. E. (1999) Number of directors and financial performance: A meta-analysis. Acad. Management J. 42(6) 674–686.Crossref, Google Scholar
• Dalton D. R., Hitt M. A., Certo S. T., Dalton C. M. (2007) Agency theory and its mitigation. , Brief A., Walsh J., eds. Academy of Management Annals. (Lawrence Erlbaum Associates, Mahwah, NJ) , 1–64.Google Scholar
• D'Aveni R. A. (1990) Top managerial prestige and organizational bankruptcy. Organ. Sci. 1(2) 121–142.Link, Google Scholar
• Dewally M., Peck S. W. (2010) Upheaval in the boardroom: Outside director public resignations, motivations, and consequences. J. Corporate Finance 16(1) 38–52.Crossref, Google Scholar
• Dutton J. E. (1986) The processing of crisis and non-crisis strategic issues. J. Management Stud. 23(5) 501–517.Crossref, Google Scholar
• Ellemers N., de Gilder D., Haslam S. A. (2004) Motivating individuals and groups at work: A social identity perspective on leadership and group performance. Acad. Management Rev. 29(3) 459–478.Crossref, Google Scholar
• Fahlenbrach R., Low A., Stulz R. M. (2010) The dark side of outside directors: Do they quit when they are most needed? . NBER Working Paper w15917, National Bureau of Academic Research, Cambridge, MA.Google Scholar
• Fama E. F. (1980) Agency problems and the theory of the firm. J. Political Econom. 88(2) 288–307.Crossref, Google Scholar
• Farrell K. A., Whidbee D. A. (2000) The consequences of forced CEO succession for outside directors. J. Bus. 73(4) 597–627.Crossref, Google Scholar
• Finkelstein S., D'Aveni R. A. (1994) CEO duality as a double-edged sword: How boards of directors balance entrenchment avoidance and unity of command. Acad. Management J. 37(5) 1079–1108.Crossref, Google Scholar
• Finklestein S., Hambrick D. C. (1996) Strategic Leadership: Top Executives and Their Effects on Organizations. (West Publishing, Minneapolis/St. Paul, MN) .Google Scholar
• Finkelstein S., Hambrick D. C., Cannella A. A. (2009) Strategic Leadership: Theory and Research on Executives, Top Management Teams, and Boards. (Oxford University Press, Oxford, UK) .Google Scholar
• Fiske S. T., Taylor S. E. (1991) Social Cognition, 2nd ed. (McGraw-Hill, New York) .Crossref, Google Scholar
• Forbes D. P., Milliken F. J. (1999) Cognition and corporate governance: Understanding boards of directors as strategic decision-making groups. Acad. Management Rev. 24(3) 489–505.Crossref, Google Scholar
• Ford J. D. (1985) The effects of causal attributions on decision makers' responses to performance downturns. Acad. Management Rev. 10(4) 770–786.Crossref, Google Scholar
• Ford J. D., Baucus D. A. (1987) Organizational adaptation to performance downturns: An interpretation-based perspective. Acad. Management Rev. 12(2) 366–380.Crossref, Google Scholar
• Freidson E. (2001) Professionalism: The Third Logic. (University of Chicago Press, Chicago) .Google Scholar
• Gales L. M., Kesner I. F. (1994) An analysis of board of director size and composition in bankrupt organizations. J. Bus. Res. 30(3) 271–282.Crossref, Google Scholar
• Golden-Biddle K., Rao H. (1997) Breaches in the boardroom: Organizational identity and conflicts of commitment in a nonprofit organization. Organ. Sci. 8(6) 593–611.Link, Google Scholar
• Hambrick D. C., D'Aveni R. A. (1992) Top team deterioration as part of the downward spiral of large corporate bankruptcies. Management Sci. 38(10) 1445–1466.Link, Google Scholar
• Haslam S. A., Ellemers N. (2005) Social identity in industrial and organizational psychology: Concepts, controversies and contributions. , Hodgkinson G. P., Ford J. K., eds. International Review of Industrial and Organizational Psychology, Vol. 20. (John Wiley & Sons, Chichester, UK) , 39–118.Google Scholar
