Artykuły w czasopismach na temat „Board directors”
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Bar-Hava, Keren, Feng Gu i Baruch Lev. "Market Evidence on Investor Preference for Fewer Directorships". Journal of Financial and Quantitative Analysis 55, nr 3 (28.01.2019): 931–54. http://dx.doi.org/10.1017/s0022109019000085.
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We examine investors’ preference for directors serving on fewer versus more boards (“busy directors”) by measuring market reaction to busy directors’ resignations at the companies that still keep these directors on the board. We find a positive reaction implying a preference for fewer directorships. The reaction is more positive when the need for the director’s services is greater, when the resignation frees up more of the director’s time, and when the director is of higher quality. Furthermore, we find that following their resignation, directors increase their board responsibilities/leadership at firms that still retain them and seek no board appointments elsewhere.
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Donaldson, Jason Roderick, Nadya Malenko i Giorgia Piacentino. "Deadlock on the Board". Review of Financial Studies 33, nr 10 (5.02.2020): 4445–88. http://dx.doi.org/10.1093/rfs/hhaa006.
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Abstract We develop a dynamic model of board decision-making akin to dynamic voting models in the political economy literature. We show a board could retain a policy all directors agree is worse than an available alternative. Thus, directors may retain a CEO they agree is bad—deadlocked boards lead to entrenched CEOs. We explore how to compose boards and appoint directors to mitigate deadlock. We find board diversity and long director tenure can exacerbate deadlock. We rationalize why CEOs and incumbent directors have power to appoint new directors: to avoid deadlock. Our model speaks to short-termism, staggered boards, and proxy access.
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Meiliana, Meiliana, i Iven Julia. "Analisis Pengaruh Struktur Dewan Direksi terhadap Kinerja Perusahaan". Global Financial Accounting Journal 6, nr 1 (30.04.2022): 170. http://dx.doi.org/10.37253/gfa.v6i1.6683.
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Purpose - This study aims to determine the effect of the board structure on company performance. This study has 6 independent variables, which consist of the size of the board of directors, independent directors, board of directors meetings, board of directors education, female directors, and managerial ownership.
Research Method - The sample used in this research is quantitative data with a purposive sampling technique. Based on the criteria, the samples collected from 473 companies in the period 2014-2018. The sample data is tested using panel data regression.
Findings - This study concludes that all the independent variables have no significant effect on company performance. Board of directors still needs to be controlled to achieve good performance. Independent directors rarely interfere on other director decision. Board of director’s meetings only incurs unnecessary expenses. Board of director's education is just a qualification. Women's board of directors in each country could have difference effect because of cultural differences. There are still many directors in public companies that do not have ownership in the company, so there is still no visible effect on managerial ownership.
Implication - The findings of this study imply that corporate governance still needs to be strengthened to improve company performance. There are still many problems within the company due to poor governance.
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Grove, Hugh, Mac Clouse i Tracy Xu. "Benchmarking boards of directors for better corporate governance". Corporate Board role duties and composition 16, nr 2 (2020): 8–18. http://dx.doi.org/10.22495/cbv16i2art1.
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The key question and major lessons learned in this research are that individual companies and their boards of directors could use the board director benchmarking information compiled in the Conference Board Report to assess their own boards of directors’ corporate governance practices. For an initial benchmarking approach, this paper compared a poor long-term market performance company (Grove & Clouse, 2019) with a strong long-term market performance company (Grove & Lockhart, 2019). The following benchmarked differences in the boards of directors of these two companies were key success factors for constellation: specific industry knowledge, younger directors, coaching/nurturing, involved roles, long-term compensation of directors, no board entrenchment, board assessment, and board committee rotation. The major sections of this paper are literature review, corporate board practices, benchmarking board of directors: poor long-term market performance example, benchmarking board of directors: strong long-term market performance example, conclusions, and future research. A major limitation of this paper, which could be investigated in future research, is to analyze benchmarked board categories to see if they help explain differences in comparative long-term market performances by many companies since companies and their markets are diverse.
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Taleska, Ana. "Activist Hedge Funds and Board Representation: A Comparative Analysis of the European and American Fiduciary Duties in the Context of Activist-Nominated Directors". European Company Law 18, Issue 3 (1.06.2021): 84–96. http://dx.doi.org/10.54648/eucl2021011.
