The effect of board capital and CEO power on strategic change

Katalin Takacs Haynes, Amy Hillman

Research output: Contribution to journalArticlepeer-review

504 Scopus citations


We develop the construct of board capital, composed of the breadth and depth of directors' human and social capital, and explore how board capital affects strategic change. Building upon resource dependence theory, we submit that board capital breadth leads to more strategic change, while board capital depth leads to less. We also recognize CEO power as a moderator of these relationships. Our hypotheses are tested using a random sample of firms on the S&P 500. We find support for the effect of board capital on strategic change, and partial support for the moderating effect of CEO power.

Original languageEnglish (US)
Pages (from-to)1145-1163
Number of pages19
JournalStrategic Management Journal
Issue number11
StatePublished - Nov 2010


  • board composition
  • boards of directors
  • human capital
  • power
  • social capital
  • strategic change

ASJC Scopus subject areas

  • Business and International Management
  • Strategy and Management


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