Did Board Configuration Matter? The Case of US Subprime Lenders
Version of Record online: 10 AUG 2011
© 2011 Blackwell Publishing Ltd
Corporate Governance: An International Review
Volume 19, Issue 5, pages 405–417, September 2011
How to Cite
Muller-Kahle, M. I. and Lewellyn, K. B. (2011), Did Board Configuration Matter? The Case of US Subprime Lenders. Corporate Governance: An International Review, 19: 405–417. doi: 10.1111/j.1467-8683.2011.00871.x
- Issue online: 13 OCT 2011
- Version of Record online: 10 AUG 2011
- 2003. The cross-national diversity of corporate governance: Dimensions and determinants. Academy of Management Review, 28: 447–465. &
- 1996. Distinguishing the effects of functional and dysfunctional conflict on strategic decision making: Resolving a paradox for top management teams. Academy of Management Journal, 39(1): 123–148.
- 1992. Demography and design: Predictors of new product team performance. Organization Science, 3(3): 321–341. &
- 2006. Board processes and the quality of board decision making. CMA Management, 80(6): 22–26. &
- 2002. Why a board? Group decision making in corporate governance. Vanderbilt Law Review, 55(1): 1–55.
- 1990. The composition of boards of directors and strategic control. Academy of Management Review, 15(1): 72–87. &
- 1996. An empirical analysis of the relation between the board of director composition and financial statement fraud. The Accounting Review, 71: 443–465.
- 1994. Managerial incentives, monitoring, and risk bearing: A study of executive compensation, ownership, and board structure in initial public offerings. Administrative Science Quarterly, 39(2): 313–335. &
- 2002. The powerful anti-takeover force of staggered boards: Theory, evidence, and policy. Stanford Law Review, 54: 1–77. , , &
- 1932. The modern corporation and private property. New York: Macmillan. &
- 2002. Signaling gender diversity through annual report pictures: A research note on image management. Accounting, Auditing & Accountability Journal, 15: 609–616. , , &
- 2000. Building the business case for women corporate directors. In R. J. Burke & M. C. Mattis (Eds.), Women on corporate boards of directors: International challenges and opportunities: 25–40. Dordrecht: Kluwer Academic.
- 2000. Women corporate directors: Current research and future directions. In R. J. Burke & M. C. Mattis (Eds.), Women in management: Current research issues: 138–163. London: Sage. &
- 2005. Are two heads better than one? Monetary policy by committee. Journal of Money, Credit, and Banking, 37(5): 789–811. &
- 1995. CEO duality and firm performance: A contingency model. Strategic Management Journal, 16(4): 301–312.
- 1997. Corporate governance practices in Irish companies. Irish Journal of Management, 17: 116–135. &
- 2007. Group decision making under conditions of distributed knowledge: The information asymmetries model. Academy of Management Review, 32(2): 459–479. , , , &
- 2000. Women on Canadian corporate boards of directors: Still a long way to go. In R. J. Burke & M. C. Mattis (Eds.), Women on corporate boards of directors: International challenges and opportunities: 97–110. Dordrecht: Kluwer Academic Publishers.
- 2003. Corporate governance, board diversity, and firm value. The Financial Review, 38(1): 33–53. , , &
- 2010. A case for global governance theory: Practitioners avoid it, academics narrow it, the world needs it. Corporate Governance: An International Review, 18(2): 149–157.
- 2006. The evolution of the subprime mortgage market. Federal Reserve Bank of St. Louis Review, 88(1): 31–56. &
- 1999. Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics, 51(3): 371–406. , , &
- 2002. Evaluating corporate board cultures and decision making. Corporate Governance, 2(2): 27–45. &
- 2003. Corporate governance: Decades of dialogue and data. Academy of Management Review, 28(3): 371–382. , , &
- 1998. Meta-analytic reviews of board composition, leadership structure, and financial performance. Strategic Management Journal, 19(3): 269–290. , , , &
- 2007. Chapter 1: The fundamental agency problem and its mitigation – independence, equity, and the market for corporate control. Academy of Management Annals, 1: 1–64. , , , &
- 1996. Causes and consequences of earnings manipulation: An analysis of firms subject to enforcement actions by the SEC. Contemporary Accounting Research, 13(1): 1–36. , , &
- 2003. International corporate governance. Journal of Financial and Quantitative Analysis, 38: 1–36. &
- 2002. Global diversification, industrial diversification, and firm value. The Journal of Finance, 57(5): 1951–1979. , , &
- 1999. Attaining decision quality and commitment from dissent: The moderating effects of loyalty and competence in strategic decision-making teams. Academy of Management Journal, 42(4): 389–402. &
- 2010. Costly external finance, corporate investment, and the subprime mortgage credit crisis. Journal of Financial Economics, 97(3): 418–435. , , &
- 2004. The impact of insider power on fraudulent financial reporting. Journal of Management, 30(3): 397–412.
