Drawing on status characteristics theory, we explore how boards’ social structures influence board turnover. We theorize that (1) understanding directors’ relative standing and spheres of influence in the local status hierarchy creates deference structures that reduce conflict and enhance stability, thereby reducing board turnover; and (2) shared performance expectations and attraction based on homophily in the global status hierarchy can also reduce conflict and enhance stability, and thus serve as another means of reducing board turnover. Using data on the five years following the initial public offerings (IPOs) of 218 firms that went public between 2001 and 2005, we find that overlaps in directors’ local status characteristics captured by their tenure and expertise and directors’ global status homogeneity increase the likelihood of director exit. However, the combinations of directors’ local and global shared specific status characteristics shape the relative salience of the positive or negative effects of board’s local status characteristics, leading to different effects on board turnover.

中文翻译：

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豆荚里有太多豌豆？董事的本地和全球地位特征的重叠如何影响新上市公司的董事会换手率

借鉴地位特征理论，我们探讨了董事会的社会结构如何影响董事会更替。我们的理论是：(1) 了解董事在当地地位等级中的相对地位和影响范围，可以创建减少冲突和增强稳定性的尊重结构，从而减少董事会更替；（2）基于全球地位等级的同质性的共享绩效期望和吸引力也可以减少冲突并增强稳定性，从而成为减少董事会更替的另一种手段。使用 2001 年至 2005 年上市的 218 家公司首次公开募股 (IPO) 后五年的数据，我们发现，董事任期和专业知识所反映的董事当地地位特征与董事全球地位同质性的重叠增加了董事退出的可能性。然而，董事本地化和全球共享的特定地位特征的组合，塑造了董事会本地化地位特征的正面或负面影响的相对显着性，从而导致对董事会更替的不同影响。