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Research Summary: We employ an exploratory approach to understand what differentiates boards that retain limited, potentially tokenistic, gender diversity (i.e., a single female director), and boards that more genuinely diversify their composition by appointing additional female directors. Previous studies have speculated that strategic leaders responsible for board appointments may influence this occurrence. Using longitudinal data on U.S. firms, we find that more female top managers and having the sole female director serve on the nominating committee increase the likelihood of additional female director appointments. Boards and nominating committees with younger members amplify these effects, respectively. We use interviews with board members and professional corporate governance consultants to discuss the probable causal mechanisms that underpin these relationships, highlighting novel theoretical insights related to gatekeeping and social psychology. Managerial Summary: We explore what compels firms to appoint additional female directors after the first one, as only one female director could be considered a token. Using data on U.S. firms, we find that more female top managers and having the sole female director serve on the nominating committee make firms more likely to appoint additional female directors. These likelihoods are highest when younger directors make up the board at large and/or nominating committee. Chief executive officers can be change agents for gender diversity in their organizations by hiring female top managers and pushing for better representation of women on boards. Likewise, younger directors appear to enhance board gender diversity. These findings can inform the director selection process.

Prior studies of IPO underpricing, mostly using agency theory and single-country samples, have generally fallen short. In this study, we employ the knowledge-based view (KBV) to explore underpricing across 17 countries. We find that agency indicators are insignificant predictors, board of director knowledge limits underpricing, and external knowledge both substitutes for and complements internal board knowledge. This third finding suggests that future KBV studies should consider how internal and external knowledge states interact with each other. Our study offers new insights into the antecedents of underpricing and extends our understanding of comparative governance and the KBV of the firm.

This study investigates the relationship of strategic leadership behaviors with executive innovation influence and the moderating effects of top management team (TMT)'s tenure heterogeneity and social culture on that relationship. Using survey data from six countries comprising three social cultures, strategic leadership behaviors were found to have a strong positive relationship with executive influence on both product–market and administrative innovations. In addition, TMT tenure heterogeneity moderated the relationship of strategic leadership behaviors with executive innovation influence for both types of innovation, while social culture moderated that relationship only in the case of administrative innovation. Copyright © 2005 John Wiley & Sons, Ltd.

This study reveals the importance of viewing planning processes within the context of strategic orientation. Information-processing theory is used to examine the differences in planning processes given variable strategy content in the banking industry. Findings suggest that banks implementing different strategies require their planning systems to focus on different kinds and amounts of information. Moreover, the relationship between planning and bank performance is clarified when information requirements of a specific strategy are considered. It appears the strategy moderates the relationship between planning and performance. Copyright © 1999 John Wiley & Sons, Ltd.

This study examines the impact of complementary top management teams (defined as differences in functional backgrounds between the acquiring and acquired firm managers) on post-acquisition performance. Based on a sample of 147 acquisitions completed during 1986-88, we find that complementary backgrounds have a positive impact on postacquisition performance in both related and unrelated acquisitions. Another major finding is that complementarity is negatively related to top management team turnover among acquired managers, suggesting that differences in functional backgrounds are more easily integrated into the new organization. Finally, top management team turnover among acquired managers is negatively related to postacquisition performance. These findings highlight the importance of examining complementarity in terms of differences, and reinforce the notion that differences have the potential to create unique value for the organization. © 1997 by John Wiley & Sons, Ltd.