The reporting of the findings is underpinned by the transition from description to analysis and then to interpretation of the data. The main thematic categories presented in the findings were derived by linking related sub themes in the coding structure.
Figure 5.1 illustrates this conceptual transition and shows how the researcher moved from first order codes, to second order theoretical themes and in the final stage to aggregate dimensions. Figure 5.1 may suggest linearity in the data analysis process.
However, it was highly iterative as the researcher moved between phases of coding, research questions and conceptualisation of the data. This analysis, illustrated in Figure 5.1 created the basis for the conceptual framework that is presented in Chapter 7 (Figure 7.1.- Conceptual framework for reputational capital development for a NED).
Figure 5.1 describes the three main steps taken in the data analysis process:
The first step identifies the first order codes that emerged from the raw data and represent NEDs descriptions of their experiences and their perceptions of the appointment process. This is a highly descriptive phase and constitutes the starting point of the data analysis process. For example, first order codes were identified on ‘education, work experiences, professional qualifications and industry recognition’. Illustrative quotes have been given for each theme in Figure 5.1.
The second step is intermediate level coding and identifies the theoretical categories (second order themes) through clustering the first order codes.
These second order themes represent the conceptual dimensions of the key constructs discussed and were derived by analysing and synthesising the first order themes. For example, clustering first order codes on connecting with people and the type, importance and longevity of connections led to the more theoretical category of ‘breadth and depth of social connections’ a second order theme.
The final step involves aggregating the second order themes into aggregate theoretical dimensions corresponding to the key constructs discussed in this thesis (human, social, cultural and reputational capitals). This step involves an increased level of synthesis and abstraction in the data analysis process. For
example, the second order theoretical categories (second order themes) of
‘social vetting in the corporate elite’ and ‘value laden chemistry and fit’ are aggregated to derive the theoretical dimension of ‘cultural fit with corporate elite’.
In developing Figure 5.1 the researcher drew on the work of Ladge, Clair and Greenberg (2012).
Figure 5-1 Overview of the data analysis process
Statements indicating education, work experiences, professional qualifications and industry recognition.
• ‘Beginning with my stint in Oxford and ... that set me up well.’ (Jacob)
• ‘I do corporate finance … been in a previous role for 25 years. In fact I was MD for 10 years.’ (Nicola)
• ‘My pedigree is good. I’m a qualified auditor from one of the big five, which is a good place to start your career ... helped with my NED.’ (Fred)
• ‘I have had some pretty impressive recognition from the industry.’ (Jane)
• ‘Anyone looking at mine (jobs) … would see my FTSE 250 record … I’ve been both Executive Director and NED on a main board.’ (Bruce)
• So I applied to do my masters, the Sloan fellowship at London Business School, to keep things ticking over on my CV.’ (Theresa)
Credentials accumulated
First order themes Theoretical categories
Build up of human
capital
Aggregate theoretical dimensions
Statements indicating prestige, status and threshold value of credentials.
• ‘I had been at Z (top consultancy) for many years and everyone knows them and what they stand for, they… was a huge influence in the corporate world.’ (Tami)
• ‘Being a VP of Asia with X (FTSE 100) impressed them big time and I am an ex-partner of Y (auditing firm) so you couldn’t get any better.’ (Gwen)
• ‘Once you’re qualified people take notice, …it gives you a lot of kudos with senior people.’ (Fred)
• ‘I’ve been with X (FTSE 100 company) for 15 years and for 10 of those I sat on the Exco and serviced the board … I have a long track record of handling the responsibility and
….characters at board level.’ (Ross)
• ‘I’ve been on numerous boards in the last 10 years here in the UK and across the world.
The headhunters knew this … and they would have given me good PR.’ (Jacob)
• ‘You have to have some fantastic credentials, but that’s kind of almost threshold stuff.’
(Ross)
Value of life’s
achievements
Statements referencing connecting with people and the type, importance and longevity of connections.
• ‘Through my career at X (FTSE 100) I built up good relations in Asia … we keep track of each other.’ (Gwen)
• ‘Think about who you have been networking with and the people … who could be potentially interesting contacts … You meet people who get to know you, who introduce you to other people.’ (Sona)
• ‘When I worked with X (company) I made some great contacts. We have kept in touch over the years.’ (Tami)
• ‘It’s so invaluable to keep your connections going for the long term.’ (Gwen)
• ‘He and I go back a long way. We really connected in our university days and that’s not gone away. We ring each other up about all sorts.’ (Theresa)
Breadth and depth of social
connections
First order themes Theoretical categories
Build up of social capital
Aggregate theoretical dimensions
Statements referencing the social and informal connecting, perceptions, ambiguities, prestige and status in the connections.
