Context, Behavior, and Evolution: Challenges in Research on Boards and Governance

Abstract

In this article, we present an overview of empirical research on boards and governance in leading U.S. and international academic journals in general management. Samples, methods, theories, and main concepts are presented and compared. The contributions are positioned with respect to contingency perspectives, behavioral perspectives, and evolutionary perspectives. Through an analysis of 127 empirical articles, we find that most studies on boards and governance have been influenced by a research tradition that treats the board of directors as an isolated "black box." Only few studies explore boards in context or explore behavioral perspectives of boards. Almost no studies include evolutionary perspectives. Based on our analysis, we explore alternative research streams and outline various directions for future research.