- مبلغ: ۸۶,۰۰۰ تومان
- مبلغ: ۹۱,۰۰۰ تومان
The primary purpose of this study was to examine the demographic characteristics of Boards of Directors in the hospitality industry, and how those characteristics can impact a firm's performance during a major crisis. More specifically, using the upper echelons perspective, this study examined the impact of financeoriented directors, and directors who were outsiders, on a company's stock price during the great recession. Results using companies from the hospitality industry indicate that companies that had the highest percentage of finance-orientated directors tended to fall further and recover less quickly. Yet, in the aftermath of the crisis, companies that performed worse during the crisis tended to increase the percentage of finance-oriented directors. The authors of the study assert that extending the application of the blissful ignorance effect is a logical explanation for the behavior found in the results.
By providing evidence that demographic characteristics of a company's BODs can impact firm performance during a time of crisis, the current study further validates the upper echelons perspective (Hambrick, 2007; Hambrick & Mason, 1984) and to some extent, Smits and Ezzat's (2003) framework for crisis management. For practitioners, the findings in this paper suggest that organizations in the hospitality industry should be judicious when drawing up their crisis management plans by including instructions on how to manage the demographic characteristics of the firm's upper echelons. Finally, the paper suggests that within the upper echelons of the hospitality industry, there may individuals that display actions consistent with decision makers that are under the influence of a managerial variant of the blissful ignorance effect.