Journal articles on the topic 'Board structure'
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1
Dato, Muluneh Hideto, Roy Mersland, and Neema Mori. "Board committees and performance in microfinance institutions." International Journal of Emerging Markets 13, no. 2 (April 16, 2018): 350–70. http://dx.doi.org/10.1108/ijoem-08-2016-0216.
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Purpose The purpose of this paper is to empirically relate subordinate board structures with improved financial and social performance in microfinance institutions (MFIs). Design/methodology/approach The research question is analyzed using a panel data from 23 MFIs in Ethiopia over a period of 2006-2011. Random effects panel data estimation is applied to analyze the link between board committees and MFI’s performance. Findings In MFIs with larger than average boards, the findings demonstrate significant ties between financial and outreach performance and how their boards are structured. The structure of board committees moderates the relation between board size and financial and outreach performance measures. Importantly, board committee benefits MFIs through better operational self-sufficiency, lower operating expenses, greater outreach to customers, and outreach to poorer customers using average loan size as the proxy. Practical implications Practitioners within microfinance sector, and those operating in advisory and regulatory roles to the sector could benefit from the argument advanced in the paper in that normative recommendation to restructure boards or establish committees requires reevaluating the board characteristics vis-à-vis the optimal monitoring, controlling, and advising needs of the institution. Originality/value Prior literature focuses on who sits on boards, how large are the boards, and how independent are they. This paper advances the understanding of the structure of board committees and how this may affect the performance of MFI. This approach provides better representation of director’s role and is thereby a good test of board effectiveness.
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Berezinets, Irina, Yulia Ilina, and Anna Cherkasskaya. "Board structure, board committees and corporate performance in Russia." Managerial Finance 43, no. 10 (October 9, 2017): 1073–92. http://dx.doi.org/10.1108/mf-11-2015-0308.
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Purpose The purpose of this paper is to investigate the link between board structure and performance of public companies in Russia – an emerging market with unique institutional background and a variability of corporate governance (CG) practices across its companies. Design/methodology/approach Panel data analysis was applied on a sample of 207 Russian companies that frequently traded in the Russian Trading System during the period 2007-2011, in order to test hypotheses on the relationships between board size, board independence, gender diversity, presence of board committees and financial performance, as measured by Tobin’s Q. Findings The results show a positive relationship between Tobin’s Q and the board’s gender diversity. The analysis demonstrates that smaller and bigger boards are associated with a greater Tobin’s Q value. Originality/value The findings provide additional evidence of how board structure is related to its effectiveness and corporate performance in countries with concentrated ownership, highly variable CG practices and a lack of proper implementation of corporate law and governance codes. The paper contributes to the existing empirical evidence on the advantages of small and large-sized boards and on gender diversity, and is the first investigating the relationship between Russian companies’ board committees and market-based performance. The results regarding board independence and committees suggest that these mechanisms are still not widely recognized for their role in CG and company performance in Russia.
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Egbunike, Chinedu Francis, and Augustine N. Odum. "Board leadership structure and earnings quality." Asian Journal of Accounting Research 3, no. 1 (August 6, 2018): 82–111. http://dx.doi.org/10.1108/ajar-05-2018-0002.
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Purpose One main concern and issue affecting earnings quality is the extent to which managers manipulate earnings to mislead stakeholders about the underlying economic performance of the company or to influence contractual outcomes that depend on reported accounting numbers. This study builds on prior research and examines empirically the relationship between board leadership structure and earnings quality of manufacturing firms in Nigeria. The purpose of this paper is to specifically focus on four board structure characteristics: board size, composition, proportion of non-executive directors and CEO duality. Design/methodology/approach Data used for this investigation were collected from secondary sources, i.e. annual reports and accounts. The study used the Pooled OLS regression model to examine the effect of the board structure on earnings management for a sample of 45 non-financial listed Nigerian companies (conglomerates, consumer goods and industrial goods firms) for the years 2011 to 2016. Findings Based on the analysis, board size and board composition were positive and significant. However, proportion of non-executive directors was negative and significant; while, CEO duality was positive and statistically significant. It was consequently recommended that audit firms should review their audit business model and become more circumspect of their client, e.g. provide fraud assessment and checks for earnings quality. Boards should not just reflect size but rather the skills and expertise of individuals appointed to the board. Furtherance to this, the effectiveness of boards can be improved by committees and sub-committees allocation of duties. Originality/value Few studies have addressed this area in the country.
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Jiraporn, Pornsit, Ali Uyar, Cemil Kuzey, and Merve Kilic. "What drives board committee structure? Evidence from an emerging market." Managerial Auditing Journal 35, no. 3 (November 1, 2019): 373–97. http://dx.doi.org/10.1108/maj-11-2018-2079.
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Purpose Board committees enable boards to function effectively, as committees improve the quality of corporate governance by fulfilling specific, assigned tasks. This study aims to explore how board structure, CEO duality and audit quality are associated with board committee structure in the context of an emerging market, namely, Turkey. Design/methodology/approach The sample consisted of 122 firms listed on the Industrial Index of Borsa Istanbul for the years between 2012 and 2014, inclusive, and this yielded 366 firm-year observations. To test the hypotheses, the panel data analysis method was used, which enabled the elimination of certain problems, such as multicollinearity and estimation bias, as well as specification of the time-variant association between the predictor variables and the output variable. Findings Board size, board independence and firm size had a positive association with the number and size of board committees, whereas CEO duality had a negative association with the number and size of board committees. Moreover, the appointment of female members on audit and corporate governance committees was more frequent in firms that had a high proportion of women on their boards. Finally, audit quality was positively associated with the existence of risk committee, the overall diversity of board committees and the diversity of corporate governance committees. Research limitations/implications The study is not free from limitations. It covers the time span between 2012 and 2014; thus, readers should be cautious about generalizing these results longitudinally, as a different time periods could possibly yield different results. The second limitation concerns the fact that only industrial firms were sampled; thus, these findings may not be valid in other sectors. Practical implications The paper shifts the attention of researchers from overall board structure to board committee structure. The results of the study provide insights for policymakers, boards and shareholders. Policymakers can formulate boards and committees by considering these findings. Boards can benefit from the conclusions of this study in shaping their own structure and sub-committee structures. Current and potential shareholders may find the results of the study instructive in making investment decisions. Originality/value This study investigates the factors associated with the structure of overall and specific board committees. Additionally, while most prior research on board committees has sampled firms that are domiciled in developed countries, this study examines the subject in an emerging country context, namely Turkey. Moreover, this study adds to the literature by examining the association between audit quality and board committee structure, which has been largely neglected in prior literature.
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Sheard, David John, Gregory Clydesdale, and Gillis Maclean. "Governance structure and public health provision." Journal of Health Organization and Management 33, no. 4 (June 28, 2019): 426–42. http://dx.doi.org/10.1108/jhom-11-2018-0336.
