Deadlock on the Board

We develop a dynamic model of board decision-making. We show that a board could retain a policy all directors agree is worse than an available alternative. Thus, directors may retain a CEO they agree is bada deadlocked board leads to an entrenched CEO. We explore how to compose boards and appoint

我们构建了董事会决策的动态模型。研究表明，董事会可能会保留所有董事均认定劣于现有替代方案的政策。据此，董事们可能会留任他们一致认为不合格的首席执行官——陷入僵局的董事会将导致首席执行官任期固化。本文探讨了如何组建董事会以及开展相关任命工作。