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- W71111924 startingPage "178" @default.
- W71111924 abstract "Everyone is most likely painfully aware of raft of recent corporate scandals and bankruptcies (Byrne et al., 2002). The current environment suggests a strong probability for changes in rules affecting governance and bankruptcy. In this light, we present a study that examines a piece of governance issue following last major change in bankruptcy laws (i.e., The Bankruptcy Reform Act of 1978). Specifically, we examine influence of a CEO's power and his or her influence on organizational performance subsequent to bankruptcy filing. When management files for bankruptcy protection, it proclaims organization's deterioration with a definitive measure of performance (Daily, 1994). Although some bankruptcies are strategic in nature (Flynn and Farid, 1991; Johnson et al., 1986; McConnell and Servaes, 1991; Moulton and Thomas, 1993), most result from an organization's inability to meet debt obligations (Altman, 1993), which is, after all, legal definition of bankruptcy. How organizations get in such a predicament remains debatable (e.g., Daily, 1994). However, two perspectives dominate literature--one proposes that failure is fault of no one (e.g., Aldrich, 1979; Hannan and Freeman, 1977), and other holds management culpable (e.g., Ansoff, 1988; Child, 1972). Consistent with latter perspective, we assume that leaders do in fact affect organizational performance. Our assumption is consistent with both strategic choice perspective (Ansoff, 1988; Child, 1972; Cyert and March, 1963; Thompson, 1967) and upper echelon research (e.g., Dooley and Fryxell, 1999; Hambrick and Mason, 1984; Hambrick and Fukutomi, 1991; Hambrick et al., 1996; Thomas, 1988; Zahra and Pearce, 1989). Regardless of why organization is bankrupt, responsibility falls upon leadership to effect repairs and recovery. This presents a problem since potential for any recovery is precarious, particularly when those same people accountable for initial failure (i.e., management) now become responsible for subsequent recovery. Intuitively, the problem causers [sic] should not become problem solvers (Whetten, 1987: 349). Since it was management that most likely caused failure (Altman, 1993), or at least failed to prevent it (Khanna and Poulsen, 1995), it follows that something about management must change. The purpose of this study is to examine an area in strategic management that is virtually unexplored--that is, period in an organization's life beginning immediately upon a bankruptcy filing through its return to normalcy. In particular, we examine influence of Chief Executive Officer (CEO) power, both formal as determined by duality and informal determined by prestige. Our study begins after an organization has filed for bankruptcy. Furthermore, we extend extant research stream on organizational failure by examining post-failure period; this is done in three stages. First, assuming organization does survive, we examine duration of time spent under bankruptcy protection (reorganization time). Second, we compare those organizations that survive with those that did not to examine odds of emerging from bankruptcy process. Finally, we examine length of time necessary for recovery and return to industry performance parity following emergence from bankruptcy protection (recovery time). In following sections we review theoretical background routinely applied to bankruptcy research. We then review applicable research on organizational bankruptcies and extend it to focus on period after initial filing of Chapter 11 protection. We then incorporate formal and informal power of CEO and provide hypotheses to test their influences on bankruptcy outcomes. CEO Duality and Prestige In organizations larger than Mom & Pop corner grocery store, power is rarely absolute (Dooley and Fryxell, 1999; Hambrick and Mason, 1984). …" @default.
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- W71111924 date "2004-06-22" @default.
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- W71111924 title "The Impact of CEO Duality and Prestige on a Bankrupt Organization" @default.
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