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Purpose A key question in the provision of public health concerns how that provision is governed. The purpose of this paper is to examine the governance structure of a public health board and its perceived impact on the efficacy of clinical operations. Design/methodology/approach Structural issues examined the level of centralisation and public participation, and whether governance should occur through elected boards or appointed managers. These issues were examined through multiple lenses. First was the intention of the structure, examining the issues identified by parliament when the new structure was created. Second, the activities of the board were examined through an analysis of board meetings. Finally, hospital clinicians were surveyed through semi-structured interviews with both quantitative and qualitative questioning. Findings A contradiction was revealed between intention, perception and actual activities. This raises concerns over whether the public are significantly informed to elect the best-skilled appointees to governance positions. Practical implications This research holds implications for selecting governance structures of public health providers. Originality/value Few studies have looked at the role of a publicly elected healthcare governance structure from the perspective of the clinicians. Hence, this study contributes to the literature on healthcare structure and its impact on clinical operations, by including a clinician’s perspective. However, this paper goes beyond the survey and also considers the intention of the structure as proposed by parliament, and board activities or what the board actually does. This enables a comparison of intention with outcomes and perception of those outcomes.
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Eklund, Johan, Johanna Palmberg, and Daniel Wiberg. "Ownership structure, board composition and investment performance." Corporate Ownership and Control 7, no. 1 (2009): 120–30. http://dx.doi.org/10.22495/cocv7i1p11.
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This paper explores the relation between ownership structure, board composition and firm performance among Swedish listed firms. The descriptive statistics show that Swedish board of directors has become more diversified in terms of gender. The analysis shows that board size has a significant negative effect on investment performance. Gender diversity has a small but negative effect on investment performance, and the same holds for CEO being on the board. When incorporating all the explanatory variables into the same equation the negative effect of larger boards dilutes the effect of gender diversity and having the CEO on the board.
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Lee, Kin-Wai, and Cheng-Few Lee. "Cash Holdings, Corporate Governance Structure and Firm Valuation." Review of Pacific Basin Financial Markets and Policies 12, no. 03 (September 2009): 475–508. http://dx.doi.org/10.1142/s021909150900171x.
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Firms with higher board independence, smaller boards, and lower expected managerial entrenchment, have lower cash holdings. We find that the positive association between cash holdings and managerial entrenchment is mitigated by stronger board structures. Specifically, in firms with higher expected managerial entrenchment, those with higher proportion of outside director on the board and smaller board size have lower cash holdings. We also find that firm value is negatively associated with cash levels. The negative association between firm value and cash holdings is more pronounced in firms with (i) lower proportion of outside directors, (ii) larger boards and (iii) higher expected managerial entrenchment. For firms with both high cash holdings and high expected managerial entrenchment, investors additionally discount the valuation of firms with lower proportion of outside directors and those with larger boards.
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Tregoning, Susan. "Hospital board structure:changing form and changing issues." Australian Health Review 23, no. 3 (2000): 28. http://dx.doi.org/10.1071/ah000028.
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Economic and social pressures are compelling many hospitals to consider their current board structure in an effort toposition their hospital to meet changing demands. A national profile of the structures of hospital boards has beencompiled from a questionnaire completed by hospital board representatives from both government and non-governmentsectors.Results show that hospital board structures are a hybrid of both philanthropic and corporate models. New structuresmay be required to meet future challenges. In developing new structures, consideration should be given to identifyingthe skills and processes required to undertake board business.
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Mynhardt, Ronald H. "Universal corporate governance standards: recommendations for the composition of a board of directors." Corporate Ownership and Control 12, no. 1 (2014): 243–50. http://dx.doi.org/10.22495/cocv12i1c2p2.
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In the study reported here, suggestions that the global financial crisis revealed shortcomings in current board of director structures were researched. It was found that the current boards of directors do not have much of a chance of playing a constructive role in the success of any company, giving in to pressure from shareholders to exceed prior results, and failing to monitor the business and to assess its risk profile. In order to enhance board of director efficiency in companies around the world, a new board of director structure called the “management council” is proposed. The structure was discussed with industry experts who agreed that the implementation of the council structure could solve the problems experienced with current board of director structures
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Kim, Jootae, and Jai S. Kang. "Board Structure, Board Activity and Firm Performance: The Case of Korea." Journal of International Business and Economy 16, no. 2 (December 1, 2015): 40–63. http://dx.doi.org/10.51240/jibe.2015.2.3.
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In agency theory, it is asserted that boards with a high ratio of outside directors can monitor management effectively, but empirical results from past studies are not consistent. We suggest the “process perspective” as an alternative approach, arguing that the board activity, rather than the board structure, impacts the firm’s financial performance; and apply this perspective to Korean companies. We test the impact of board structure on both board activity and profitability, and then the impact of board activity on firm profitability. The test results were: the board structure [measured by the ratio of outside directors in the board membership] does not have positive influence on either board activity or profitability [measured by ROA] in Korean firms; however, the board activity, measured by the rate of outside directors’ participation in board meetings, has a positive relationship with a firm’s profitability. We explain this as a decoupling, based on institution theory, which occurred in the process of forced Korean governance reform of 1998.
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Al-Qatanani, Nisreen, and Youssef Abu Siam. "Can ownership structure and board characteristics affect firm performance?" Accounting 7, no. 6 (2021): 1325–30. http://dx.doi.org/10.5267/j.ac.2021.4.006.
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This research aimed to examine the association between board of directors’ characteristics as a composite measure, the performance of companies in Jordan and the influence of family ownership on this association. Using data on industrial companies indexed on the Amman Stock Exchange (ASE) from 2013 to 2017, a positive association between board characteristics and company performance was found, indicating that higher board effectiveness is associated with more effective monitoring of management behavior. In addition, the association between board characteristics and company performance was strong when there was an interaction with family ownership, as companies with boards with family members achieve higher performance than companies with boards run by external directors. The study findings could be useful to all regulators seeking to improve the quality of monitoring mechanism practices, especially in emerging economies.
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Davidson III, Wallace N., Ted Pilger, and Andrew Szakmary. "The importance of board composition and committee structure: The case of poison pills." Corporate Ownership and Control 1, no. 3 (2004): 81–95. http://dx.doi.org/10.22495/cocv1i3p8.
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We examine board composition, characteristics, and structure for firms whose boards adopt poison pills. We find that board composition is unrelated to the stock market’s perception of poison pill adoption. However, the percentage of shares held by blockholders, the tenure of independent outsiders on the board, and the proportion of outsiders on the executive committee do seem to influence whether a poison pill adoption is perceived as management entrenching or not. We also find that when boards have absolute control of the sample firms, this control is related to board shareholdings, board tenure of outsiders, and the proportion of outsiders on the board committees. It is not related to the market reaction for poison pill adoption.
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Scafarto, Vincenzo, Federica Ricci, Gaetano Della Corte, and Pasquale De Luca. "Board structure, ownership concentration and corporate performance: Italian evidence." Corporate Ownership and Control 15 (2017): 347–59. http://dx.doi.org/10.22495/cocv15i1c2p4.
