List of Figures and Tables

xi

Introduction: The Rationale Underlying the Research Questions

1

Chapter 1: Theoretical Review

11

1.1. Agency Theory: Separation of Ownership and Control

12

1.2. Placing the Board Within the Governance Context

17

1.3. Placing the Board Within the Organizational Context

21

1.4. Interlocks: The Board as an Interfacing Mechanism

34

1.5. The Organization Life Cycle

44

Chapter 2: Organization Life Cycle and the Changing Role of the Board

63

2.1. Introduction to the Framework

63

2.2. Theoretical Premises: Expanding the Lynall, Golden, and Hillman Framework

65

2.3. Theoretical Framework: The Board as an Interfacing Mechanism During the Firm's Life Cycle

67

2.4. Theoretical Framework Table

69

2.5. Conclusion and Research Questions: Board Role and Selection Criteria

72

Chapter 3: Rationale for Qualitative Research and Reflections From Preliminary Fieldwork

75

3.1. The Rationale Underlying the Choice of Methodology

75

3.2. Methodology of the Study

77

3.3. Pilot Phase on Board of Directors and Interlocks

78

3.4. Participant Observation in the Directors Education Program

89

Chapter 4: Research Questions and Interview Protocol Design

95

4.1. Research Design Strategy and Trade-Offs

95

4.2. Random Versus Purposeful Sampling

99

4.3. Sample Size

101

4.4. Field Procedures

101

4.5. Selection of Interview Format

102

4.6. The Evolution of the Interview Protocol

103

4.7. Research Ethics

105

Chapter 5: Profiles of the Interviewees

109

5.1. The Director's Profiles

109

5.2. Analysis of the Director's Profiles

111

Chapter 6: Fieldwork Finding and Analysis

117

6.1. Introduction

117

6.2. The Director's Responses and Analysis

118

6.3. Assessment of the Theoretical Framework in Relation to the Interview Findings

154

6.4. Data Coherence and Saturation

162

Chapter 7: Conclusion

167

7.1. Contributions of the Study

167

7.2. Limitations

184

7.3. Directions for Further Research

186

Appendices

A. Changes in U.S. and Canadian Governance Frameworks

189

B. Interview Protocol Version 1: Pilot Phase

199

C. Interview Protocol Version 2: First 4 Director Interviews

201

D. Interview Protocol 3: Final Version for Director Interviews

203

E. Interview Protocol Version 4: Last 3 interviews

205

F. Research Consent Form

207

G. Interviewee Profiles

209

H. Coding and Cross-Case Analysis

215

I. Role of the Board Member

283

J. Actual Experience Versus Initial Expectations

287

K. Perception or Expectation Changes Since 2002

291

L. Role of Board Members in Various Organizations

295

M. Board Member Selection Process and Criteria

299

N. Benefits and Costs of Interlocks

307

O. Most Important Issues Facing Directors Today

311

P. Definition of Independence

313

References

317

Index

337