CHIEF EXECUTIVE OFFICERS, TOP MANAGEMENT TEAMS, AND BOARDS OF DIRECTORS - CONGRUENT OR COUNTERVAILING FORCES

Conceptualization and research have addressed the homogeneity/heteroge neity of top management teams and, independently, the effectiveness of alternative corporate governance structures. Those studies which do c oncurrently consider directors and management focus largely on the boa rd's monitoring of the CEO. The interdependencies which exist among ch ief executive officers, top management teams, and boards of directors necessitate an integrative approach which simultaneously considers the se groups of strategic leaders. In this paper, we provide a rationale whereby a firm might elect a CEO or board dominance structure as compa red to more balanced governance structures. We suggest that the effica cy of such choices may depend on several attendant conditions includin g the portfolio exposure and globalization of the firm, its ownership patterns (e.g., five percent owners, institutional investors, position s held by other corporations), and resource dependence and information requirements.