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This paper investigates the interplay between board-level governance characteristics, ownership concentration and firm performance in the Italian corporate landscape, which is characterized by high (though varying) degrees of ownership concentration. The empirical setting of this study is the Italian stock market and specifically a sample of non-financial firms included in FTSE MIB and mid-cap index of Milan stock exchange, spanning a five-year time period from 2011 up to 2015. We regressed an accounting proxy for firm performance, namely the return-on-asset (ROA) ratio, on several board-level governance variables and specifically board size, board independence, CEO-chairman duality and audit committee (ACD) full independence. In doing so, we also controlled for the impact of different levels of ownership concentration by partitioning the sample into firms with lower and-higher-than-median values of ownership concentration (OC). The empirical results indicate that board characteristics differently impact performance in firms with lower levels of OC compared to firms with higher OC. Specifically, in lower-OC firms, board independence and AC full independence have a negative impact, whereas CEO duality (either alone or interacted with board independence) has a positive impact on performance. Conversely, higher-OC firms benefit from a large board size and are negatively affected by AC independence, while the remaining variables are not significant. The key insight to be gained from our evidence is that the individual and interaction effects of board-level mechanisms may be contingent on the presence of other governance mechanisms (in this instance, the degree of ownership concentration). As such, this research adds to the existing literature questioning the ‘one-size-fits-all’ approach to corporate boards. In terms of practical implications, our findings support the notion that firms might consider the potential interaction and substitution effects between governance mechanisms and structure boards accordingly.
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Sandra Alves. "Accounting Conservatism and Board Characteristics: Portuguese Evidence." International Journal of Business and Society 22, no. 3 (December 17, 2021): 1346–62. http://dx.doi.org/10.33736/ijbs.4305.2021.
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For a sample of 26 non-financial listed Portuguese firms-year from 2002 to 2016, this study extends previous research by empirically examining how board structure affects the magnitude of accounting conservatism for companies listed in Portugal. Mainly, we focus on the main characteristics of the board structure that are highlighted by the Portuguese Securities Market Supervisory Authority’s recommendations: board size, board composition, board’s monitoring committees and number of board meeting. This study predicts and finds a non-linear relationship between board size and conservatism. Specifically, we find that as board size increases up to 8 members, the sample firms employ more conservatism, consistent with the idea that smaller boards can be more effective than larger boards in monitoring managerial behaviour. When board size reaches beyond 8 members, a negative relationship between board size and conservatism accounting occurs. We also find that both boards comprised of more non-executive members and high board meetings frequency lead firms to report more conservatively.
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Li, Yunhe, and Xiaotian Tina Zhang. "How Does Firm Life Cycle Affect Board Structure? Evidence from China's Listed Privately Owned Enterprises." Management and Organization Review 14, no. 2 (May 7, 2018): 305–41. http://dx.doi.org/10.1017/mor.2017.55.
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ABSTRACTUsing data from China's listed privately owned enterprises (POEs) during the period from 2002 to 2014, we explore the effects of firm life cycle on board structure. We find that the board size of China's listed POEs declines over firm life cycle, and there is a trend of separation for board chair-CEO duality while board independence remains almost static. We further provide evidence that board size and independence are determined by the benefits of monitoring and advisory roles of the boards through all the stages of firms’ life cycle with different drivers. The impact of CEO power on board chair-CEO duality is determined by the benefits and costs of separation of board chair, and CEOs are supported at all stages of firms’ life cycle. This article sheds light on the dynamic board structure in an emerging economy where the external corporate governance is weaker than that of developed countries. Our findings suggest that the board structures of China's listed POEs are adjusted at various stages of firms’ life cycle, and the adjustments are mostly based on the resources brought by the new board of directors.
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Bonn, Ingrid. "Board Structure and Firm Performance: Evidence from Australia." Journal of Management & Organization 10, no. 1 (January 2004): 14–24. http://dx.doi.org/10.1017/s1833367200004582.
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ABSTRACTThe influence of corporate governance on firm performance has been discussed for a number of years, but mainly in a United States and European business context. This article investigates the composition of boards of directors in large Australian firms and analyses whether board structure has an impact on performance, as measured by return on equity and market-to-book value ratio. The results showed that outsider ratio and female director ratio were positively associated with firm performance, whereas board size and directors' age had no influence on firm performance.
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Bonn, Ingrid. "Board Structure and Firm Performance: Evidence from Australia." Journal of the Australian and New Zealand Academy of Management 10, no. 1 (January 2004): 14–24. http://dx.doi.org/10.5172/jmo.2004.10.1.14.
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ABSTRACTThe influence of corporate governance on firm performance has been discussed for a number of years, but mainly in a United States and European business context. This article investigates the composition of boards of directors in large Australian firms and analyses whether board structure has an impact on performance, as measured by return on equity and market-to-book value ratio. The results showed that outsider ratio and female director ratio were positively associated with firm performance, whereas board size and directors' age had no influence on firm performance.
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Vural, Gamze, and Emel Bacha Simoes. "The nonlinear effects of ownership concentration and board structure on bank performance." Panoeconomicus, no. 00 (2022): 2. http://dx.doi.org/10.2298/pan190404002v.
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This study looks into the relationships between the banks? ownership structures, the characteristics of their boards, and their performance. A bank's performance varies depending on a series of different factors. In recent years, the evaluation of performance in the context of corporate governance practices has gained importance. This study considers the issue from the perspective of developed nations, looking at the examples of the United States and the United Kingdom. The findings demonstrate that adopting certain corporate governance practices improves a bank's performance levels over previous periods. Having a duality in the board structure and increasing its proportion of nonexecutive board members improve a bank's performance. In contrast, a statistically significant negative relationship was found between bank performance and board size, board members appointed for their specific skills, and the number of board meetings. It was also discovered that there is no linear relationship between the proportion of strictly independent board members on a board of directors and performance. A nonlinear relationship was found between bank ownership concentration and their performance. The discovery of a nonlinear relationship between performance and increasing concentration in a bank's ownership structure and the proportion of strictly independent board members on its board is a sign that there is an optimal level for these variables.
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Bettinelli, Cristina. "Boards of Directors in Family Firms: An Exploratory Study of Structure and Group Process." Family Business Review 24, no. 2 (May 10, 2011): 151–69. http://dx.doi.org/10.1177/0894486511402196.
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Offering an integrated approach, this study examines the relationship between board composition and board processes in Italian family businesses. The potential beneficial effects of outside board members on board processes such as effort norms, cohesiveness, and use of knowledge and skills are highlighted. Using a sample of 90 family business directors, it was found that boards with outside directors are perceived as more committed to the board’s tasks (i.e., higher effort norms) and more cohesive. Boards of older companies with outside directors are percevied as more capable of using knowledge and skills.
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Bubeník, Jan, and Jiří Zach. "Hygrothermal Behaviour of Inorganic Binder-Based Board Materials." Solid State Phenomena 321 (July 26, 2021): 157–64. http://dx.doi.org/10.4028/www.scientific.net/ssp.321.157.
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Currently, the use of board materials as a material intended for the dry construction of building structure cladding in the building industry has become widespread. The most common types of board materials include wood-based boards (particle, fibre, laminated / plywood, oriented strand boards [OSB]), cement-bonded particleboards and gypsum plasterboards or gypsum fibre boards. In the case of board materials based on inorganic binders, these are most often represented by boards in which the fillers used are bonded by plaster or cement. Wood can then be used as filler, which is predominantly an assortment of inferior-quality trees or comes from a short rotation coppice, treated by various technological processes. Microstructure and material composition have the greatest influence on the physical and mechanical properties of the boards. The use of the boards in the internal or external environment is determined by their individual properties. Another indicator for the possible use of boards is the form of moisture with which the board comes into contact after installation into the structure. For the external environment, the boards have to withstand mainly liquid moisture; in contrast, in an internal environment, the boards come into contact mainly with air humidity. The diffusion properties of the individual products are also crucial for the overall design and use of the boards for structure cladding.
