We study changes in independent director behavior and labor-market outcomes after the experience of a forced Chief Executive Officer (CEO) turnover. We find that independent directors are more willing to fire CEOs of underperforming firms, hire outside CEOs after a firing, and encourage better board-meeting attendance by fellow directors. We also find that the shareholders of poorly performing firms react positively when experienced directors join the board. It does come with a small cost for directors, in terms of additional directorships, although the cost is not as great as that for directors who do not fire the CEO of a poorly performing firm.

Informal networking can be seen as a positive activity with beneficial outcomes for individuals, firms, and society as a whole, but informal networking can also lead to collusion, cliques, nepotism, and other forms of unethical or corrupt conduct – largely related to research on emerging markets. To date, the construction of informal networks and their cultural intertwinement and development have not been a focus of international management and organization studies, a gap that this special issue seeks to address. This special issue contributes to a better understanding of the dynamics of informal networks and their ambivalence, in which the same networks have different modes of operation and have positive and negative sides intermittently or simultaneously. We demonstrate the context in which informal networks operate, highlight their complexity, and encourage dialogue among scholars studying informal networks in a variety of countries. Using a context-based and comparative perspective allows us to conceptualize informal networks in a more integrated and balanced way. Understanding the workings of informal networking – known variously as guanxi, yongo, jentinho, wasta, and blat – in culturally specific settings, places Western values, social structures, and ideals of behavior in perspective and tests Western-centered assumptions, narratives, and theories. Because informal networking is a conventional way of conducting business in many countries, as depicted in this special issue, defining the bright (positive) and the dark (negative) sides of informal networks is critical for responsible management and business success at multinational corporations.

This article offers a synthesis of understandings of wasta, seen as a form of social network prevalent in the Arab Middle East. Whilst there has been increasing interest in this practice, research remains fragmented and has been criticised for its limited theoretical rigor. To address this issue, a systematic review of peer-reviewed journal articles exploring wasta published between 1993 and 2019 was conducted. We analysed the identified papers according to the theoretical lens from which wasta was viewed, creating a bridge between a theoretical focus on the macro aspect of wasta and an alternative focus on its micro aspects, leading to the development of a holistic model of wasta. The model also helps us to understand the complexity of wasta, both as the network itself and as the social ties that exist among its members, and sheds light on the complex nature of the role and interactions of the wasta. The findings respond to calls for more holistic and inclusive research to inform social networks research and bridge the micro–macro divide. This article offers recommendations to future researchers to build on the holistic and emic approach to wasta research adopted here.

This paper reconstructs the history of the reform of Britain’s company laws during the 1850s and makes three major arguments. First, the Law Amendment Society was the driving force for reform and organized the campaign for change. Second, the advancement of working-class interests and ideas of fairness were central to the conceptualization of these reforms and the course of their advocacy. Company law reform was broadly conceived to include the revision of the law of partnership, corporations, and cooperatives to create a level playing field in which smaller entrepreneurs could compete against established capitalists. Finally, central to this campaign was the institutional logic of “fair competition.” Socialists and liberals both used this logic, demonstrating how moral ideas can shape organizational change.