still only that. "The presence of knowledgeable major owners, bankers, customers, and suppli- ers on corporate boards has diminished," Por- ter notes. Nearly three-fourths of the directors of the largest U.S. corporations are outsiders, with little knowledge about or stake in the com- panies they oversee.
Lack of information about their businesses also hinders top corporate managers. Many
U.S. firms in recent decades have opted for a decentralized organizational structure involv- ing...