By Alberto Lavîn Fernández, Carmelo Mazza (auth.)
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Additional resources for Boards Under Crisis: Board Action under Pressure
Sample text
In addition, the content of this book is supported by dozens of interactions between the authors and other top managers and directors during the research process. indd 22 3/21/2014 10:36:51 AM 23 Introduction Given the multifaceted and diverse nature of boardroom activity, the profile of sources and the drawbacks associated with a standardized interviewing approach in these settings, the selected approach for research was in-depth semi-structured interviewing. Semi-structured or non-structured interviewing takes advantage of the use of open-ended questions (Fontana and Frey, 1994).
The importance of short-term focus under crisis is increasing, particularly for those companies under the close scrutiny of the financial markets. As we will outline in the next chapter, short-termism takes different shapes. 1), are independent of crisis and very likely pre-existed. So, short-termism appears to affect boards in the same way before and during crisis, although with enlarged intensity in the case of crisis. As investigated by the huge body of literature on rationality limitations and bounded rationality (Simon, 1945; March and Simon, 1958; March, 1994), decisions become more stressful and complex under crisis, due to cognitive limitations of decision makers becoming more salient both at the individual and boardroom levels.
Centralization and intensity of crisis As we discuss in more depth in Chapter 4, increased centralization seems to be a likely outcome of crisis in the boardroom. This is consistent with previous literature on the topic (Gladstein and Reilly, 1985; Pfeffer, 1978; Hermann, 1963; Smart and Vertinsky, 1977; Staw, Sandelands and Dutton, 1981). 2 reports the main determinants and consequences of centralization of decision-making. At the organizational level, a key underlying factor explaining this centralization tendency is board risk aversion.