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Accelerating time
Journal of General Management Pub Date : 2018-03-26 , DOI: 10.1177/0306307017752407
Patrick Joseph McHugh 1 , Elise Perrault 2
Affiliation  

Using a legitimacy lens, we theorize that changes in the firm’s board of directors parallel the evolving stakeholder audience that accords legitimacy to the firm—a key resource to the firm’s survival. Powerful new stakeholders post- initial public offering (IPO) such as the listing exchange and the securities regulators are anticipated to impact board gender diversity through their regulatory pressure, while pre-IPO investors such as venture capitalists are reducing their equity positions and thus providing opportunities for director turnover. At the same time, the firm is increasing in size and visibility, building additional sociocultural legitimacy pressures for increased gender diversity. While prior research centers on the effect of different types and intensity of legitimacy pressures on board characteristics, we explore how changes in the question of firms’ legitimacy “to whom” affects board composition, that is, we examine the comparative effect of regulation and society on board composition. We test our hypotheses by analyzing panel data for all North American technology firms doing IPOs on the NASDAQ exchange during a 12-year time frame between 1997 and 2011. Our analysis shows that regulation, although not explicitly directive, can play a key role in accelerating board gender diversity. Implications for future research on corporate governance and managerial and policy takeaways complete this article.

中文翻译:

加速时间

使用合法性视角,我们从理论上推断,公司董事会的变化与赋予公司合法性的不断变化的利益相关者受众平行——这是公司生存的关键资源。强大的新的利益相关者后首次公开募股(IPO)如上市交易所和监管机构正在通过他们的监管压力预计将冲击板性别多样化的证券,而上市前的投资者,如风险投资家们正在减少股票仓位,从而提供机会对于导演的营业额。同时,该企业在规模和知名度的增加,建筑增加性别多样性的额外社会文化的合法性的压力。虽然不同类型和董事会特征合法性的压力强度的影响以前的研究中心,我们探讨如何在企业的合法性问题改变‘谁’影响董事会的组成,也就是我们考察监管和社会对董事会构成的对比效果。我们在1997年和2011年我们的分析表明,监管之间长达12年的时间框架中分析了所有北美科技公司做在纳斯达克上市交换面板数据,检验我们的假设,虽然没有明确的指令,可以加速发挥关键作用董事会性别多样性。影响未来的研究公司治理以及管理和政策外卖完成这篇文章。我们在1997年和2011年我们的分析表明,监管之间长达12年的时间框架中分析了所有北美科技公司做在纳斯达克上市交换面板数据,检验我们的假设,虽然没有明确的指令,可以加速发挥关键作用董事会性别多样性。影响未来的研究公司治理以及管理和政策外卖完成这篇文章。我们在1997年和2011年我们的分析表明,监管之间长达12年的时间框架中分析了所有北美科技公司做在纳斯达克上市交换面板数据,检验我们的假设,虽然没有明确的指令,可以加速发挥关键作用董事会性别多样性。影响未来的研究公司治理以及管理和政策外卖完成这篇文章。
更新日期:2018-03-26
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