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Recently, a new breed of representative director has featured European and American corporate boards: activist-nominated directors. Activistnominated directors are sponsored by hedge funds in course of an activist campaign targeting a listed corporation in a bid to amplify hedge funds’ direct influence in board deliberations. Constituency directors are deeply rooted in (Continental) European corporate governance and activist-nominated directors may find that the decision-making processes and deliberations of multi-stakeholder (two-tier) boards are markedly different from majority-independent (unitary) boards, commonly featured at British and American firms. This dynamic in the (Continental) European corporate governance may significantly curtail activist directors’ influence in gaining support for their demands that are at odds with the interests of other (board-represented) stakeholder interests at (Continental) European firms. activist-nominated director, constituency director, nominee director, representative director
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de Villiers, Charl, Vic Naiker i Chris J. van Staden. "The Effect of Board Characteristics on Firm Environmental Performance". Journal of Management 37, nr 6 (23.06.2011): 1636–63. http://dx.doi.org/10.1177/0149206311411506.
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This study investigates the relationship between strong firm environmental performance and board characteristics that capture boards’ monitoring and resource provision abilities during an era when the natural environment and the related strategic opportunities have increased in importance. The authors relate the proxy for strong environmental performance to board characteristics that represent boards’ monitoring role (i.e., independence, CEO-chair duality, concentration of directors appointed after the CEO, and director shareholding) and resource provision role (i.e., board size, directors on multiple boards, CEOs of other firms on the board, lawyers on the board, and director tenure). The authors provide evidence consistent with both theories of board roles. Specifically, consistent with their agency theory–driven predictions, the authors find evidence of higher environmental performance in firms with higher board independence and lower concentration of directors appointed after the CEO on the board of directors. Consistent with resource dependence theory, they show that environmental performance is higher in firms that have larger boards, larger representation of active CEOs on the board, and more legal experts on the board. Their findings are generally robust to a number of sensitivity analyses. These findings have implications for managers, firms, shareholders, and regulators who act on behalf of shareholders, if they are interested in influencing environmental performance.
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Leblanc, Richard W., i Mark S. Schwartz. "Effective boards of directors: an examination of director behavioral-types". Corporate Ownership and Control 5, nr 2 (2008): 154–67. http://dx.doi.org/10.22495/cocv5i2c1p1.
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The study sought to explore the role that director behavioral-type might play in leading to board effectiveness. The study involved direct observation of twenty-one boards of directors or committee meetings, together with interviews of 194 respondents. The study suggests that board process may be an equal if not more important factor than board structure in determining board effectiveness. The study’s data suggests that board processes, in turn, may be influenced by the behavioral-types of individual board members. Based on the three dimensions of dissent/consensus; individual/collective; and persuasiveness/non-persuasiveness, five director behavioral types leading to a functional board emerged from the study including: (i) change agents; (ii) consensus-builders; (iii) counsellors; (iv) challengers; and (v) conductors. Five director behavioral types leading to a dysfunctional board also emerged including: (vi) controllers; (vii) conformists; (viii) cheerleaders; (ix) critics; and (x) caretakers. The study concludes with its limitations
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Jonsdottir, Thoranna, Val Singh, Siri Terjesen i Susan Vinnicombe. "Director identity in pre- and post-crisis Iceland: effects of board life stage and gender". Gender in Management: An International Journal 30, nr 7 (5.10.2015): 572–94. http://dx.doi.org/10.1108/gm-07-2015-0064.
