... by the specificity of the sample – either in terms of the size of the firms (the 60 largest German industrial firms) or the cultural specifics of German firms (the boards of these firms are highly homogeneous in terms of nationality). This is certainly a possible avenue for further research. The research shows...

... differently from the theory’s predictions. Design/methodology/approach The research uses data from exchange-listed German industrial firms followed from 2001 to 2015. It evaluates hypotheses using historical aspiration models with ROA as a measure of performance and with a spline specification. The fixed...