Board composition from adolescence to maturity: A multitheoretic view

Matthew D. Lynall, Brian R. Golden, Amy J. Hillman

Research output: Contribution to journalArticlepeer-review

362 Scopus citations


We develop theory to show how board composition and, consequently, firm performance are a reflection of both the firm's life cycle stage and the relative power of the CEO and external financiers at the time of founding. This theory provides insight into the predictive validity of agency, resource dependence, institutional, and social network theories. We also argue that boards are subject to path dependency, and, thus, board composition is likely to persist over time.

Original languageEnglish (US)
Pages (from-to)416-431
Number of pages16
JournalAcademy of Management Review
Issue number3
StatePublished - Jul 2003
Externally publishedYes

ASJC Scopus subject areas

  • General Business, Management and Accounting
  • Strategy and Management
  • Management of Technology and Innovation


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