- 1989. Making fast strategic decisions in high-velocity environments. Academy of Management Journal, 32(3): 543–576.
- 1988. Politics of strategic decision making in high-velocity environments: Toward a mid-range theory. Academy of Management Journal, 31(4): 737–770. &
- 2003. Board of director diversity and firm financial performance. Corporate Governance: An International Review, 11(2): 102–111. , , &
- 1983. Separation of ownership and control. Journal of Law and Economics, 26(2): 301–326. &
- 1984. The development and enforcement of group norms. Academy of Management Review, 9(1): 47–53.
- 2003. Too busy to mind the business? Monitoring by directors with multiple board appointments. The Journal of Finance, 58(3): 1087–1112. , , &
- 2006. Are busy boards effective monitors? The Journal of Finance, 61(2): 689–724. &
- 1990. Top-management-team tenure and organizational outcomes: The moderating role of managerial discretion. Administrative Science Quarterly, 35(3): 484–503. &
- 1996. Strategic leadership: Top executives and their effects on organizations. Minneapolis St. Paul: West. &
- 1999. Cognition and corporate governance: Understanding boards of directors as strategic decision-making groups. Academy of Management Review, 24(3): 489–505. &
- 1991. Turbulence at the top: A new perspective on governance structure changes and strategic change. Academy of Management Journal, 34(2): 306–330. &
- 1994. The effects of board size and diversity on strategic change. Strategic Management Journal, 15(3): 241–250. , , &
- 1991. Research notes and communications management and organizational change: A note on the railroad industry. Strategic Management Journal, 12(7): 557–562. &
- 2003. Boards of directors as an endogenously determined institution: A survey of the economic literature. Federal Reserve Bank of New York Economic Policy Review, 9(1): 7–26. &
- 1981. Corporate control, corporate power. New York: Cambridge University Press.
- 2007. Organizational predictors of women on corporate boards. Academy of Management Journal, 50(4): 941–952. , , &
- 1995. Multilevel theory of team decision making: Decision performance in teams incorporating distributed expertise. Journal of Applied Psychology, 80(2): 292–316. , , , , , &
- HUD 2010. Retrieved 2 March, 2010 from: http://www.huduser.org/portal/datasets/manu.html.
- 2003. Board configuration: Building better boards. Corporate Governance, 3(4): 5–17. &
- 2009. Board structure and firm performance: Evidence from India's top companies. Corporate Governance: An International Review, 17(4): 492–509. &
- 1983. Groupthink: Psychological studies of policy decisions and fiascoes, 2nd edn. Boston: Houghton Mifflin.
- 1976. Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 3: 305–360. &
- 2009. Ineffective corporate governance: Director busyness and board committee memberships. Journal of Banking & Finance, 33(5): 819–828. , , &
- 1996. Boards of directors: A review and research agenda. Journal of Management, 22(3): 409–438. , , &
- 1991. Antecedents and outcomes of decision speed in different environmental contexts. Academy of Management Journal, 34: 449–463. &
- 1992. Institutional and strategic choice perspectives on board involvement in the strategic decision process. Academy of Management Journal, 35: 766–794. &
- 2010. Antecedents of shareholder activism in target firms: Evidence from a multi-country study. Corporate Governance: An International Review, 18(4): 258–273. , , &
- 2009. The strategic role of the board: The impact of board structure on top management team strategic action capability. Corporate Governance: An International Review, 17(6): 728–743. , , &
- 2008. Critical mass: The impact of three or more women on corporate boards. Organizational Dynamics, 37(2): 145–164. , , &
- 2008. Once upon a time, in the land of subprime. The CPA Journal, 78(4): 80.
- 2008. The determinants of board structure. Journal of Financial Economics, 87(2): 308–328. , , &
- 1992. A modest proposal for improved corporate governance. Business Lawyer (ABA), 48(1): 59–78. &
- 1989. Pawns and potentates: The reality of America's corporate boards. Boston, MA: Harvard Business School Press. &
- 1986. Directors: Myth and reality. 1971: Reprint Boston: Harvard Business School Press.
- 1991. Stale in the saddle: CEO tenure and the match between organization and environment. Management Science, 37(1): 34–52.
