Title: Agency Theory vs. Stewardship Theory: CEO Duality and Board Behavioural Integration in New Ventures
Abstract: In this study, we find that management philosophy matters regarding board structure when it comes to maximizing the growth potential of high-tech firms. In particular, we find support for stewardship theory as contrasted to agency theory. Specifically, we not only find that board trust has a mobilizing direct effect on the effectiveness of the venturing management teams, but also that board behavioural integration mediates the relationship between board trust and the effectiveness of the venturing management teams. Furthermore, CEO duality moderates these relationships in two of three possible ways. Implications for theory and practice are discussed.
Publication Year: 2020
Publication Date: 2020-07-29
Language: en
Type: article
Indexed In: ['crossref']
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