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Intan Nurwanti, Tiara Putri Hendrian, Rifati Nabila, and Henny Setyo Lestari. "Ownership Structure, Board Characteristics, Dan Dividen Policy Pada Perusahaan Manufaktur Yang Terdaftar di BEI." Jurnal Ekonomi 27, no. 1 (March 1, 2022): 16–33. http://dx.doi.org/10.24912/je.v27i1.851.
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This study aims to determine the effect of ownership structure, board characteristics on dividend policy. The research sample is a manufacturing company listed on the Indonesia Stock Exchange for the 2016-2020 period. The independent variables are institutional ownership, ownership concentration, board of directors size, female board of directors ratio, independent board ratio, the dependent variable is dividend policy and the control variables are company age, firm size, financial leverage, return on assets (ROA). The number of samples in this study were 30 manufacturing companies using purposive sampling technique. Panel data regression shows that the size of the board of directors, the ratio of the board of directors has a positive effect on dividend policy, institutional ownership, ownership concentration, the ratio of independent boards has no effect on dividend policy. It is hoped that the research results will provide input for companies and investors to consider institutional ownership, concentration of ownership, size of the board of directors, the ratio of women's board of directors, and the ratio of independent boards because they have an influence on dividend policy.
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Soltani, Aref, Reza Noroozi, Mahdi Bodaghi, Ali Zolfagharian, and Reza Hedayati. "3D Printing On-Water Sports Boards with Bio-Inspired Core Designs." Polymers 12, no. 1 (January 20, 2020): 250. http://dx.doi.org/10.3390/polym12010250.
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Modeling and analyzing the sports equipment for injury prevention, reduction in cost, and performance enhancement have gained considerable attention in the sports engineering community. In this regard, the structure study of on-water sports board (surfboard, kiteboard, and skimboard) is vital due to its close relation with environmental and human health as well as performance and safety of the board. The aim of this paper is to advance the on-water sports board through various bio-inspired core structure designs such as honeycomb, spiderweb, pinecone, and carbon atom configuration fabricated by three-dimensional (3D) printing technology. Fused deposition modeling was employed to fabricate complex structures from polylactic acid (PLA) materials. A 3D-printed sample board with a uniform honeycomb structure was designed, 3D printed, and tested under three-point bending conditions. A geometrically linear analytical method was developed for the honeycomb core structure using the energy method and considering the equivalent section for honeycombs. A geometrically non-linear finite element method based on the ABAQUS software was also employed to simulate the boards with various core designs. Experiments were conducted to verify the analytical and numerical results. After validation, various patterns were simulated, and it was found that bio-inspired functionally graded honeycomb structure had the best bending performance. Due to the absence of similar designs and results in the literature, this paper is expected to advance the state of the art of on-water sports boards and provide designers with structures that could enhance the performance of sports equipment.
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Howton, Shawn D., Shelly W. Howton, and Victoria B. McWilliams. "The Ethical Implications of Ignoring Shareholder Directives to Remove Antitakeover Provisions." Business Ethics Quarterly 18, no. 3 (July 2008): 321–46. http://dx.doi.org/10.5840/beq200818326.
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Managers have a unique fiduciary responsibility to shareholders of a firm that implies a set of ethical obligations. At a minimum, managers are required to protect shareholder’s interests when other stakeholders are unaffected by their decision. This ethical imperative has been established in the literature. In cases of conflicts of interest between managers and shareholders, the board of directors of the firm has an ethical obligation to shareholders. The structure of the board can affect its ability to fulfill this obligation. Two specific cases where managerial actions have been argued to be unethical are the adoption of classified boards and poison pills. In this study, we empirically analyze the role of board structure in protecting shareholder rights in the specific case of antitakeover provisions. We test this question on a sample of firms whose shareholders have voted to remove antitakeover provisions and find that independent, focused boards are more likely to accede to shareholder resolutions than are less independent boards. Board size is also important and related to other board structures. We draw implications of this finding for future research on the ethics of board governance.What’s really needed is a change in mindset—one that fosters not only a culture of compliance but also a company-wide environment that fosters ethical behavior and decision-making.—William H. Donaldson, SEC Chairman (2004)
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Jadah, Hamid Mohsin, and Noor Hashim Mohammed Al-Husainy. "Board Characteristics, Ownership Structure and Bank Performance: Evidence from Iraq." INDO-ASIAN JOURNAL OF FINANCE AND ACCOUNTING 3, no. 2 (2022): 67–83. http://dx.doi.org/10.47509/iajfa.2022.v03i02.01.
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: This paper presents the key role of corporate governance on the performance of banks in Iraq. This study aims to examine the relationship between board characteristics, ownership structure, and bank performance by considering panel data of18 banks for period 2005-2021 in Iraq. This relationship is estimated by using the panel OLS and regression technique. The findings reveal there is a significant positiverelationship between board composition, family ownership, board size and bank performance. Additionally, findings show that female board of directors is one of the reasons to make down the bank performance in Iraq. Taken together, this study finding recommended to regulators, in particular for the current financial reform of corporate boards.
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Lin, Ting-Ling, Heng-Yih Liu, Chi-Jui Huang, and Yu-Chiung Chen. "Ownership structure, board gender diversity and charitable donation." Corporate Governance: The International Journal of Business in Society 18, no. 4 (August 6, 2018): 655–70. http://dx.doi.org/10.1108/cg-12-2016-0229.
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Purpose This paper aims to examine the effect of ownership structure and board gender diversity on charitable donations for a group of listed electronics companies in Taiwan. Design/methodology/approach Using linear regression analysis, this paper analyses the ownership structure, board gender diversity and charitable donations of 380 Taiwanese electronics companies (2011-2013). Findings While domestic institutional investors, such as domestic mutual funds and corporate investors, take more of agency logic view, it negatively impacts on charitable donations. However, the empirical findings of this paper indicate that board gender diversity with the critical number of female directors was positively related to charitable donation. Thus, it is clear that female directors reaching critical numbers were taking more of a stakeholder view of institutional logic, emphasizing the balance of interests of internal and external stakeholders. Research limitations/implications This paper is limited to selected Taiwanese electronics companies over a two-year time frame, and charitable donations are the only proxy of corporate social responsibility (CSR) activity. The paper suggests that, as predicted by stakeholder theory and critical mass theory, companies with boards composed of at least three female directors make higher charitable donations. Practical implications This paper indicates that female directors on the board should have more voices on the board regarding the necessity and importance of CSR. Originality/value The paper contributes to existing literature by looking into the effects of ownership structure and board gender diversity on charitable donations.
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Tarus, Daniel Kipkirong, and Ezekiel Ayabei. "Board composition and capital structure: evidence from Kenya." Management Research Review 39, no. 9 (September 19, 2016): 1056–79. http://dx.doi.org/10.1108/mrr-01-2015-0019.