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Purpose – The purpose of this paper is to examine how directors’ roles and social identities are shaped by gender and board life stage, using pre- and post-crisis Iceland as the setting. Recent theoretical work suggests the importance of directors’ monitoring and resource provision roles at certain board life stages; however, there is limited empirical evidence of directors’ identification with these roles as well as social role identification as a member of the board. Design/methodology/approach – The authors contribute empirical evidence from interviews with 23 corporate directors in Iceland on individual identification with the director role of monitoring and resource provision, relational identification with the CEO role and social identification as a member of the board. Findings – Prior to the crisis, male directors identified more strongly with resource provision and with their social roles and less strongly with monitoring roles. Compared to their male counterparts, pre-crisis female directors identified more strongly with monitoring and did not identify with their social roles. After the crisis, mature boards’ male director role identities were little changed; male directors continued to identify with resource provision and social identification, rather than monitoring, roles. Compared to pre-crisis, post-crisis female directors described greater identity with their resource provision roles and reported that male directors resented their attempts to fulfill their monitoring roles. In post-crisis, newly formed diverse boards, male and female directors reported very similar role identities which reflected balanced monitoring and resource provision roles, for example providing the board with ethical individual identities and unblemished reputations. The findings of this paper indicate that board composition and life cycle stage might have more impact on director identity than a pre- or post-crisis setting. These findings suggest implications for theory, practice and future research. Originality/value – This paper provides further empirical evidence of the roles male and female directors identify with on corporate boards. Its originality lies in the context of the board work in terms of newly formed and mature boards, before and after the financial crisis, with differing gender composition (male-dominated and gender-balanced boards).
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Kostyuk, Alexander N. "A practitioner’s research: Director remuneration in Ukraine". Corporate Board role duties and composition 2, nr 2 (2006): 37–42. http://dx.doi.org/10.22495/cbv2i2art4.
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Remuneration of members of the supervisory boards in Ukrainian joint-stock companies is the most controversial issue of the corporate board practices. Despite the firm belief of the shareholders that the director remuneration is one of the most important factors influencing the board performance, there are still many companies (21 per cent) where directors are not remunerated for their work on the supervisory board. This report examines practices of the director’s remuneration in Ukraine.
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Liu, Claire, Angie Low, Ronald W. Masulis i Le Zhang. "Monitoring the Monitor: Distracted Institutional Investors and Board Governance". Review of Financial Studies 33, nr 10 (17.02.2020): 4489–531. http://dx.doi.org/10.1093/rfs/hhaa014.
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Abstract Boards are crucial to shareholder wealth. Yet little is known about how shareholder oversight affects director incentives. Using exogenous shocks to institutional investor portfolios, we find that institutional investor distraction weakens board oversight. Distracted institutions are less likely to discipline ineffective directors with negative votes. Consequently, independent directors face weaker monitoring incentives and exhibit poor board performance; ineffective independent directors are also more frequently appointed. Moreover, we find that the adverse effects of investor distraction on various corporate governance outcomes are stronger among firms with problematic directors. Our findings suggest that institutional investor monitoring creates important director incentives to monitor.
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Daily, Catherine M., i Dan R. Dalton. "Are Director Equity Policies Exclusionary?" Business Ethics Quarterly 13, nr 4 (październik 2003): 415–32. http://dx.doi.org/10.5840/beq200313433.
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Abstract:This paper examines two recent trends relative to boards of directors’ compensation, and their potential incompatibility. There has been some progress in increasing board diversity, specifically the inclusion of women and minorities on boards. The increasing trend requiring directors to hold/purchase equity as a requirement of board membership may seriously compromise further improvements in diversifying boards. Also, an increasing number of companies compensate directors partially or fully in stock grants and options. These compensation policies may be exclusionary, especially for women and minorities, impacting the quality of boardroom discussions and decisions. This study systematically examines whether corporations requiring director equity are exclusionary toward women and minority directors. Contrary to being exclusionary, companies with director stock requirements and annual stock awards have greater representation by women and minorities on their board. Moreover, larger companies are both more likely to have such policies and have higher proportions of women and minorities on the board.
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Galbreath, Jeremy. "Are boards on board? A model of corporate board influence on sustainability performance". Journal of Management & Organization 18, nr 4 (lipiec 2012): 445–60. http://dx.doi.org/10.1017/s1833367200000699.
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AbstractExisting research on a board-of-director–sustainability performance relationship have largely examined inside directors, outside directors, and gender diversity – yet empirical results have yet to offer any definitive answers. I posit that this previous research lacks a thorough examination of the role of boards and the means and mechanisms by which they influence performance. Drawing on the board capital perspective and the role of boards, this paper develops a model that highlights the influence of board capital on the future sustainability performance of firms. The model takes into account specific types of human and social capital of outside directors which have previously been unexamined. Beyond the board capital perspective, an argument is put forth that values are largely neglected in the examination of boards of directors, but are necessary in the study of sustainability because of its normative implications. I therefore account for the value attunement concept as a moderating variable in the model. The paper draws on corporate governance and business ethics' literature to generate propositions and offer original insight into the drivers of sustainability performance in organizations.
