Women and corporate boards of directors: The promise of increased, and substantive, participation in the post Sarbanes-Oxley era

Business Horizons

Volumn 53, Issue 3, 2010, Pages 257-268

  Dalton, Dan R ^a   Dalton, Catherine M ^a  

^a INDIANA UNIVERSITY   (United States)

Author keywords

Board member diversity; Board of directors; Sarbanes Oxley Act; Women board members

Indexed keywords

EID: 77952100433     PISSN: 00076813     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.bushor.2009.12.004     Document Type: Note

References (108)

1. Acedo F.J., Barroso C., Galan J.L. The resource-based theory: Dissemination and main trends. Strategic Management Journal 2006, 27(7):621-636.
2. Adler P.S., Kwon S.-W. Social capital: Prospects for a new concept. Academy of Management Review 2002, 27(1):17-40.
3. Agenda. (2009a, June 29). Financial crisis resulting in more " board-less" CEOs. Agenda, 1, 10.
4. Agenda. (2009b, May 18). Women joining boards in 'chart-busting' numbers. Agenda, 15.
5. Bacon J., Brown J.K. The board of directors: Perspective and practices in nine countries 1977, The Conference Board, New York.
6. Bank of America. (2009). Charter, Executive Committee. Retrieved July 8, 2009, from http://media.corporate-ir.net/media_files/irol/71/71595/corpgov/executiv e_committee_charter_1_07.pdf.
7. Barney J. Firm resources and sustained competitive advantage. Journal of Management 1991, 17(1):99-120.
8. Barney J., Wright M., Ketchen D.J. The resource-based view of the firm: Ten years after 1991. Journal of Management 2001, 27(6):625-642.
9. Bilimoria D., Piderit S.K. Board committee membership: Effects of sex-based bias. Academy of Management Journal 1994, 37(6):1453-1477.
10. Booth J.R., Deli D.N. Factors affecting the number of outside directorships held by CEOs. Journal of Financial Economics 1996, 40(1):81-104.
11. Boyle, M. (2009, June 15). Women come on board. Business Week, 4135, 15, 24.
12. Bradley M., Wallenstein S.M. The history of corporate governance in the United States. The accountable corporation 2006, 45-72. Praeger, Westport, CT. M.J. Epstein, K.O. Hanson (Eds.).
13. Branson D.M. No seat at the table 2007, New York University Press, New York.
14. Burt R.S. Cooptive corporate actor networks: A reconsideration of interlocking directorates involving American manufacturing. Administrative Science Quarterly 1980, 25(4):557-581.
15. Catalyst Catalyst census of women board directors of the Fortune 500 2006, Catalyst, New York.
16. Catalyst Catalyst census of women board directors of the Fortune 500 2007, Catalyst, New York.
17. Catalyst. (2008). Higher number of women in the boardroom heralds future increase of women corporate officers, according to latest Catalyst study. Retrieved July 8, 2009, from http://www.catalyst.org/press-release/134.
18. Cooney J.G. A woman in the boardroom. Harvard Business Review 1978, 56(1):77-86.
19. Daily C.M., Certo S.T., Dalton D.R. A decade of corporate women: Some progress in the boardroom, none in the executive suite. Strategic Management Journal 1999, 20(1):93-99.
20. Daily C.M., Dalton D.R., Certo S.T. Women as directors: The inside story. Directors and Boards 2004, 29(1):36-39.
21. Dalton D.R., Dalton C.M. Executive committees: The stealth board body. Directors and Boards 2006, 30(2):44-47.
22. Dalton D.R., Dalton C.M. On the progress of corporate women: Less a glass ceiling than a bottleneck?. Women on corporate boards of directors: International research and practice 2008, 184-197. Edward Elgar, Cheltenham, UK. S. Vinnicombe, V. Singh, R.J. Burke, D. Bilimoria, M. Huse (Eds.).
23. Dalton D.R., Dalton C.M. Women gain (hidden) ground in the boardroom. Harvard Business Review 2009, 87(1):23.
24. Dalton, D. R., & Dalton, C. M. (In press). At the intersection of ethics and finance: A collision of theories and collapsing applications. In J. R. Boatright (Ed.), Finance ethics: Critical issues in financial theory and practice. Hoboken, NJ: John Wiley & Sons.
25. Davis G.F. Agents without principles? The spread of the poison pill through the intercorporate network. Administrative Science Quarterly 1991, 36(4):583-613.
