Manuscript Type: Literature review.Research Question/Issue: Over the last four decades, research on the relationship between boards of directors and strategy has proliferated. Yet to date there is little theoretical and empirical agreement regarding the question of how boards of directors...

Using the upper echelons perspective together with corporate governance and strategic renewal literature, this paper investigates how top managers' corporate governance orientation influences a firm's strategic renewal trajectories over time. Through both a qualitative analysis (1907-2004) and a...