Agency-based studies of boards of directors address factors relevant to board vigilance with respect to the monitoring of senior managers. We argue that relying solely on director vigilance may be limiting because vigilance without relevant experience is unlikely to ensure board effectiveness. Our contention is that boards comprising vigilant directors, as well as directors with appropriate knowledge gained through experience, not only will be better monitors, but also more useful advisors to top managers. The focus of our study is on the effect on acquisition outcomes of the interaction of board vigilance and director experiential learning. Consistent with our expectations, the empirical findings indicate that vigilant boards rich in appropriate experience are associated with superior acquisition outcomes.

This study explores the use of control variables in management research, as reflected in both macro and micro management studies published in four leading management journals. Based on a review of 812 empirical articles published from 2005 to 2009-a much larger sample than was employed by earlier studies of control variables-the authors make several important observations. One key finding is that, given it is not at all uncommon for the control variables included in studies to account for more variance than the main effects, it is surprising how infrequently adequate justification for inclusion is provided. In addition, even when justification is provided, often no expectation of the nature of the relationship between control and dependent variables is offered. The authors also make several recommendations for both authors and reviewers. The most important may be to avoid simple mimicry of others and think more deeply about the theoretical foundation for the control variables included in empirical studies.

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