26. DiMaggio P. Interest and agency in institutional theory. Institutional patterns and organizations 1988, 3-22. Ballinger, Cambridge, MA. L.G. Zucker (Ed.).
27. DiMaggio P.J., Powell W.W. The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields. American Sociological Review 1983, 48(2):147-160.
28. Eagly A.H., Carli L.L. Women and the labyrinth of leadership. Harvard Business Review 2007, 85(9):63-71.
29. Elgart L.D. Women on Fortune 500 boards. California Management Review 1983, 25(4):121-127.
30. Farrell K.A., Hersch P.L. Additions to corporate boards: The effect of gender. Journal of Corporate Finance 2005, 11(1-2):85-106.
31. Fligstein N. The transformation of corporate control 1990, Harvard University Press, Cambridge, MA.
32. Francis C. Women on boards: The number may be shrinking. Directorship 2007, 33(1):34.
33. Glassman, C. A. (2005, November 11). Speech by SEC Commissioner: Remarks before the 2005 colloquium for women directors. Retrieved July 1, 2009, from http://www.sec.gov/news/speech/spch111105cag.htm.
34. Goodstein J., Gautam K., Boeker W. The effects of board size and diversity on strategic change. Strategic Management Journal 1994, 15(3):241-250.
35. Gourevitch P.A., Shinn J. Political power and corporate control 2005, Princeton University Press, Princeton, NJ.
36. Greening D.W., Gray B. Testing a model of organizational response to social and political issues. Academy of Management Journal 1994, 37(3):467-498.
37. Guerrera, F. (2008, July 23). Women crack glass ceiling from above. The Financial Times, p. 15.
38. Gulati R., Higgins M.C. Which ties matter when? The contingent effects of interorganizational partnerships on IPO success. Strategic Management Journal 2003, 24(2):127-144.
39. Harrigan K.R. Numbers and positions of women elected to corporate boards. Academy of Management Journal 1981, 24(3):619-625.
40. Haunschild P.R. Interorganizational imitation: The impact of interlocks on corporate acquisition activity. Administrative Science Quarterly 1993, 38(4):564-592.
41. Haunschild P.R., Miner A.S. Modes of interorganizational imitation: The effects of outcome salience and uncertainty. Administrative Science Quarterly 1997, 42(3):472-500.
42. Heidrick & Struggles Inc. The changing board profile of the board of directors 1977, Heidrick and Struggles International, Inc, Chicago.
43. Helfat C.E., Harris D., Wolfson P.J. The pipeline to the top: Women and men in the top executive ranks of U.S. corporations. Academy of Management Perspectives 2006, 20(4):42-64.
44. Hillman A.J. Politicians on the board of directors: Do connections affect the bottom line?. Journal of Management 2005, 31(3):464-481.
45. Hillman A.J., Cannella A.A., Harris I.C. Women and racial minorities in the boardroom: How do directors differ?. Journal of Management 2002, 28(6):747-763.
46. Hillman A.J., Cannella A.A., Paetzold R.L. The resource dependence role of corporate directors: Strategic adaptation of board composition in response to environmental change. Journal of Management Studies 2000, 37(2):235-255.
47. Hillman A.J., Dalziel T. Boards of directors and firm performance: Integrating agency and resource dependence theories. Academy of Management Review 2003, 28(3):383-396.
48. Hillman A.J., Shropshire C., Cannella A.A. Organizational predictors of women on corporate boards. Academy of Management Journal 2007, 50(4):941-952.
49. Joy L. Women board directors in the United States: An eleven year retrospective. Women on corporate boards of directors: International research and practice 2008, 15-23. Edward Elgar, Cheltenham, UK. S. Vinnicombe, V. Singh, R.J. Burke, D. Bilimoria, M. Huse (Eds.).
50. Judge W.Q., Zeithaml C.P. Institutional and strategic choice perspectives on board involvement in the strategic decision process. Academy of Management Journal 1992, 35(4):766-794.
51. Kenny R.M. Executive committee: A vestigial appendage. Directors and Boards 2004, 28(4):43-46.
52. Kesner I.F. Directors' characteristics and committee membership: An investigation of type, occupation, tenure, and gender. Academy of Management Journal 1988, 31(1):66-84.
