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This paper aims to analyze the thematic content of research addressing the relation between board of directors (BoD) and business transformation (BT) to obtain better understanding of status and to derive future areas of study.

This paper reviews literature through a bibliometric analysis based on co-occurrence of articles published in Web of Science Core Collection ™ (WoS) between 1990 and 2022, identifying key concepts, setting network of relations and identifying the strategic importance of clusters of concepts. Findings and implications are discussed, future lines of research are presented and limitations are noted.

Thematic research on boards addressing transformation shifted from the analysis of individuals' traits to an organizational approach with majority of research centered on the role of boards under different theories and the consequences of strategic changes on firm's performance. Further research is around gender diversity, sustainability and the moderating role of ownership structure and business culture.

Some limitations are also noted. This analysis considered articles indexed by WoS for Q1+Q2 publications as source of literature, while including others such as Scopus would increase knowledge base. Also, to identify main streams of research, the authors considered keywords with cumulative occurrence spanning from 30% to 40% while increasing this percentage would add terms that might improve precision to the connections among keywords. Other techniques could have been used such as co-citation or bibliographic coupling, although the authors find these as better suited to investigate the basic structure behind the foundational knowledge of the topic while the authors’ intention was to understand the positioning of study fields regarding the degree of research progress.

This paper presents some practical implications for future researchers. Those who wish to leverage previous evidence to address new research questions might look into principal themes covering BoD dynamics and composition to exert CG, and the relation between strategic decisions and performance measured by different variables. Those who wish to position their research as new findings to shed light on dilemmas, might find opportunities in the fields of climate change-sustainability, R&D for growth and innovation under the perspective of intangible assets.

This paper, is the first to the best of the authors’ knowledge, to identify research clusters for the intersection of boards and transformation and to determine their stage of development.

本文旨在分析探討董事會與業務轉型之間的關係的學術研究的專題內容，以能對有關課題的研究狀況有更深入的了解，並擬從分析中取得未來可供研究的範疇。

本文透過科學計量分析法來進行文獻探討。方法乃基於在1990年至2022年期間在Web of Science Core Collection 刊載的學術論文的共現分析而進行; 透過這個研究方法，研究人員建立了聯繫的網絡，並確認了各個概念群組的策略重要性。在本文中，研究結果和研究結果帶來的啟示會被討論，未來的研究領域和方針也會得到說明，研究的局限也會被認定和記錄下來。

探討董事會而又涉及業務轉型的專題研究，由當初集中探討董事個人的特質、轉移到現在研究整體的組織理念和處事取向，而就後者來說，大部份的研究都集中於在不同的理論框架裡董事會所扮演的角色，以及因策略上的改變而為公司的業績帶來的影響。進一步的學術研究都是圍繞著性別多元化、可持續性、所有權結構所扮演的緩和角色和商業文化的研究。

盡我們所知，本文乃為首篇學術論文，去鑑定關於董事會與業務轉型之間的關聯的研究集群，也是首篇學術論文，去確定這些研究集群的發展階段。

The role of chief executive officer (CEO) personal characteristics in shaping corporate policies has attracted increasing academic attention in the past two decades. In this review, the authors synthesize extant research on CEO attributes by reviewing 232 articles published in 29 journals from the accounting, finance and management literature. This review provides an overview of existing findings, highlights current trends and interdisciplinary differences in research approaches and identifies potential avenues for future research.

To review the literature on CEO attributes, the authors manually collected peer-reviewed articles in accounting, finance and management journals from 2000 to 2021. The authors conducted in-depth analysis of each paper and manually recorded the theories, data sources, country of study, study period, measures of CEO attributes and dependent variables. This procedure helped the authors group the selected articles into themes and sub-themes. The authors compared the findings in various disciplines and provided direction for future research.

The authors highlight the role of CEO personal attributes in influencing corporate decision-making and firm outcomes. The authors categorize studies of CEO traits into three main research themes: (1) demographic attributes and experience (including age, gender, culture, experience, education); (2) CEO interactions with others (social and political networks) and (3) underlying attributes (including personality, values and ideology). The evidence shows that CEO characteristics significantly affect a wide range of specific corporate policies that serve as mechanisms through which individual CEOs determine firm success and performance.

CEO selection is one of the most crucial decisions made by corporations. The study findings provide valuable insights to corporate executives, boards, investors and practitioners into how CEOs’ personal characteristics can impact future firm decisions and outcomes that can, in turn, inform the high-stake process of CEO recruitment and selection. The study findings have significant practical implications for corporations, such as contributing to executive training programs, to assist executives and directors attain a greater level of self-awareness.

