Browsing by Author "Lewellyn, Krista B."
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Item A configurational perspective of boards' attention structures(Corporate Governance: An International Review, 2022-11) Schiehll, Eduardo; Lewellyn, Krista B.; Yan, WenxiResearch Question/Issue Research Findings/Insights Theoretical/Academic Implications Practitioner/Policy Implications What combinations of board attributes and contextual factors explain boards' selective distribution of attention between their dual role of resource provisioning and monitoring? At the board level, we consider board structure and breadth of knowledge, while the context in which boards operate is captured by the degree of external scrutiny, operational complexity, performance, and ownership structure.Our study demonstrates that there are multiple ways board attributes bundle and combine with important elements of the context to promote similar board attention structures. Our findings provide evidence of the causal complexity underlying this phenomenon and corroborate the notions of equifinality and asymmetric causality among board‐, firm‐, and institution‐level conditions conducive to boards allocating more attention to either their resource provisioning or monitoring roles.Our findings support the attention‐based view (ABV), suggesting that boards' selective distribution of attention is regulated by the combination of skills and knowledge directors bring to the firm and the stimuli provided by contextual factors. In doing so, we underscore the need for an extended theory on board effectiveness, as resource dependence‐ and agency‐based prescriptions about boards' behavior may be incomplete, since there is limited consideration by these theories of the bounded rationality of directors and the complex relationships between the factors that can frame boards' selective distribution of attention.Our study informs efforts to disentangle the conditions under which different attributes combine and regulate boards' distribution of attention, which has implications for nomination committees and powerful actors who have influence on board appointments. Because our results reveal several causal paths that can promote similar board attention structures, decision makers may wish to recruit directors with specific attributes that will be the best fit for the firm's contextual conditions. [ABSTRACT FROM AUTHOR] Copyright of Corporate Governance: An International Review is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)Item A Configurational Exploration of How Female and Male CEOs Influence Their Compensation.(Sage Publications Inc., 2022-09) Lewellyn, Krista B.; Muller-Kahle, Maureen I.The issues of excessive CEO compensation and gender pay gaps garner much attention from management scholars and the general public. In this study, we integrate these topics and explore the complex interdependent nature of how CEOs influence directors' evaluative perceptions about appropriate levels of CEO compensation and whether female and male CEOs do so in different ways. Drawing from role congruity theory and previous research on executive compensation, we use a configurational approach to identify how CEOs achieve high levels of compensation through different combinations of influence arising from their power, origin, tenure, similarities with evaluators, and organizational conditions. Using fuzzy set qualitative comparative analysis with a matched pair sample of female and male CEOs from 2010 to 2016, we find there are multiple configurations of influence conditions by which female and male CEOs achieve high compensation. Our inductive analysis, unpacking how these configurations differ between female and male CEOs, shows four distinct influence mechanisms: leveraging power and role empathy, trailblazer responsibility, leveraging power and similarity, and leveraging role empathy. These mechanisms highlight the ways influence conditions complement or mutually reinforce one another in different ways for female and male CEOs. Implications for theory and research about the unique challenges female executives face in achieving equitable treatment in the workplace are also discussed. [ABSTRACT FROM AUTHOR] Copyright of Journal of Management is the property of Sage Publications Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)Item The Corporate Board Glass Ceiling: The Role of Empowerment and Culture in Shaping Board Gender Diversity(Springer Nature B.V., 2020-08) Lewellyn, Krista B.; Muller-Kahle, Maureen I.In this study, we use a mixed-methods research design to investigate how national cultural forces may impede or enhance the positive impact of females' economic and political empowerment on increasing gender diversity of corporate boards. Using both a longitudinal correlation-based methodology and a configurational approach with fuzzy-set qualitative comparative analysis, we integrate theoretical mechanisms from gender schema and institutional theories to develop a midrange theory about how female empowerment and national culture shape gender diversity on corporate boards around the world. With our configurational approach, we conceptually and empirically model the complexity that is associated with the simultaneous interdependencies, both complementary and substitutive ones, between female empowerment processes and various cultural dimensions. Our findings contribute unique insights to research focused on board gender diversity as well as provide information for firm decision makers and policymakers about possible solutions for addressing the continuing issue of the underrepresentation of women on corporate boards.Item Corporate governance in immigrant-founded entrepreneurial firms: ownership heterogeneity and firm performance(Venture Capital, 2023-02) Moghaddam, Kaveh; Judge, William Q.; Lewellyn, Krista B.; Askarzadeh, FatemehDrawing from resource dependence theory and the faultlines perspective, this study examines how ownership heterogeneity affects firm performance in the understudied context of entrepreneurial firms founded by immigrants. We find that investment by venture capitalists (VCs) is associated with immigrant-founded entrepreneurial firms being less profitable during their infancy stage. Our results also reveal that the presence of a native-born co-owner has a negative effect on performance for these entrepreneurial firms. This study suggests that immigrant entrepreneurs be more cautious about the costs and benefits of seeking resources from VCs and partnering with native co-owners. Further, seeking capital from alternative sources and employing native talent and expertise in terms of business advisers or executive managers may be effective alternative approaches for immigrant entrepreneurs. [ABSTRACT FROM AUTHOR] Copyright of Venture Capital is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)Item Does board independence influence financial performance in IPO firms? The moderating role of the national business system(Elsevier Inc, 2017-09) Zattoni, Alessandro; Witt, Michael A.; Judge, William Q.; Talaulicar, Till; Chen, Jean Jinghan; Lewellyn, Krista B.; Hu, Helen Wei; Gabrielsson, Jonas; Rivas, Jose Luis; Puffer, Sheila; Shukla, Dhirendra; Lopez, Felix; Adegbite, Emmanuel; Fassin, Yves; Fainshmidt, Stav; van Ees, HansPrior evidence suggests that board independence may enhance financial performance, but this relationship has been tested almost exclusively for Anglo-American countries. To