• ‘I don’t see it as work. I keep up socially with people. It’s nothing that’s forced or unnatural … sometimes I can help them, sometimes they can help me. Often it’s a lot of chit-chat and gossip.’ (Gwen)
• ‘There are personal connections I have kept up with and our conversations are personal and private.’ (Gwen)
• ‘I went to a few select functions ... met some people ….my ESF recommended ... these guys are like the biz, they carry a lot of weight, I benefited from it.’ (Jacob)
• A colleague of mine at the FSA, who was a colleague … at Oxford. Well we both went to work for X (merchant bank) and he was now on the board of Y (FTSE 100 company).
(Theresa)
• Rex will wander into my office … Rex is a good friend of mine, a city grandee and brilliantly connected.’ (Ross)
Nature of social
connectivity
Statements indicating informal referencing mechanisms in elite networks.
• ‘When my name came up, he’d think … ‘who knows this person?’ That’s generally the sort of informal checking up process that goes on.’ (Ross)
• ‘From the Chairman’s standpoint … the fact that he knew me … worked closely with people who knew me counted for a lot … he consulted them before saying ‘yes’.’ (Alexi)
• ‘Yes I did prime my connections … a bit of a do at the Regatta … nothing formal … yes I had met the Chairman at the Hurlingham Club … charity fundraiser.’ (Bruce)
• ‘He (ESF Chairman) called me up … “I’d like to invite you to come and meet somebody just for a chat“ with … Chairman of Y (company). It was such an honour.’ (Nicola)
Social vetting in the corporate
elite
First order themes Theoretical categories
Cultural fit with corporate elite
Aggregate theoretical dimensions
Statements about relationships with the Chairman and members of the corporate elite.
• ‘I clicked with him and … end of conversation he said “gosh you almost couldn’t get a more perfect fit”.’ (Fiona)
• ‘We liked each other … like in terms of respect … a professional liking.’ (Jacob)
• ‘Was invited to offsite with … board members and members of Royal Family … board members were enthusiastic (about her appointment).’ (Jane)
• ‘Lord X (board member) and I sat there in the coffee place at the House of Lords telling stories … it felt good, it worked well.’ (Ross)
Statements indicating norms of behaviours, values and philosophical approach.
• ‘He would have asked about my style, how I handle situations, success and failure … it’s all about style.’ (Gwen)
• ‘You mix with a pretty impressive bunch of people so it’s more about, “do I know how to behave myself?’’ (Jamie)
• ‘He … said “he knows how to behave himself. He knows the rules of the game.” (Niels)
• ‘A conversation … at the level of basic values … “what do you think is important in life?”.’ (Tami)
Value laden
chemistry and fit
Statements about the whole person, experiences in the round, spanning a career.
• ‘It’s the whole package,….you’ve got to have achieved and people need to know how you go about your success.’ (Jacob)
• ‘It’s about you as a person, your credentials, the values you espouse.’ (Sona)
• ‘It’s about what you have done in life and what it says about you.’ (Bruce)
• ‘You spend a lifetime building up your reputation. …..It’s everything you’ve got and more.’ (Jacob)
• ‘Reputation is everything at this level. ….It’s about everything you have done in your life and what you’re about as a person. It takes years to acquire … actually a lifetime.’ (Fred)
Images of
Statements about the nature of reputation and due diligence.
• ‘Approach someone and there’s a danger they could turn it down, that would impact negatively on the reputation of the Chairman.’ (Fiona)
• ‘All my meetings were in secret … fear of reputational damage.’ (Steven)
• ‘At this level you have to be risk averse when it comes to reputation … to stay in the club’
(Fred)
• ‘If you have problems reputationally that would be a complete no.’ (Jamie)
• ‘It’s a two-way process. ..No Chairman wants to appoint a NED who doesn’t look good on his reputation.’ (Tami)
Risk and reputation
Statements indicating self promotion, good will building and reciprocity in relationships.
• ‘I would ring them …. it keeps me front of mind, which is important as these people are connected and I know how the world works.’ (Nicola)
• ‘I would ask people for advice … it’s a great way to get people to appreciate what you’ve done …. who you are …. where you could go.’ (Jane)
• ‘You’ve got to see it from the headhunters’ perspective … need to put you on a long-list to make them look good…. they get to know me and I make another connection.’
(Theresa)
• Achieve high level of competence … hard work begins. You have got to have a bark.’
(Jane)