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Purpose The purpose of this study is to examine the effect of board composition on capital structure of a firm. Design/methodology/approach The paper uses data from firms listed in Nairobi Securities Exchange covering the period 2004-2012. Fixed effect regression model was estimated to test the effect of board composition on capital structure and how chief executive officer (CEO) tenure moderates the relationship. Findings The paper finds that board composition has important implications on capital structure decisions. Specifically, director independence is positively related to leverage, whereas CEO duality and tenure have negative and significant effect on leverage. In addition, the interaction effect of CEO tenure indicates that when CEOs have long tenure, the power of independent directors to influence capital structure decisions diminishes. Further, the study found that under long CEO tenure, long-tenure boards use less leverage in their capital structure. As expected, dual CEO with long tenure uses less leverage. Originality/value The study uses data from an emerging market, contrary to previous studies using data from developed markets, to test the relationship between board composition and leverage. Second, the paper tests the moderating effect of CEO tenure on board composition – leverage relationship based on the idea that entrenched CEO may influence the decision-making ability of directors, particularly capital structure decisions.
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Patel, Mohsin Ali. "Impact of Board Structure and Firm Performance on Chief Executive’s Compensation." Asia-Pacific Management Accounting Journal 14, no. 2 (August 31, 2019): 185–99. http://dx.doi.org/10.24191/apmaj.v14i2-09.
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The corporate board usually influences all important decisions of a firm including setting of its long-term goals, developing a corporate strategic policy, as well as hiring and setting the compensation of the chief executive. Moreover, the organization of the board may have a significant effect on the monitoring and governance of the company. This paper analyses the impact of structure of the board and firm performance on chief executive compensation, in an emerging economy context specifically, Pakistan. Chief executive compensation is one of the controversial and sought after topics in research nowadays. Interestingly, the exploration into the topic has found that there is a significant and positive impact of the non-executive directors serving on the corporate boards on the compensation of chief executive. Furthermore, the size of the board has also showed to have a significant and positive impact on the chief executive’s compensation which logically means that the companies in which the boards are larger than the mean size will relatively pay higher to their chief executives. Also it was found that the performance of the firm does not have a statistically significant impact on chief executive compensation. These results have policy implications and are important to corporate stakeholders. Keywords: corporate governance, board structure, firm performance, Pakistan
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Reddy, Krishna, Sazali Abidin, and Linjuan You. "Does corporate governance matter in determining CEO compensation in the publicly listed companies in New Zealand? An empirical investigation." Managerial Finance 41, no. 3 (March 9, 2015): 301–27. http://dx.doi.org/10.1108/mf-09-2013-0253.
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Purpose – The purpose of this paper is to investigate the relationship between Chief Executive Officers’ (CEOs) compensation and corporate governance practices of publicly listed companies in New Zealand for the period 2005-2010. Design/methodology/approach – Prior literature argues that corporate governance systems and structures are heterogeneous, that is, corporate governance mechanisms that are important tend to be specific to a country and its institutional structures. The two corporate governance mechanisms most important for monitoring CEO compensation are ownership structure and board structure. The authors use a generalised least squares regression estimation technique to examine the effect ownership structure and board structure has on CEO compensation, and examine whether ownership structure, board structure, CEO and director compensation have an effect on company performance. Findings – After controlling for size, performance, industry and year effects, the authors report that internal features rather than external features of corporate governance practices influence CEO compensation. Companies that have their CEO on the board pay them more than those who do not sit on the board, suggesting CEOs on boards have power to influence board decisions and therefore boards become less effective in monitoring CEO compensation in the New Zealand context. Companies that pay their directors more tend to reward their CEOs more as well, thus supporting the managerial entrenchment hypothesis. Research limitations/implications – The results confirm the findings reported in prior studies that institutional investors are ineffective in monitoring managerial decisions and their focus is on decisions that benefit them on a short-term basis. Practical implications – The findings indicate that although the proportion of independent directors on boards does not significantly influence CEO compensation, it does indicate that outside directors are passive and are no more effective than insiders when it comes to the oversight and supervision of CEO compensation. Originality/value – Being a small and open financial market with many small- and medium-sized listed companies, New Zealand differs from large economies such as the UK and the USA in the sense that CEOs in New Zealand tend to be closely connected to each other. As such, the relationship between pay-performance for New Zealand is found to be different from those reported for the UK and the USA. In New Zealand, the proportion of institutional and/or block shareholders is positively associated with CEO compensation and negatively associated with company performance, suggesting that it is not an effective mechanism for monitoring CEO compensation.
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Morris, Tania, Amos Sodjahin, and Hamadou Boubacar. "Ownership structure and women on boards of directors of Canadian listed companies." Corporate Ownership and Control 18, no. 3 (2021): 120–35. http://dx.doi.org/10.22495/cocv18i3art10.
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This study examines how the structure of shareholder ownership (i.e., management, external blockholders, and board ownership) affects the presence of women on boards of directors. The results of an analysis of a sample of listed Canadian companies for the period 2007-2015, controlling for endogeneity, indicate that the proportion of women sitting on a firm’s board of directors is influenced by its shareholding structure, thus, supporting the view that the two governance mechanisms of gender diversity and shareholder structure can substitute for each other. The results also show that there is a curvilinear relationship between a company’s ownership structure and the proportion of women on its board of directors and audit committee. Indeed, findings show that as the concentration of company ownership increases, the proportion of women on boards of directors decreases to a threshold, following which we observe an increase in the proportion of women sitting on boards of directors and particularly on audit committees
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Muller-Kahle, M. I., Liu Wang, and Jun Wu. "Board structure: an empirical study of firms in Anglo-American governance environments." Managerial Finance 40, no. 7 (June 3, 2014): 681–99. http://dx.doi.org/10.1108/mf-04-2013-0102.
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Purpose – With boards of directors playing both monitoring and guidance roles, the purpose of this paper is to examine the impact of board structure on firm value in large US and UK firms using the lenses of agency and resource dependence theories. Design/methodology/approach – Using a sample of firms in the USA and the UK from 2000 to 2007, the paper conducts a panel data analysis of the impact of board structure on firm value and examine the nuances of different governance environments. Findings – The paper finds distinct differences in the impact of board independence, board size, and outside director busyness on firm value between UK and US firms. Specifically, the paper finds that board independence, board size, and board busyness all have a significant positive impact on firm value in the UK. However, the paper finds no significant relationship between board independence and firm value among US firms. Both board size and board busyness are found to be positively associated with firm value in the USA. Social implications – The paper finds strong support for resource dependence theory in the UK but limited support for agency theory in the USA. Originality/value – This paper takes a multi-country approach to examining the impact of board structure on firm value.
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Neupane, Suman, and Biwesh Neupane. "Board structure and institutional ownership at the time of IPO." Managerial Finance 43, no. 9 (September 11, 2017): 950–65. http://dx.doi.org/10.1108/mf-07-2016-0187.
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Purpose The purpose of this paper is to examine the impact of mandatory regulatory provisions on board structure and the influence of such board structure on institutional holdings. Design/methodology/approach The study uses unique hand-collected data set of Indian IPOs during the 2004-2012 period after the corporate governance reforms with the introduction of clause 49 in the listing agreements in 2001. Using OLS regression, the paper empirically analyses the determinants of board size and board independence at the time of the IPOs and the influence of such a board structure on shareholdings by domestic and foreign institutional investors. Findings The authors find that complying with mandatory regulatory provisions does not impede firms from structuring their boards to reflect the firms’ advising and monitoring needs. The authors also find that complying with provisions have positive implication for the firm, as firms with greater board independence appear to attract more foreign institutional investors. Originality/value To the authors’ best knowledge, this is the first study to examine the issue in a regime where regulation mandates the composition of the board of directors. The paper also extends the literature on institutional holdings by providing evidence on the impact of board structure on institutional ownership at a critical time in a firm’s life cycle when concerns for endogeneity for empirical investigations are weaker.
