Much research on top management compensation has focused on the relationship between pay and firm performance. Firms, however, may compensate executives for inputs such as skills, as well as for outputs such as firm performance. This study refocuses attention on the links between managerial abilities and compensation by examining pay differences between types of CEO successors who have differential skills—namely, internal and external successors. © 1997 John Wiley & Sons, Ltd.

Little research has been conducted on family business strategy, even though a significant portion of the nation's largest companies are family controlled. This article provides a framework for addressing strategy and proposes topics for research on family business strategy. Topics include mission, industry and situation analyses, global strategy, and strategy implementation.

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Decisions by boards of directors can have a critical impact on the success or failure of a firm. These decisions range from the hiring and firing of a CEO to market entry and exit to the way in which a firm reports accounting profits and losses. In seeking to understand boards of directors more fully, we have come to think that we need a more complete picture of intraboard relationships among directors, including but not limited to relationships with the CEO, because these relationships affect critical decisions for the firm. The authors propose that the study of boards of directors could benefit by using a conceptual lens that scholars have yet to apply to this setting—that of the board as a social network unto itself.