• Hekman D. R., Bigley G. A., Steensma H. K., Hereford J. F. (2009) Combined effects of organizational and professional identification on the reciprocity dynamic for professional employees. Acad. Management J. 52(3) 506–526.Crossref, Google Scholar
• Hillman A. J., Dalziel T. (2003) Boards of directors and firm performance: Integrating agency and resource dependence perspectives. Acad. Management Rev. 28(3) 383–396.Crossref, Google Scholar
• Hillman A. J., Cannella A. A., Harris I. C. (2002) Women and racial minorities in the boardroom: How do directors differ? J. Management 28(6) 747–763.Google Scholar
• Hillman A. J., Nicholson G. J., Shropshire C. (2008) Directors' multiple identities, identification, and board monitoring and resource provision. Organ. Sci. 19(3) 441–456.Link, Google Scholar
• Hillman A. J., Shropshire C., Cannella A. A. (2007) Organizational predictors of women on corporate boards. Acad. Management J. 50(4) 941–952.Crossref, Google Scholar
• Hitt M. A., Tyler B. B. (1991) Strategic decision models: Integrating different perspectives. Strategic Management J. 12(5) 327–351.Crossref, Google Scholar
• Hogg M. A., Abrams D. (1988) Social Identifications: A Social Psychology of Intergroup Relations and Group Processes. (Routledge, London) .Google Scholar
• Hogg M. A., Terry D. J., White K. M. (1995) A tale of two theories: A critical comparison of identity theory with social identity theory. Soc. Psych. Quart. 58(4) 255–269.Crossref, Google Scholar
• Johnson J. L., Daily C. M., Ellstrand A. E. (1996) Boards of directors: A review and research agenda. J. Management 22(3) 409–438.Crossref, Google Scholar
• Kahneman D., Tversky A. (1979) Prospect theory: An analysis of decision under risk. Econometrica 47(2) 263–291.Crossref, Google Scholar
• Katz D., Kahn R. L. (1978) The Social Psychology of Organizations, 2nd ed. (John Wiley & Sons, New York) .Google Scholar
• Kelley H. H. (1973) The processes of causal attribution. Amer. Psychologist 28(2) 107–128.Crossref, Google Scholar
• Kelman H. C. (1961) Processes of opinion change. Public Opinion Quart. 25(1) 57–78.Crossref, Google Scholar
• Kesner I. F., Sebora T. C. (1994) Executive succession: Past, present and future. J. Management 20(2) 327–372.Google Scholar
• Khurana R., Pick K. (2004) The social nature of boards. Brooklyn Law Rev. 70(4) 1259–1285.Google Scholar
• Lin Z., Zhao X., Ismail K. M., Carley K. M. (2006) Organizational design and restructuring in response to crises: Lessons from computational modeling and real-world cases. Organ. Sci. 17(5) 598–618.Link, Google Scholar
• Lorsch J. W., MacIver E. (1989) Pawns or Potentates: The Reality of America's Boards. (Harvard Business School Press, Boston) .Google Scholar
• Mace M. L. (1971) Directors: Myth and Reality. (Harvard University Press, Boston) .Google Scholar
• Mael F. A., Ashforth B. E. (1992) Alumni and their alma mater: A partial test of the reformulated model of organizational identification. J. Organ. Behav. 13(2) 103–123.Crossref, Google Scholar
• Mael F. A., Ashforth B. E. (1995) Loyal from day one: Biodata, organizational identification, and turnover among newcomers. Personnel Psych. 48(2) 309–333.Crossref, Google Scholar
• McCall G. J., Simmons J. L. (1978) Identities and Interactions: An Examination of Human Association in Everyday Life. (Free Press, New York) .Google Scholar