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Ishak, Zuaini, Nor Aziah Abdul Manaf, and Aza Azlina Md Kassim. "Quality of board of directors and capital structure decisions in Malaysian companies." Corporate Ownership and Control 8, no. 4 (2011): 264–74. http://dx.doi.org/10.22495/cocv8i4c2art3.
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This study examines the relationship between board structure and board process on capital structure decisions of Malaysian public listed companies. The study combines a survey approach and secondary data from the year 2007 to 2009. Based on a sample of 175 companies, the findings reveal that directors’ risk appetite is positively correlated to company leverage while directors’ tenure has negative relationship with leverage. With regards to board process, four variables are identified to be negatively correlated to capital structure which is boards’ risk oversight, performance of independent directors, CEO’s performance evaluation and accessibility of information.
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Gafoor, C. P. Abdul, V. Mariappan, and S. Thiyagarajan. "Does the Board Structure Affect the Asset Quality of the Banks? Evidence from India." IIM Kozhikode Society & Management Review 7, no. 2 (May 23, 2018): 122–31. http://dx.doi.org/10.1177/2277975218767564.
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The Office of the Comptroller of the Currency (OCC) argue that poor asset quality is an outcome of the failure of bank boards in effectively monitoring the management in terms of loan policies and compliance. The current study explores the influence of board structure (board size, board independence, CEO duality, financial expertise and board meeting) on asset quality of banks, using a sample of 36 scheduled commercial banks operating in India during the period from 2001 to 2014. After addressing the issue of endogeneity, the study finds that the proportions of independent directors and financial experts have significant positive impact on asset quality. It also concludes that board size, number of board meetings and CEO duality have no significant impact on asset quality.
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Nasiru, Muhammed, and Hannatu Sabo Ahmed. "Board attributes, ownership structure and risk management: A proposed model for insurance firms in Nigeria." Journal of Economic Info 8, no. 3 (December 3, 2021): 104–29. http://dx.doi.org/10.31580/jei.v8i3.2008.
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As a response to the weaknesses in corporate governance and risk management created by the 2007/2008 financial crises, Enterprise Risk Management (ERM) becomes imperative, especially in the financial sector. Therefore, in understanding the board's responsibility in ensuring good governance through ERM implementation, two fundamental questions need to be answered; what determines the makeup of the board? And what determines boards' action? Consequently, this study proposed a conceptual framework for investigating the moderating role of ownership structure on the relationship between board attributes and risk management of insurance firms in Nigeria using the model approach. Hence, the control, resource acquisition, and service roles of the board as explained by agency, stewardship, and resource dependence theories explain this relationship. Board attributes are measured by board composition, board structure, board characteristics, and board process, ownership structure is measured by ownership concentration, board ownership, and foreign ownership, and ERM is measured using the disclosure index. Findings from the review of literature reveal that governance attributes in board attributes-risk management relationships have been measured on single or fragmented criteria, leading to contradictory or conflicting findings. Hence, the significance of the study lies in the conceptualization and choice of board attributes as explained by board roles and an integrative theoretical perspective to propose the choice of board attributes in the board attributes-risk management relationship and how ownership structure can influence the relationship, adding to the existing literature onboard attributes, ownership structure, and risk management.
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Abor, Joshua, and Nicholas Biekpe. "Does board characteristics affect the capital structure decisions of Ghanaian SMEs?" Corporate Ownership and Control 4, no. 1 (2006): 113–18. http://dx.doi.org/10.22495/cocv4i1p9.
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The issue of corporate governance has been a growing area of management research especially among large and listed firms. However, less attention has been paid in the area with respect to Small and Medium Enterprises (SMEs). This current study explores the link between corporate board characteristics the capital structure decision of SMEs. The paper specifically assesses how the adoption of corporate governance structures among Ghanaian SMEs influences their financing decisions by examining the relationship between corporate governance characteristics and capital structure using an appropriate regression model. The results show negative association between capital structure and board size. Positive relationships between capital structure and board composition, board skills, and CEO duality are, however, found. The control variables in the model show signs which are consistent with standard capital structure theories. The results generally suggest that SMEs pursue lower debt policy with larger board size. Interestingly, SMEs with higher percentage of outside directors, highly qualified board members and one-tier board system rather employ more debt. It is clear, from the study, that corporate governance structures influence the financing decisions of Ghanaian SMEs.
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Kacanski, Slobodan. "Structure behind principles: social selection mechanisms in corporate governance networks." Corporate Governance: The International Journal of Business in Society 20, no. 1 (October 23, 2019): 87–105. http://dx.doi.org/10.1108/cg-02-2019-0063.
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Purpose The purpose of this study is to show that social relations in a corporate governance platform between members of supervisory boards and between members of supervisory and executive board tiers can serve as an alternative viewpoint for understanding mechanisms of social selection in corporate governance networks. The study shows that through the lenses of social network analysis, it is possible to identify and understand how the process of corporate governance member selection unfolds within companies and how that selection process may have been potentially influenced by the cross-board relations, such as interlocking directorships. Design/methodology/approach To estimate network parameters and attribute effects of network tie emergence, this study has used exponential random graph models (ERGMs) on corporate governance data of Danish publicly listed companies. Econometric models are applied to estimate parameter statistics which serve further to explain tendencies of tie emergence. Findings The results of this study reveal that the process of selection of both supervisory boards and executive directors is interdependent. Also, the study showed that board members are more likely to select popular supervisory board members and top managers who have their expertise gained through multiple companies affiliated with multiple industries. However, these conditions for CEO selection apply only to the extent to which they have their experience gained from multiple companies but not multiple industries. Originality/value On one hand, this study demonstrates that being a dynamic practitioner who is exposed to diverse corporate environments by being affiliated with different companies belonging to different industries generally increases practitioners visibility in the corporate governance network, and therefore their attractiveness to boards of directors. On the other hand, the results show that the research on board assemblage, nowadays, should be rather observed through the methodology of social network analysis as the method gives an opportunity to understand structures through relations, from which the executive tier should not be exempted as well.
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Wahba, Hayam, and Khaled Kadry Elsayed. "Firm complexity and corporate board size: testing the moderating effect of board leadership structure." Corporate Ownership and Control 7, no. 4 (2010): 114–26. http://dx.doi.org/10.22495/cocv7i4p8.
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Most prior studies have argued that the relationship between firm complexity and board size is a monotonic one: complex firm tend to have a large board size. Contrary to previous work, it is hypothesized in this study that this relationship is more likely to be moderated by board leadership structure. Using a sample of 92 Egyptian listed firms over the period from 2000 to 2004, we found that firm complexity exerted a positive and significant coefficient on board size when the firm adopts a leadership structure that separates the roles of CEO and chairman. However, the incremental effect of firm complexity on board size was negative and significant for firms that combine the roles of CEO and chairman (i.e., CEO duality). This study provides supportive evidence for the argument that firms are more likely to manipulate their boards’ characteristics to attain organizational adaptation at the minimum total cost. Thus, studying of one main characteristic of the board of directors without taking into account the expected effect of other characteristics may lead to inconclusive evidence. This study offers insights to practising managers and policy makers. If practising managers want to maximize the value of their firms, they need to broaden their insight to understand that board characteristics are multidimensional, contingent and dynamic in their nature and differ not only across firms and industry, but also across countries. Moreover, before developing and launching new and additional corporate governance reforms, policy makers need to realize that differences in corporate governance systems cannot be fully explained outside their institutional environments.