Building on the theoretical foundation of upper echelons theory, the authors offer an integrated theoretical framework to consolidate existing empirical research on the impacts of CEO personal attributes on firm outcomes across accounting and finance (A&F) and management literature. The study findings provide a roadmap for scholars to bridge the interdisciplinary divide between A&F and management research. The authors advocate a more holistic and multifaceted approach to examining CEOs, each of whom embodies a myriad of personal characteristics that comprise their unique identity. The study findings encourage future researchers to expand the investigation of the boundary conditions that magnify or moderate the impacts of CEO idiosyncrasies.

In order to overcome potential limitations in their own experience with a strategic action, firms will often outsource to expert firms that have greater experience with such actions. In this study, the authors contribute to theory on organizational experience and learning by examining an important but understudied type of experience – outsourced experience. The authors show whether, and under what conditions, such experience may be beneficial for focal firms. In the context of acquisitions, the authors find that outsourced acquisition experience brought to acquisition deals by advisors is typically assessed by markets to be detrimental but may become beneficial if such experience is specific to the acquirer’s context. Further, the authors find that acquirers’ own knowledge can signal that they are less reliant on advisor experience, thus mitigating its potentially harmful effects. Theoretical and practical implications of the results are discussed.

We investigate the effect of the adoption of formal board structure and board processes on firm performance in Colombian family firms, in a context where firms can choose specific aspects of board structure and processes. We deploy insights from the behavioral governance perspective to develop arguments about how family businesses may choose board elements based on their degree of control over the firm (absolute control or less), and its effect on firm performance.

We use an unbalanced data panel of 404 firm-year observations. The data was obtained from the annual financial and corporate governance reports of 62 Colombian stock-issuing firms for the period 2008–2014 – due to change in regulation, data could not be added beyond 2014. Panel data technique with random effects was used.

The results show that board structure is positively associated with financial performance, however, this relationship is negative in businesses where family has absolute control. We also found that there is a negative association between board processes and performance, but positive association in family-controlled businesses.

Our research contributes to research streams on effects of family control in firm choices and on the interactive effect of governance choices and institutional context and more generally how actors interact (rather than react) with their institutional context.

The study aims to empirically examine the effect of board industry expertise on environmental, social and governance (ESG) strategy, and the mediating role of environmental innovation.

Using an unbalanced sample of 341 publicly traded Italian non-financial firms and data collected from multiple sources over the period 2017–2021, this study applies single-mediator models via ordinary least squares regressions.

Results indicate that directors’ industry expertise improves the corporate orientation toward sustainability strategy that is reflected in ESG objectives. This effect is partly mediated by a greater level of environmental innovation.

The article suggests regulators to promote eco-innovation-friendly investment initiatives due to their value in advancing corporate sustainability strategies.

The research fills a gap in the literature that has never explored the effect of board industry expertise on sustainability-related outcomes. Moreover, it advances the debate on the implications of board human capital by assessing its influence on ESG strategy and environmental innovation.

The study analyzes a survey of 372 businesses operating in the East Midlands and reveals the trends of engagement with green growth, demand for green skills development and pro-environmental business support. The findings confirm major differences in how large and small businesses engage with green growth and the challenges they face. Sectorial characteristics are of significance in growth trends and confirm manufacturing companies derive more turnover from the green products when compared to services. Manufacturing companies are also more proactive than services in integrating the green growth ambitions with the business strategy. Green skills and information gaps are major obstacles to business engagement with green growth. Business support agencies are urged to broaden the scope and availability of the pro-environmental enterprise support. Policy community is advised to develop support mechanisms that reduce skills and information gaps. A transformative approach to enterprise support is advocated in order to catalyze the contribution of the business community to sustainable regional development.

Situated in the context of India, where women’s representation on corporate boards remains low, this study aims to explore whether and how tokenism impacts the behaviours of female directors.

The boardroom experiences and perceptions of 14 women directors are explored through semi-structured interviews and analysed using an inductive and interpretive process. Also, to get a counter perspective and avoid the social desirability bias from the women participants’ responses, 16 men directors are interviewed.

The study finds that, as gender minorities, women directors' visibility on boards can create performance pressures on these women. To counter gender-based prejudices, women directors consciously alter their behaviours and project both male and female traits consistent with the director role. By doing so, women directors overcome tokenistic stereotypes and are accepted as part of the director in-group, irrespective of their numeric representation on the board.

The research has implications for governments attempting to increase women’s board presence through affirmative actions and for firms aiming to improve the gender diversity of their board composition.

These findings present an alternative perspective on women directors’ board behaviour by exploring the applicability of Western trends on tokenism and critical mass in the context of India, adding to the vast body of literature concerned with minorities on corporate boards.

This study utilizes Bourdieu’s concepts of field, capital and habitus to investigate the networking strategies of Asian and Black knowledge workers in the London Insurance Market. It also examines the factors contributing to the success or failure of these strategies. The trading activities of the London Insurance Market are underpinned by interdependent relations among its participants. It provides an appropriate context for examining the networking strategies adopted by Asian and Black workers to accelerate their careers.