• Minichilli A., Hansen C. (2007) The board advisory tasks in small firms and the event of crises. J. Management Governance 11(1) 5–22.Crossref, Google Scholar
• Mone M. A., McKinley W., Barker V. L. (1998) Organizational decline and innovation: A contingency framework. Acad. Management Rev. 23(1) 115–132.Crossref, Google Scholar
• Nystrom P. C., Starbuck W. H. (1984) To avoid organizational crises, unlearn. Organ. Dynam. 12(4) 53–65.Crossref, Google Scholar
• Pauchant T. C., Mitroff I. I. (1992) Transforming the Crisis-Prone Organization: Preventing Individual, Organizational, and Environmental Tragedies. (Jossey-Bass, San Francisco) .Google Scholar
• Pearson C. M., Clair J. A. (1998) Reframing crisis management. Acad. Management Rev. 23(1) 59–76.Crossref, Google Scholar
• Pearson C. M., Mitroff I. I. (1993) From crisis prone to crisis prepared: A framework for crisis management. Acad. Management Executive 7(1) 48–59.Google Scholar
• Pearson C. M., Misra S. K., Clair J. A., Mitroff I. I. (1997) Managing the unthinkable. Organ. Dynam. 26(2) 51–64.Crossref, Google Scholar
• Perrow C. (1984) Normal Accidents: Living with High-Risk Technologies. (Basic Books, New York) .Google Scholar
• Pfeffer J., Salancik G. R. (1978) The External Control of Organizations: A Resource Dependence Perspective. (Harper & Row, New York) .Google Scholar
• Pratt M. G., Doucet L. (2000) Ambivalent feelings in organizational relationships. , Fineman S., ed. Emotion in Organizations, 2nd ed. (Sage, London) , 204–226.Crossref, Google Scholar
• Pratt M. G., Foreman P. O. (2000) Classifying managerial responses to multiple organizational identities. Acad. Management Rev. 25(1) 18–42.Crossref, Google Scholar
• Probst G., Raisch S. (2005) Organizational crisis: The logic of failure. Acad. Management Executive 19(1) 90–105.Google Scholar
• Riketta M., van Dick R. (2005) Foci of attachment in organizations: A meta-analytic comparison of the strength and correlates of workgroup versus organizational identification and commitment. J. Vocational Behav. 67(3) 490–510.Crossref, Google Scholar
• Sedikides C., Brewer M. B. (2001) Individual Self, Relational Self, Collective Self. (Psychology Press, Philadelphia) .Google Scholar
• Sheaffer Z., Mano-Negrin R. (2003) Executives' orientations as indicators of crisis management policies and practices. J. Management Stud. 40(2) 573–606.Crossref, Google Scholar
• Shen W. (2003) The dynamics of the CEO-board relationship: An evolutionary perspective. Acad. Management Rev. 28(3) 466–476.Crossref, Google Scholar
• Shrivastava P. (1993) Crisis theory/practice: Towards a sustainable future. Organ. Environ. 7(1) 23–42.Crossref, Google Scholar
• Sluss D. M., Ashforth B. E. (2007) Relational identity and identification: Defining ourselves through work relationships. Acad. Management Rev. 32(1) 9–32.Crossref, Google Scholar
• Sluss D. M., Ashforth B. E. (2008) How relational and organizational identification converge: Processes and conditions. Organ. Sci. 19(6) 807–823.Link, Google Scholar
• Smith D. (2006) Crisis management—Practice in search of a paradigm. , Smith D., Elliott D., eds. Key Readings in Crisis Management: Systems and Structures for Prevention and Recovery. (Routledge, New York) , 1–14.Google Scholar
• Staw B. M. (1976) Knee-deep in the Big Muddy: A study of escalating commitment to a chosen course of action. Organ. Behav. Human Performance 16(1) 27–44.Crossref, Google Scholar
• Staw B. M., Sandelands L. E., Dutton J. E. (1981) Threat-rigidity effects in organizational behavior: A multilevel analysis. Admin. Sci. Quart. 26(4) 501–524.Crossref, Google Scholar