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Eftimov, Ljupcho, and Tihona Bozhinovska. "Adjustments of board composition during Covid-19 crisis: Analysis of the Macedonian companies." BH Ekonomski forum 14, no. 1 (2021): 31–53. http://dx.doi.org/10.5937/bhekofor2101031e.
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The aim of this paper is to make an analysis of the reported changes in the boards' composition of the Macedonian stock exchange -listed companies during the Covid-19 crisis. In order to achieve this objective, secondary data of the companies reports published on the Macedonian stock exchange website were used. The sample consists of 80 companies, and firstly we performed qualitative analysis on the companies' reports regarding boards' composition changes (over 30 companies reported changes). Afterwards, in order to increase the understanding of the factors that determine boards' composition in Macedonian joint-stock companies, we designed a model to examine the relation of company characteristics, industry characteristics and market perception of company value with board size, board independence and board diversity. The results from our analyses show that during the Covid-19 period a substantial number of companies from the sample have made changes in board composition and only 9.38% of the companies that reported change (over 30) decided to reappoint the same members. However, this does not mean that the Covid-19 crisis has been the only factor influencing the changes. Furthermore, one of our conclusions from the presented results in the study is that most of the variations in board/boards size can be explained by the differences in firm characteristics (in particular operating revenues and chosen boards structure), while the variations in board independence can be explained by firm characteristics (in particular operating revenues and chosen board structure) and industry characteristics.
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Palacín-Sánchez, María-José, Francisco Bravo, and Nuria Reguera-Alvarado. "Characteristics and determinants of the board of directors of growing Spanish SMEs going public." Journal of Small Business and Enterprise Development 26, no. 3 (June 4, 2019): 363–80. http://dx.doi.org/10.1108/jsbed-01-2018-0017.
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Purpose The purpose of this paper is to examine the characteristics and the determinants of board structure in small- and medium-sized enterprises (SMEs) in the process of going public within the continental European corporate system. Design/methodology/approach These issues are explored through the study of all the initial public offerings (IPOs) in the Spanish equity market for growing SMEs, and the statistical methodologies of ordinary least squares regression and stepwise regression are applied. Findings The results show that board size is larger than the minimum level established in law and that boards are composed of a majority of non-executive directors. In addition, the determinants of firm characteristics of board structure are firm age, level of financial leverage, and ownership structure. Practical implications This research is significant since its findings should help entrepreneurs reflect on which board structure is most appropriate for this new stage of the life cycle of their company as a listed firm. This evidence is also of interest for regulators and investors, who can, therefore, better understand board structures of SMEs at the moment of IPO. Originality/value This paper is the first to study characteristics and determinants of the board of directors of growing SMEs at the moment of going public. This study implies a step forward in research into the governance of small business and IPO literature, since the results differ from the evidence found for large company IPOs and contribute towards the debate regarding the need to consider the context and the type of firm in corporate governance studies.
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Abdul-Manaf, Kamarul Bahrain, Noor Afza Amran, and Rokiah Ishak. "Earnings Informativeness, Board Size, Board Composition and Board Leadership Structure." Advanced Science Letters 21, no. 5 (May 1, 2015): 1513–16. http://dx.doi.org/10.1166/asl.2015.6089.
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Abdullahi, Yahya Uthman, Rokiah Ishak, and Norfaiezah Sawandi. "Firm Performance, Ownership Structure, and CEO Selection." Indian-Pacific Journal of Accounting and Finance 2, no. 1 (January 1, 2018): 49–60. http://dx.doi.org/10.52962/ipjaf.2018.2.1.41.
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This paper attempts to examine the effect of ownership structures, corporate performance and board political connectedness on CEO selection. The sample of the study is all Nigerian non-financial firms from the year 2011 to 2015 consisting of 72 CEO selection events. This study uses logistic regression analysis to provide evidence that firms dominated with blockholder ownership favour external successors while managerial ownership-controlled firms are inclined to select internal candidates as successors. However, this study fails to support the argument that corporate performance and board political connectedness do influence the choice of CEO selection in the Nigerian public listed companies. In sum, the findings suggest that blockholders and managerial ownership significantly influence the choice of the origin of the successor CEOs in the Nigerian corporate landscape. This paper enriches the literature about CEO selection choices in developing economies with weak corporate governance structure like Nigeria. In addition, the findings from this study could be of immense benefit to the shareholders and corporate board members in making a decision on recruiting their CEOs; and the regulatory agencies in the formulation and enforcement of reforms that guarantee good corporate practices by the boards.
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Sajadi, Haniye Sadat, Mohammadreza Maleki, and Steve Michael. "The medical university-governing board: an investigation of critical factors in the board performance in Iran." Journal of Applied Research in Higher Education 12, no. 5 (September 23, 2020): 1281–301. http://dx.doi.org/10.1108/jarhe-05-2019-0118.
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PurposeA university of medical sciences (UMS) is governed by a board that serves analogously as a board of trustees or a governing board in the western countries. In Iran, however, such boards operate under the broad leadership of the Ministry of Health and Medical Education (MoHME) but still wield enormous power over their universities. Given the influence boards have in the affairs of an UMS, the question remains how the medical university board can be improved so as to improve the overall effectiveness of these institutions. The purpose of this article is a response to this question by focusing on criteria necessary for reviewing board performance.Design/methodology/approachUsing a qualitative approach, the study solicited data from 37 key informants that were purposefully chosen from 52 medical science universities across Iran. Semi-structured face-to-face and phone interviews as well as a review of relevant document were the main means of the data gathering. We performed the framework analysis using software ATLAS-ti (version 5).FindingsThe analysis identified 32 overlapping indicators that must be considered in a board performance. These indicators were reclassified and summarized into six categories, including trustees, trustees' leadership, board structure, board process, board output (short-length results) and board outcomes (long-length results).Originality/valueOur study findings confirmed the role of the context and its relationship with the effective board performance. Here, the governing arrangement of all institutions including UMS is shadowed by the social, economic, cultural, political and technological status of the country. So, special attention is recommended to identify what should be considered to evaluate the performance of the board given the context.
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Kostyuk, Alexander N. "Supervisory board in an emerging economy: Meetings of the board." Corporate Board role duties and composition 2, no. 3 (2006): 41–45. http://dx.doi.org/10.22495/cbv2i3art5.
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It should note and take into account the dual structure of the boards in Ukraine, i.e. supervisory and management board and the process of the separation of ownership and control in Ukraine that still lasts as the result of privatization of the state property the supervisory board practices in the part of the board meetings are very unique and need a very thorough classifications before its investigating. Moreover, the legislation development in Ukraine is very weak from the point of view of the putting the various board practices in order. From this perspective we apply the following criteria to investigate the supervisory board meeting practices in Ukraine: Frequency of the meetings; The meeting duration; The meeting agenda; The meeting place; The meeting time; The meeting openness; Information.
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Mathew, Sudha, Salma Ibrahim, and Stuart Archbold. "Corporate governance and firm risk." Corporate Governance: The International Journal of Business in Society 18, no. 1 (February 5, 2018): 52–67. http://dx.doi.org/10.1108/cg-02-2017-0024.