53. Konrad A.M., Kramer V.W. How many women do boards need?. Harvard Business Review 2006, 84(12):22.
54. Konrad A.M., Kramer V., Erkut S. The impact of three or more women on corporate boards. Organizational Dynamics 2008, 37(2):145-164.
55. Kramer V.W., Konrad A.M., Erkut S., Hooper M.J. Critical mass on corporate boards: Why three or more women enhance governance. Directors Monthly 2007, 31(2):19-22.
56. Kristie J. An awesome stat. Directors and Boards 2009, 33(3):6.
57. Lang, I. (2008, July 23). Higher number of women in the boardroom heralds future increase of women corporate officers, according to latest Catalyst study. Retrieved July 8, 2009, from http://www.catalyst.org/press-release/134/higher-number-of-women-in-the- boardroom-heralds-future-increase-of-women-corporate-officers-according- to-latest-catalyst-study.
58. Lee P.M., James E.H. She'E-Os: Gender effects and investor reactions to the announcements of top executive appointments. Strategic Management Journal 2007, 28(3):227-241.
59. Linck J.S., Netter J.M., Yang T. The effects and unintended consequences of the Sarbanes-Oxley Act on corporate boards. Review of Financial Studies 2009, 22(8):3287-3328.
60. Lucas J.W. Status processes and the institutionalization of women as leaders. American Sociological Review 2003, 68(3):464-480.
61. Luoma P., Goodstein J. Stakeholders and corporate boards: Institutional influences on board composition and structure. Academy of Management Journal 1999, 42(5):553-563.
62. Meyer J.W., Rowan B. Institutionalized organizations: Formal structures as myth and ceremony. American Journal of Sociology 1977, 83(2):340-363.
63. Mizruchi M.S., Fein L.C. The social construction of organizational knowledge: A study of the uses of coercive, mimetic, and normative isomorphism. Administrative Science Quarterly 1999, 44(4):653-683.
64. Mizruchi M.S., Stearns L.B. A longitudinal study of the formation of interlocking directorates. Administrative Science Quarterly 1988, 33(2):194-210.
65. Monks R.A.G., Minow N. Corporate governance 2008, John Wiley & Sons, West Sussex, England.
66. Mooney C.H., Dalton D.R., Dalton C.M., Certo S.T. The critical, and changing, role of inside directors. Organizational Dynamics 2007, 36(4):414-428.
67. Moss S.A. Women choosing diverse workplaces: A rational preference with disturbing implications for both occupational segregation and economic analysis of law. Harvard Women's Law Journal 2004, 27:1-88.
68. Oliver C. Strategic responses to institutional processes. Academy of Management Review 1991, 16(1):145-179.
69. Orr L.H. Out of the typing pool-onto the board: A list of women directors. Business and Society Review 1977, 22(1):27-31.
70. Palmer D.A., Jennings P.D., Zhou X. Late adoption of the multidivisional form by large U.S. corporations: Institutional, political, and economic accounts. Administrative Science Quarterly 1993, 38(1):100-131.
71. Peterson C.A., Philpot J. Women's roles on U.S. Fortune 500 boards: Director expertise and committee memberships. Journal of Business Ethics 2006, 72(2):177-196.
72. Pfeffer J., Salancik G.R. The external control of organizations: A resource dependence perspective 1978, Harper & Row, New York.
73. Phillips D.J. Organizational genealogies and the persistence of gender inequality: The case of Silicon Valley law firms. Administrative Science Quarterly 2005, 50(3):440-472.
74. Provan K.G. Board power and organizational effectiveness among human service agencies. Academy of Management Journal 1980, 23(2):221-236.
75. Rogers E.M. Diffusion of innovations 2003, Free Press, New York. 5th ed.
76. Romano R. The Sarbanes-Oxley Act and the making of corporate governance. Yale Law Journal 2005, 114(7):1521-1604.
77. Rosenberg S.Z. Why aren't there more women on boards?. Directorship 2008, 34(2):55-57.
78. Ryan M.K., Haslam S.A. The glass cliff: Exploring the dynamics surrounding women's appointment to precarious leadership positions. Academy of Management Review 2007, 32(2):549-572.
79. Schwartz F.N. "Invisible" resource: Women for boards. Harvard Business Review 1980, 58(2):6-18.
80. Scott W.R. The adolescence of institutional theory. Administrative Science Quarterly 1987, 32(4):493-511.