This research employed a qualitative methodology, gathering data from 24 participants through semi-structured interviews. Participants were selected using purposive, convenience, and snowball sampling methods. Thematic analysis was used to analyze data and develop aggregated concepts from the identified themes and subthemes.

The London Insurance Market accords great importance to networking. Interpersonal connections significantly influenced career progression, often overshadowing educational attainments. Asian and Black workers faced systemic nepotism and limited access to influential networks in this field. Participants strategically used their interactions to overcome these challenges and advance their careers. Many believed that their careers had a better chance of progressing through informal networks than through formal channels such as Human Resources. Some participants declined to engage in the commonly accepted networking practices, choosing alternative ways to further their careers.

Findings underscore the need for implementing specific organizational policies to address systemic biases and nepotism, particularly in front-office recruitment. Such policies could include prioritizing merit-based hiring practices and developing targeted initiatives to reduce the underrepresentation of minority ethnic workers in front-office positions. By adopting these measures, organizations can create more equitable career advancement opportunities and leverage the full potential of their diverse workforce.

This study contributes to the existing literature on minority ethnic workers' careers, networking theory and workplace diversity. It provides insights into the networking strategies of Asian and Black workers within the London Insurance Market, revealing that these strategies are dependent on contextual factors. The study also highlights the pervasive practice of nepotism deeply ingrained in the habitus of the London Insurance Market and which acts as a barrier for gaining access to influential networks.

The purpose of this research is to explore the impact of women in the C-suite on strategic marketing choices in general and CSR in particular is scant. To that end, this study explores whether and how firms led by female CEOs differ from those led by male CEOs with regard to the types of CSR they pursue. The study classifies CSR into two types: relational (i.e. related to employees, human rights, community and diversity) and rational (i.e. related to product, environment and corporate governance).

To create the sample, the authors combined four databases: Compustat, Execucomp, Center for Research in Security Prices (CRSP) and Kinder, Lydenberg, Domini and Co., Inc. (KLD). Data for the time period between 1992 and 2013 (both inclusive) were used for the investigation. The final sample comprised of 2,739 firms, for a total of 19,969 firm-year observations (an unbalanced panel).

Building on self-construal theory and theory of female ethics, the authors theorize and find evidence that while firms led by male and female CEOs are not significantly different with regard to rational CSR performance, firms led by female CEOs outperform those led by male CEOs with regard to their relational CSR performance. Furthermore, the authors also find that different types of CEO power (i.e. managerial power, legitimate power and formal power) moderate the link between CEO gender and types of CSR differently.

This research contributes to research on CSR by introducing two new types of CSR: relational CSR and rational CSR. Further, the research contributes to the broader discussion of how senior managers inject their gender roles into their CSR choices. The authors provide important insights in this area by highlighting that at least some types of myopic management are also driven by CEO gender: female CEOs – to the extent that they are more likely to invest in CSR strengths which pay off in the long run – engage in less myopic management than male CEOs with regard to CSR choices.

To prospective managers, this research suggests that the gender of the CEO is an effective signal that can help them predict firms’ likely CSR behavior. More specifically, firms led by female CEOs are likely to outperform those led by male CEOs with regard to certain dimensions of CSR (higher relational and rational strengths and fewer relational concerns) and this effect of CEO gender on firms’ CSR behavior is likely to be more pronounced when the CEO exhibits certain kinds of power. Female CEOs may benefit by understanding their innate tendencies to focus on relational versus rational CSR, thereby taking advantage of the positive aspects of their tendencies.

This paper classifies CSR into two types: relational and rational. The findings indicate the benefits of this nuanced classification: female CEOs have a stronger impact on relational CSR compared to male CEOs, while the two types of CEOs do not show a significant difference with regard to their impact on rational CSR. The paper also shows that dividing the variable of CEO power into its sub-types, i.e. managerial power (CEO duality), legitimate power (CEO tenure) and formal power (CEO-TMT pay gap) has value as each of these power dimensions is found to impact the CEO gender-CSR relationship differently.

The purpose of this study is to test the role of familiness-related team forces induced by the CEO of family firms. In particular, we report on the effects of the transformational leadership style of CEOs on their respective top-management team (TMT) and firm performance when viewed through a familiness lens.

Survey measures were taken from a snowballed sample of 72 CEOs of German family firms as well as from 245 members of their TMTs. We tested the aggregated firm-level data with objective performance indicators of the firms they led.

Support was obtained for the three hypothesized team-force mediations and the four-path mediation model. The relationship between CEO’s transformational style and high family-firm performance is found to be serially mediated by TMT cohesion, behavioral integration and efficacy. Together, these three types of collective forces are assumed to be the familiness effect of a family-member CEO with a transformational leadership style.

With our model, we quantitatively tested familiness-type forces vis-à-vis firm performance. Theoretical and practical implications of these findings are discussed.