• Stets J. E., Burke P. J. (2000) Identity theory and social identity theory. Soc. Psych. Quart. 63(3) 224–237.Crossref, Google Scholar
• Stryker S. (1980) Symbolic Interactionism: A Social Structural Version. (Benjamin/Cummings, Palo Alto, CA) .Google Scholar
• Stryker S., Burke P. J. (2000) The past, present, and future of an identity theory. Soc. Psych. Quart. 63(4) 284–297.Crossref, Google Scholar
• Suchman M. C. (1995) Managing legitimacy: Strategic and institutional approaches. Acad. Management Rev. 20(3) 571–610.Crossref, Google Scholar
• Tajfel H. (1972) Social categorization. , Moscovici S., ed. Introduction to Social Psychology, Vol. 1. (Larousse, Paris) , 272–302.Google Scholar
• Tajfel H. (1982) Social Identity and Intergroup Relations. (Cambridge University Press, Cambridge, UK) .Google Scholar
• Thoits P. A. (1991) On merging identity theory and stress research. Soc. Psych. Quart. 54(2) 101–112.Crossref, Google Scholar
• Van Dick R., Christ O., Stellmacher J., Wagner U., Ahlswede O., Grubba C., Hauptmeier M., Hohfeld C., Moltzen K., Tissington P. A. (2004) Should I stay or should I go? Explaining turnover intentions with organizational identification and job satisfaction. British J. Management 15(4) 351–360.Crossref, Google Scholar
• van Knippenberg D., van Schie E. C. M. (2000) Foci and correlates of organizational identification. J. Occupational Organ. Psych. 73(2) 137–147.Crossref, Google Scholar
• Van Maanen J., Barley S. (1984) Occupational communities: Culture and control in organizations. , Staw B. M., Cummings L. L., eds. Research in Organizational Behavior, Vol. 6. (JAI Press, Greenwich, CT) , 287–365.Google Scholar
• Wagner K. (2010) Did bank directors bolt as going got tough?. . Vell Executive Search (August 16), http://www.vell.com/press/206-agenda-did-bank-directors-bolt-as-going-got-tough.Google Scholar
• Wang L., Pratt M. G. (2008) An identity-based view of ambivalence and its management in organizations. , Ashkanasy N. M., Cooper C. L., eds. Research Companions to Emotion in Organizations. (Edward Elgar, Cheltenham, UK) , 589–604.Crossref, Google Scholar
• Weick K. E. (1995) Sensemaking in Organizations. (Sage, Thousand Oaks, CA) .Google Scholar
• Weitzel W., Jonsson E. (1991) Reversing the downward spiral: Lessons from W. T. Grant and Sears Roebuck. Acad. Management Executive 5(3) 7–22.Google Scholar
• Westphal J. D., Zajac E. J. (1995) Who shall govern? CEO/board power, demographic similarity, and new director selection. Admin. Sci. Quart. 40(1) 60–83.Crossref, Google Scholar
• Westphal J. D., Zajac E. J. (1997) Defections from the inner circle: Social exchange, reciprocity, and the diffusion of board independence in U.S. corporations. Admin. Sci. Quart. 42(1) 161–183.Crossref, Google Scholar
• Whetten D. A. (1980) Organizational decline: A neglected topic in organizational science. Acad. Management Rev. 5(4) 577–588.Google Scholar
• Wiesenfeld B. M., Wurthmann K. A., Hambrick D. C. (2008) The stigmatization and devaluation of elites associated with corporate failures: A process model. Acad. Management Rev. 33(1) 231–251.Crossref, Google Scholar
• Zahra S. A., Pearce J. A. (1989) Boards of directors and corporate financial performance: A review and integrative model. J. Management 15(2) 291–334.Crossref, Google Scholar
• Zajac E., Westphal J. (1996) Director reputation, CEO–board power, and the dynamics of board interlocks. Admin. Sci. Quart. 41(3) 507–529.Crossref, Google Scholar
• Zald M. N. (1969) The power and functions of boards of directors: A theoretical synthesis. Amer. J. Sociol. 75(1) 97–111.Crossref, Google Scholar