81. Scott W.R. Institutions and organizations 1995, Sage, Thousand Oaks, CA.
82. Sellers P. Women on boards (not!). Fortune 2007, 156(8):105.
83. Selznick P. TVA and the grass roots 1949, University of California Press, Berkeley, CA.
84. Shearman, Sterling 2008 trends in corporate governance of the largest US public companies 2008, Shearman & Sterling, New York.
85. Spencer Stuart Spencer Stuart 2004 board index 2004, Spencer Stuart, Chicago.
86. Spencer Stuart Spencer Stuart 2005 board index 2005, Spencer Stuart, Chicago.
87. Spencer Stuart Spencer Stuart board diversity report 2006, Spencer Stuart, Chicago.
88. Spencer Stuart Spencer Stuart board index 2007, Spencer Stuart, Chicago.
89. Spencer Stuart Spencer Stuart board index 2008, Spencer Stuart, Chicago.
90. Staw B.M., Epstein L.D. What bandwagons bring: Effects of popular management techniques on corporate performance, reputation, and CEO pay. Administrative Science Quarterly 2000, 45(3):523-556.
91. Stearns L.B., Mizruchi M.S. Board composition and corporate financing: The impact of financial institution representation on borrowing. Academy of Management Journal 1993, 36(3):603-618.
92. Stultz J.E. Madam director. Directors and Boards 1979, 3(4):6-19.
93. Suchman M.C. Managing legitimacy: Strategic and institutional approaches. Academy of Management Review 1995, 20(3):571-610.
94. Suchman M.C., Edelman L.B. Legal rational myths: The new institutionalism and the law and society tradition. Law and Social Inquiry 1996, 21(4):903-941.
95. Terjesen S., Sealy R., Singh C. Women directors on corporate boards: A review and research agenda. Corporate Governance: An International Review 2009, 17(3):320-337.
96. Terjesen S., Singh V., Vinnicombe S. Do women still lack the " right" kind of human capital for directorships on the FTSE 100 corporate boards?. Women on corporate boards of directors: International research and practice 2008, 152-164. Edward Elgar, Cheltenham, UK. S. Vinnicombe, V. Singh, R.J. Burke, D. Bilimoria, M. Huse (Eds.).
97. Thompson J.D., McEwen W.J. Organizational goals and environment: Goal-setting as an interaction process. American Sociological Review 1958, 23(1):23-31.
98. Vinnicombe S., Singh V., Burke R.J., Bilimoria D., Huse M. Women on corporate boards of directors: International research and practice 2008, Edward Elgar, Cheltenham, UK.
99. Warner, J. (2009, February 1). Little progress made for women on boards. Directorship. Retrieved from http://www.directorship.com/little-progress-made-for-woman-on-boards/.
100. Wernerfelt B. A resource-based view of the firm. Strategic Management Journal 1984, 5(2):171-180.
101. Westphal J.D., Milton L.P. How experience and network ties affect the influence of demographic minorities on corporate boards. Administrative Science Quarterly 2000, 45(2):366-398.
102. Westphal J.D., Stern I. The other pathway to the boardroom: How interpersonal influence behavior can substitute for elite credentials and demographic majority status in gaining access to board appointments. Administrative Science Quarterly 2006, 51(2):169-204.
103. Westphal J.D., Stern I. Flattery will get you everywhere: How ingratiation, boardroom behavior, and demographic minority status affect the likelihood of gaining additional board appointments in U.S. companies. Academy of Management Journal 2007, 50(2):267-288.
104. You've come a long way, baby-but not as far as you thought. (1984, October 1). Business Week, 2862, 126-131.
105. Zajac E.J., Westphal J.D. The social construction of market value: Institutionalization and learning perspectives on stock market reactions. American Sociological Review 2004, 69(3):433-457.
106. Zald M.N. The power and function of boards of directors: A theoretical synthesis. American Journal of Sociology 1969, 75(1):97-111.
107. Zhang Y., Rajagopalan N. When the known devil is better than an unknown god: An empirical study of the antecedents and consequences of relay CEO successions. Academy of Management Journal 2004, 47(4):483-500.
108. Zucker L.G. Institutional theories of organization. Annual Review of Sociology 1987, vol. 13:443-464. Annual Reviews, Inc, Palo Alto, CA.