- 2009. Demographic diversity in the boardroom: Mediators of the board diversity-firm performance relationship. Journal of Management Studies, 46(5): 755–786. &
- 2001. The effect of founding family influence on firm value and corporate governance: A study of Norwegian firms. Journal of International Financial Management & Accounting, 12(3): 235–259. , , &
- Monks, R. & Minow, N. (Eds.) 1995. Corporate governance. Cambridge, MA: Blackwell Business.
- 2010. The contribution of women on boards of directors: Going beyond the surface. Corporate Governance: An International Review, 18(2): 136–148. &
- 1999. Board characteristics and audit pricing post-Cadbury: A research note. European Accounting Review, 8(2): 253–263.
- 2009. Strong boards, CEO power, and risk-taking. Journal of Banking and Finance, 33: 1340–1350.
- 2009. The global financial stability architecture fails again: Sub-prime crisis lessons for policymakers. Asian–Pacific Economic Literature, 23(1): 21–47.
- 2009. Corporate board attributes, team effectiveness, and financial performance. Journal of Management Studies, 46(4): 704–731. , , &
- 1992. On studying managerial elites. Strategic Management Journal, 3: 163–182.
- 1972. Size and composition of corporate boards of directors: The organization and its environment. Administrative Science Quarterly, 17: 218–228.
- 2010. Securitization and distressed loan renegotiation: Evidence from the subprime mortgage crisis. Journal of Financial Economics, 97(3): 369–397. , , &
- 2005. Corporate boards and corporate democracy. The Journal of Corporate Citizenship, 20: 93–105.
- 1995. Boards of directors and substitution effects of alternative governance mechanisms. Strategic Management Journal, 16(2): 85–99. &
- 1999. What corporate boards have to do with strategy: A cognitive perspective. Journal of Management Studies, 36(7): 953–975.
- 1997. Inside directors, board effectiveness, and shareholder wealth. Journal of Financial Economics, 44(2): 229–250. &
- 2004. Introducing technical (not managerial) succession planning. Public Personnel Management, 33(4): 405–419. &
- 2006. Board characteristics and involvement in strategic decision making: Evidence from Swiss companies. Journal of Management Studies, 43(5): 1201–1226. , , &
- 1986. Group approaches for improving strategic decision making: A comparative analysis of dialectical inquiry, devil's advocacy, and consensus. Academy of Management Journal, 29(1): 51–71. , , &
- 2000. From male locker room to coed board room: A twenty-five year perspective. In R. Burke & M. Mattis (Eds.), Women on Corporate Boards of Directors: 239–251. Netherlands: Kluwer Academic.
- 2008. The subprime crisis: Lessons for global business. Journal of Corporate Accounting & Finance, 19(6): 55–59. &
- 1997. A survey of corporate governance. The Journal of Finance, 52(2): 737–783. &
- 2010. Flicker of hope in subprime failings. Wall Street Journal (online), April 15, http://www.proquest.com/ (accessed June 30, 2011).
- 2008. Newly appointed directors in the boardroom: How do women and men differ? European Management Journal, 26: 48–58. , , &
- 2007. Corporate governance and accountability, 2nd edn. Hoboken, NJ: Wiley.
- 2003. Group creativity and collective choice. In P. B. Paulus & B. A. Nijstad (Eds.), Group creativity: Innovation through collaboration: 85–109. New York: Oxford University. &
- 1972. Group process and productivity. New York: Academic Press.
- 2003. The Tyson report on the recruitment and development of non-executive directors. London: London Business School.
- 1995. Interdependence and group effectiveness. Administrative Science Quarterly, 40(1): 145–180.
- 2003. Board dynamics and the influence of professional background, gender, and ethnic diversity of directors. Corporate Governance, An International Review, 11(3): 218–234. &
- 2005. Pluralistic ignorance in corporate boards and firms' strategic persistence in response to low firm performance. Administrative Science Quarterly, 50(2): 262–298. &
- 1995. Who shall govern? CEO/board power, demographic similarity, and new director selection. Administrative Science Quarterly, 40(1): 60–83. &
- 1992. Top management team demography and corporate strategic change. Academy of Management Journal, 35(1): 91–121. &
- 1998. Demography and diversity in organizations: A review of 40 years of research. Research in Organizational Behavior, 20: 77–140. &
- 2010. Fixing global finance. Baltimore: The John Hopkins University Press.
- 2001. Understanding the determinants of managerial ownership and the link between ownership and performance: Comment. Journal of Financial Economics, 62(3): 559–571.