Who directs strategic change? Director experience, the selection of new CEOs, and change in corporate strategy
研究提出董事会主导战略变革的理论：董事根据自身公司经验构思战略变革，并选拔有类似经验的新CEO来实施。发现CEO经验对战略变革的影响在考虑董事会经验后消失，说明高管效应可能掩盖了董事会效应。
Abstract We develop a theory of board‐directed strategic change in which directors (1) conceive changes in corporate strategy that reflect the strategies of their own home companies, and (2) select new CEOs who have prior experience with similar strategies to facilitate implementation. The findings show that, while the experience of new CEOs appears to predict corporate strategic change, these effects disappear after accounting for board experience. Thus, our results suggest that executive effects on strategy can mask board effects. Copyright © 2001 John Wiley & Sons, Ltd.