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1、ALongitudinalStudyoftheFormationofInterlockingDirectoratesAuthor(s):MarkS.MizruchiandLindaBrewsterStearnsSource:AdministrativeScienceQuarterly,Vol.33,No.2(Jun.,1988),pp.194-210Publishedby:SagePublications,Inc.onbehalfoftheJohnsonGraduateSchoolofManagement,CornellUniversityStableURL:http://www.js
2、tor.org/stable/2393055.Accessed:10/12/201308:20YouruseoftheJSTORarchiveindicatesyouracceptanceoftheTerms&ConditionsofUse,availableat.http://www.jstor.org/page/info/about/policies/terms.jsp.JSTORisanot-for-profitservicethathelpsscholars,researchers,andstudentsdiscover,use,andbuilduponawiderangeof
3、contentinatrusteddigitalarchive.Weuseinformationtechnologyandtoolstoincreaseproductivityandfacilitatenewformsofscholarship.FormoreinformationaboutJSTOR,pleasecontactsupport@jstor.org..SagePublications,Inc.andJohnsonGraduateSchoolofManagement,CornellUniversityarecollaboratingwithJSTORtodigitize,p
4、reserveandextendaccesstoAdministrativeScienceQuarterly.http://www.jstor.orgThiscontentdownloadedfrom113.108.133.58onTue,10Dec201308:20:30AMAllusesubjecttoJSTORTermsandConditionsALongitudinalStudyofThepresentstudyexaminesthecreationofnewinterlocktheFormationofInter-ties,usingdataon22largeU.S.indu
5、strialcorporationsfrom1956to1983todeterminefactorsaffectingtheap-lockingDirectoratespointmentofrepresentativesoffinancialinstitutionstotheindustrials'boards.ThelongitudinaldesignenabledMarkS.Mizruchiustofocusontheeffectsofthegeneraleconomicenvi-ColumbiaUniversityronmentataparticularpointintimeas
6、wellasoncharac-LindaBrewsterStearnsteristicspeculiartoindividualfirms.EmployingLouisianaStateUniversityevent-historyanalysis,wefoundthatdecliningsolvency,decliningprofitrate,thecorrespondenceofincreasedde-mandforcapitalwithdeclininginterestrates,andthecorrespondenceofincreaseddemandforcapitalwit
7、hcontractionstagesofthebusinesscycleareassociatedwiththesubsequentappointmentoffinancialdirectors.Ourfindingshighlighttheimportanceofexaminingthegeneraleconomicenvironmentwithinwhichorganiza-tionaldecisionmakingoccurs.'Organ
