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Interlocking Directorates: A Strategy for Reducing Environmental Uncertainty

F. David Schoorman, Max H. Bazerman and Robert S. Atkin
The Academy of Management Review
Vol. 6, No. 2 (Apr., 1981), pp. 243-251
Published by: Academy of Management
Stable URL: http://www.jstor.org/stable/257880
Page Count: 9
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Interlocking Directorates: A Strategy for Reducing Environmental Uncertainty
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Abstract

Interlocking directorates among corporations are common, despite statutory attempts to limit interlocking. Through interlocking, companies may gain any of four benefits that reduce environmental uncertainty: horizontal coordination linking competitors; vertical coordination linking an organization with suppliers of inputs or receivers of outputs; expertise; enhanced reputation. Antitrust legislation implies that the maintenance of uncertainty in the marketplace through competition is a social good, but reducing uncertainty through interlocking may be a profit-maximizing strategy of benefit to business firms and their shareholders.

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