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Purpose This study aims to explore the relationship between board governance structure and firm risk. In particular, this study develops a “governance index” based on four aspects of the board: board composition, board leadership structure, board member characteristics and board processes, and it examines how the overall index relates to firm risk. Design/methodology/approach The study is conducted using a sample of 268 UK firms from the FTSE 350 index over the period from 2005 to 2010. An index is constructed to capture the overall governance structure of the firm. Regressions of the index on three risk measures are examined. Findings This study finds that the governance index that aggregates the four sets of board attributes is significantly and negatively related to firm risk. Robustness tests confirm this result. Research limitations/implications A large number of studies have explored the relationship between the attributes of corporate boards and firm performance with mixed results. A much smaller number of studies have looked at board attributes and firm risk, but these have either focused on financial sector firms alone or have included only a single or a limited number of attributes. This study, using a broad agency framework, seeks to extend the work on firm risk and board attributes by both expanding industry sectors examined and using a comprehensive set of board attributes. Originality value The findings have policy and practical implications for investors, regulators and chairmen of boards of governors to the extent that they inform these constituencies about the set of board attributes that are associated with firm risk. This study is the first to use a comprehensive measure of governance and relate it to firm risk.
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Bhatia, Madhur, and Rachita Gulati. "Assessing the Quality of Bank Boards: Evidence from the Indian Banking Industry." Margin: The Journal of Applied Economic Research 14, no. 4 (November 2020): 409–31. http://dx.doi.org/10.1177/0973801020953296.
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The article employs hand-collected data on 14 board characteristics for the period from 2004–2005 to 2016–2017 to empirically assess the evolution of board governance practices in the Indian banking industry. For this, we construct a comprehensive index for board governance and four sub-indices of board effectiveness. The study sheds light on how various characteristics of Indian bank boards have evolved over time. The mean value of the board index rose 33 per cent during the period of analysis, indicating a significant improvement in board governance practices of banks. The improvement in practices is primarily due to a considerable transition in the sub-dimensions of board structures and board independence. The transition in board structure results from the larger number of banks appointing different persons as CEOs and chairpersons; the change in board independence has principally emanated from the larger number of banks providing training to their independent directors, declarations and conducting separate meetings. Yet, our findings recommend room for further improvement in various aspects of board governance, including appointment of non-executive chairpersons, female directors and board independence. JEL Classification: G21, G34, C23
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Yasser, Qaiser Rafique, Abdullah Al Mamun, and Marcus Rodrigs. "Impact of board structure on firm performance: evidence from an emerging economy." Journal of Asia Business Studies 11, no. 2 (May 2, 2017): 210–28. http://dx.doi.org/10.1108/jabs-06-2015-0067.
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Purpose The aim of this paper is to examine the association between board demographics and firm financial performance of Karachi Stock Exchange companies and describe the attributes of these firms and their boards. The connection between board structure and firm performance has attracted much attention, especially in emerging economies, yet yielded many inconsistent empirical results. Design/methodology/approach This study examines the relationship between board structure and the performance of Pakistani public listed companies by using a sample of Karachi Stock Exchange 100 (KSE-100) indexed companies. This study exploits the corporate performance by accounting-based measures (return on assets), market-based measures (Tobin’s Q), and economic profit (economic value added). Findings The outcome of the study shows the positive relationship between the board size, minority representation in board, and family director’s in-board and firm performance. The authors also find that, instead of adding value, independent directors in Pakistan are negatively associated with firm value. Research limitations/implications The study is based on KSE-100 indexed companies from 2009 to 2013; however, a large sample and multiple years’ data are required. Practical implications The paper provides empirical evidence that board independence is not necessary for public-listed companies in Pakistan and would be of interest to regulatory bodies, business practitioners, and academic researchers. Originality/value The paper contributes to the literature on corporate governance and firm performance by introducing a framework for identifying and analyzing moderating variables that affect the relationship between board structure and firm performance.
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Mahyuni, Sri, and Wulan Rahmawati. "Pengaruh Woman On Board Room Terhadap Kinerja Perusahaan." JURNAL MUTIARA AKUNTANSI 7, no. 2 (December 19, 2022): 151–62. http://dx.doi.org/10.51544/jma.v7i2.3520.
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This paper examines the relationship between woman in board and company performance. Measurements of dependent and independent variables in this study, for company performance used ROA and ROE and for firm value by TobinsQ. Measurement of Women on Board (WOB) is measured based on the sum of the number of woman on the board of commissioners and board of directors divideb by the total number of boards. Measurement of WOB considered that Indonesia adheres to a Double tier system. In this study, differences in the composition of the number of women in the structure of the board of commissioners and the board of directors were carried out. This research is an association study that is tested by OLS regression by STATA Software. Using 3 listed company sectors on the IDX based on the Report In 2018, this study found that there was a significant negative effect on the relationship between the number of women in the board of commissioners and board of director’s structure on company performance.
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Bradbury, Trish, and Ian O’Boyle. "Batting above average: Governance at New Zealand cricket." Corporate Ownership and Control 12, no. 4 (2015): 352–63. http://dx.doi.org/10.22495/cocv12i4c3p3.
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The study examined the independent board structure adopted by New Zealand Cricket (NZC) and issues of board process including board roles, calibre and structure. Data collection consisted of in-depth semi-structured interviews of NZC senior management/board members, supplemented by archival document review and analysis. The findings, although not generalisable across the whole non-profit sport sector, supported the literature on the roles and calibre of board members in an independent board structure. Due to increasingly professional operations and growth of commercialisation in sport, expertise in commercial aspects was noted as required. Given the majority of non-profit sport organisations’ federated structure, collaborative governance theory appears to be an area of future research when evolving from a delegate to independent or hybrid governance model.
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Ji, Amy E. "The Impact of Board Size on Firm-Level Capital Investment Efficiency." International Journal of Economics and Finance 8, no. 10 (September 23, 2016): 110. http://dx.doi.org/10.5539/ijef.v8n10p110.
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<p>The study aims to examine whether and how board structure is associated with firm-level capital investment efficiency. Specifically, I investigate whether the size of a firm’s board is associated with the sensitivity of investments to the availability of internal funds. I hypothesize and find that board size is inversely related to investment-cash flow sensitivity. Larger boards seem to mitigate investment-cash flow sensitivity by reducing information asymmetry between managers and external capital providers. The study is important as it reveals that board structure influences the corporate investment policy, which is one of the most important firm economic decisions.</p>
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Akani, Henry Waleru, and Kenn Ndubuisi Juliet Ifechi. "Effects of Capital Structure and Board Structure on Corporate Performance of Selected Firms in Nigeria." Indian Journal of Finance and Banking 1, no. 2 (November 1, 2017): 1–16. http://dx.doi.org/10.46281/ijfb.v1i2.85.
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This paper seeks to examine the effect of capital structure and board structure on firm performance in Nigeria using secondary data consisting of forty listed companies on the Nigerian Stock Exchange (NSE) within the period of 2008 to 2016. Data were merged and pooled for analysis, the unit root test; co -integration, granger causality test, and regression were done accordingly. The paper established that there exists a significant negative relationship between capital structures (DER), a significant relationship between board size and a negative but not significant relationship between board duality and performance (ROA & ROE) in Nigeria respectively.