Boards of directors play a central role in governing corporate strategic change. We systematically review corporate governance research on strategic change published over the past 40 years, differentiating between strategic change types and board characteristics. We identify three developments: a focus on specific strategic change types, board composition and structure, and North American listed firms as a dominant study context. Yet, our analysis of the literature shows that research on board governance of interrelated strategic changes, on different board roles and behaviour, and on the governance of strategic changes across different contexts remains underdeveloped. To address these research gaps, we suggest three future research avenues: (1) examining how boards govern interrelated changes in a strategic change portfolio and its evolution over time; (2) studying the mediating relationship between board governance (particularly different board roles and behaviour), strategic changes, and corresponding outcomes; and (3) gaining a better understanding of the role of context in board governance of interrelated strategic changes. We contribute to corporate governance research by developing a framework that synthesizes extant research on the relationships between different board governance variables and strategic change types, highlights important research gaps, and outlines several future research directions to address these gaps. Our framework and literature overview serve as analytical tools to examine whether boards are well-designed and prepared to govern multiple and interrelated strategic changes.

中文翻译：

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战略变革的董事会治理：文献评估和未来研究途径

董事会在管理公司战略变革方面发挥着核心作用。我们系统回顾了过去 40 年来发表的关于战略变革的公司治理研究，区分了战略变革类型和董事会特征。我们确定了三个发展：关注特定的战略变革类型、董事会组成和结构，以及将北美上市公司作为主要研究背景。然而，我们对文献的分析表明，对相互关联的战略变革的董事会治理、不同的董事会角色和行为以及不同背景下的战略变革治理的研究仍然不发达。为了解决这些研究差距，我们建议三个未来的研究途径：(1) 研究董事会如何管理战略变革组合中的相互关联的变革及其随时间的演变；（2）研究董事会治理（特别是不同的董事会角色和行为）、战略变革和相应结果之间的中介关系；(3) 更好地理解环境在董事会治理相关战略变革中的作用。我们通过开发一个框架来为公司治理研究做出贡献，该框架综合了关于不同董事会治理变量和战略变革类型之间关系的现有研究，突出了重要的研究差距，并概述了解决这些差距的几个未来研究方向。