The effects of director tenure on monitoring and advising: New insights from behavioral governance and learning theories
整合行为治理与学习理论，研究董事任期如何独立及与其他因素共同影响其监督与咨询有效性，为董事会构成、结构和流程提供实践建议。
Abstract Research Questions/Issues We integrate behavioral governance and learning theory to address the overarching research questions—“What are the core mechanisms driving a director's monitoring and advising effectiveness over board tenure?”; and “What factors affect how and when a director becomes and stays effective in the monitoring and advising roles?” Research Insights Our research provides new insights into director effectiveness by examining how a director's tenure, both independently and in concert with other moderating factors, affects the director's ability to be effective in the key but distinct roles of monitoring and advising. Theoretical/Academic Implications We provide a nuanced and dynamic theoretical understanding of director effectiveness over time. We explain that the monitoring and advising roles that determine director effectiveness are each driven by different theoretical mechanisms, and we offer testable propositions that shed light on a director's ability to become and stay effective in their monitoring and advising roles at different points in their tenure. Practitioner/Policy Implications Boards will benefit from the insights we provide for how a director's relationships with the board and CEO and a director's individual attributes help or hinder their monitoring and advising effectiveness over time. We discuss practical solutions for harnessing these insights to inform decisions around board composition, structure, and process. We also discuss policy implications, including staggered boards, refreshed boards, and term limits.