By Alberto Lavîn Fernández, Carmelo Mazza (auth.)
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Additional info for Boards Under Crisis: Board Action under Pressure
Sample text
Given the use of terminology (perceive, feel, believe) it is easy to anticipate that there is, in general, little that is purely ‘objective’ for decision makers about the concept of crisis. This is not surprising, as the awareness of crisis in small groups is influenced not only by the awareness of each individual, but also jointly by the members who make up the group. 4 In fact, there have been (and still are) significant ‘objective’ dimensions characterizing crisis. e. e. increased feeling of remembering) (see for example Sharot, Delgado and Phelps, 2004).
The internal configuration of the board and cohesion among directors is also a cause of this divergence (Ocasio, 1995). Having said that, if we admit crisis is as much ‘built’ as it is ‘objective’, the way in which crisis is observed by the board decisively affects their reaction to circumstances. For example, the mere effort of seeking unifying views in the boardroom impacts the decision-making process. There is a greater need to elaborate and interchange information, more time and energy dedicated to reach agreement when feasible and there is displacement or delay in the content of meetings or increased tension and conflict, affecting the internal teamness (Hambrick, 1998) of the board.
G. oil price, dollar evolution and exchange rates, country risk, competition, market size, to name just a few). 7 Whereas all the former may be also happening during non-crisis times and similarly influencing business results, these concerns are particularly painful during crisis because they often threaten long-term survival of the organization. For example, the CEO of a multinational corporation asserts: There is a lot of debate and small talk among the board about a number of macroeconomic variables these days; of those, dollar exchange rate and oil price progress are probably the most important for the majority of us.