explore the boundary conditions of this prominent governance mechanism, we examine the impact of the formal and information institutions of 18 national business systems on the board independence-financial performance relationship. Our results show that while the direct effect of independence is weak, national-level institutions significantly moderate the independence-performance relationship. Our findings suggest that the efficacy of board structures is likely to be contingent on the specific national context, but the type of legal system is insignificant.Item The effect of female board representation on the level of ownership in foreign acquisitions(Wiley-Blackwell, 2022-02) Askarzadeh, Fatemeh; Lewellyn, Krista B.; Islam, Habib; Moghaddam, KavehResearch Question/Issue, Research Findings/Insights, Theoretical/Academic Implications, Practitioner/Policy Implications: How female representation on corporate boards affects firm outcomes that have significant implications for stakeholders is a major corporate governance issue in the 21st century. We examine the effect of female director representation on acquirers' boards on the level of ownership in foreign acquisitions. We further test how the relationship is moderated by institutional distance, that is, the dissimilarities between host and home countries' institutional environments.Using a sample of 1118 firm‐year observations in 48 countries from 1997 to 2016, we find that greater female representation on acquiring firms' boards is associated with lower levels of ownership in foreign acquisitions. In addition, we find that only firms with a critical mass of 30% or more women on the board prefer low ownership. We also find that institutional distance, measured as the Mahalanobis distance between countries based on the extracted factor of the regulative institutional profile for each country, magnifies the relationship.Using the information economics perspective, we decompose acquisition risks into ex ante and ex post hazards. Then by integrating this perspective with gender role theory, we challenge the assumption of unidimensional risk attitudes of female directors. Thus, we contribute to the debate about how female directors affect firms' strategic choices. Further, our findings provide unique insights to international corporate governance research that focuses on how female representation on boards affects firm‐level outcomes. In addition, our finding that institutional difference moderates the effect of female directors highlights that institutional context should be considered for understanding boards' strategic roles.Board nominating committees should match a firm's board composition to the desired acquisition strategy with respect to the types of risk they wish to undertake. The study also highlights the dilemma that female directors may face in balancing their managerial and gender roles and may assist firms in better addressing these concerns.Item Gold for now and the golden years: Effects of CEO stock options and retirement pay on cross-border acquisitions(Emerald Insight, 2018-07-09) Lewellyn, Krista B.Abstract Purpose The purpose of this paper is to draw from regulatory focus theory, to examine the effects of the “gain/no gain” nature of stock options and retirement pay on the decision to engage in cross-border acquisitions. The moderating effects of managerial discretion arising from the external industry context and internal organizational leadership structure are also examined. Design/methodology/approach The authors employ random effects negative binomial regression analysis with a longitudinal (2006–2016) data set of US public companies operating in four industries with differing levels of industry discretion: the oil and gas, paper and packaging, aerospace and defense, and telecommunications. Findings The findings indicate that both CEO in-the-money stock options and retirement pay are positively related to cross-border acquisition activity. The results also demonstrate that managerial discretion, arising from the firm’s external industry context, accentuates the positive relationship between both the value of CEO in-the-money stock options and retirement pay with cross-border acquisition activity. Practical implications The findings provide implication for practice as understanding how retirement pay and stock options, both of which make up a substantial portion of overall CEO pay in the USA, motivate cross-border acquisition activity, may improve decisions by executives. The evidence also provides guidance to boards of directors who are charged with the responsibility of creating CEO compensation contracts. Originality/value The paper fills important gaps in the existing research on the influence of compensation elements on firm outcomes, by offering a novel explanation for how in-the-money stock options and retirement pay affect CEOs’ motivations to engage in cross-border acquisitions.Item Income Inequality, Entrepreneurial Activity, and National Business Systems: A Configurational Analysis.(Sage Publications Inc., 2018-07) Lewellyn, Krista B.This article explores how and why high levels of income inequality result from configurations of different types of entrepreneurial activities and elements of the institutional context in a multicountry sample. A configurational approach is used to unpack the complexities associated with how income inequality arises from different types of entrepreneurial activities embedded in different institutional contexts associated with Whitley’s national business systems dimensions. The findings from fuzzy-set qualitative comparative analysis reveal that high levels of both high-growth and necessity entrepreneurial activity are associated with income inequality in certain contexts that are characterized by distinct institutional complementarities. [ABSTRACT FROM AUTHOR] Copyright of Business & Society is the property of Sage Publications Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)Item R&D investment around the world: Effects of ownership and performance-based cultural contexts(John Wiley & Sons, Inc., 2021-03) Lewellyn, Krista B.; Bao, Rosey 'Shuji'This study examines how ownership by different types of shareholders affects firm‐level research and development (R&D) investment. Integrating agency and resource dependence theories, we predict that up to a certain level, firm ownership by banks, corporations, governments, and insiders will positively relate to R&D investment. However, as ownership continues to increase, these shareholders shift their focus to personal wealth concerns, which makes owners more conservative towards R&D investment, resulting in reductions of R&D investment. Applying an institution‐based view, we expect the norms associated with performance‐based national cultures to moderate the curvilinear relationships between ownership and R&D investment. We test our hypotheses with a sample of 11,262 firms from 35 countries and find that ownership by banks, corporations, and governments has a curvilinear inverted U‐shaped relationship with R&D investment. Further, operating in a performance‐based culture enhances the effects for corporation and government ownership. Our findings contribute unique insights about what drives the important strategic activity of investing in R&D. [ABSTRACT FROM AUTHOR] Copyright of Thunderbird International Business Review is the property of John Wiley & Sons, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)