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Galbreath, Jeremy. "Are boards on board? A model of corporate board influence on sustainability performance". Journal of Management & Organization 18, nr 4 (lipiec 2012): 445–60. http://dx.doi.org/10.5172/jmo.2012.18.4.445.
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AbstractExisting research on a board-of-director–sustainability performance relationship have largely examined inside directors, outside directors, and gender diversity – yet empirical results have yet to offer any definitive answers. I posit that this previous research lacks a thorough examination of the role of boards and the means and mechanisms by which they influence performance. Drawing on the board capital perspective and the role of boards, this paper develops a model that highlights the influence of board capital on the future sustainability performance of firms. The model takes into account specific types of human and social capital of outside directors which have previously been unexamined. Beyond the board capital perspective, an argument is put forth that values are largely neglected in the examination of boards of directors, but are necessary in the study of sustainability because of its normative implications. I therefore account for the value attunement concept as a moderating variable in the model. The paper draws on corporate governance and business ethics' literature to generate propositions and offer original insight into the drivers of sustainability performance in organizations.
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Piscitelli, Anthony, i Sean Geobey. "Representative Board Governance: What Role Do Board Directors Have in Representing the Interest of Their Constituents?" Canadian Journal of Nonprofit and Social Economy Research 11, nr 1 (14.07.2020): 12. http://dx.doi.org/10.22230/anserj.2020v11n1a323.
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The current ethos of most nonprofit boards of directors focuses on role clarity between board directors and the executive director. The board’s role is to collectively set strategic direction and provide oversight while leaving day-to-day operations to staff. Yet, many individual directors join a board to make an impact on the organization by addressing very specific operational concerns and/or to represent a stakeholder group, and this creates tension at the board table. This article explores whether there is necessarily a trade-off between the representative and good governance roles of a nonprofit board director. It will demonstrate that the tension between representing member interests and governing nonprofits is a false dichotomy. Reconciling these two interests offers some potential avenues for improved organizational accountability.
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Piscitelli, Anthony, i Sean Geobey. "Representative Board Governance: What Role Do Board Directors Have in Representing the Interest of Their Constituents?" Canadian Journal of Nonprofit and Social Economy Research 11, nr 1 (14.07.2020): 12. http://dx.doi.org/10.29173/cjnser.2020v11n1a323.
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The current ethos of most nonprofit boards of directors focuses on role clarity between board directors and the executive director. The board’s role is to collectively set strategic direction and provide oversight while leaving day-to-day operations to staff. Yet, many individual directors join a board to make an impact on the organization by addressing very specific operational concerns and/or to represent a stakeholder group, and this creates tension at the board table. This article explores whether there is necessarily a trade-off between the representative and good governance roles of a nonprofit board director. It will demonstrate that the tension between representing member interests and governing nonprofits is a false dichotomy. Reconciling these two interests offers some potential avenues for improved organizational accountability.
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AFAM-MEBEI BLESSING OMEBERE i EBIAGHAN, Orits Frank. "EMPIRICAL NEXUS BETWEEN CORPORATE GOVERNANCE ATTRIBUTES AND DIRECTORS REMUNERATION: NIGERIAN EVIDENCE". Finance & Accounting Research Journal 4, nr 3 (18.10.2022): 58–75. http://dx.doi.org/10.51594/farj.v4i3.385.
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This study is aimed at investigating the relationship between corporate governance attributes and director’s remuneration in Nigerian quoted firms. Specifically the study attempted to proffer answers to questions as it relates to the impact of board size, firm size, board independence, chief executive officer duality on directors' remuneration. Secondary data were extracted from the financial statements and accounts of the sampled firms for a 25years period spanning 1997-2021. And analyzed using Ordinary Least Squares Regression (OLS) E-views version 10 The study revealed that Board size, firm size, and board independence exerted positive effect on directors' remuneration, whereas the presence of a chief executive officer duality had negative influence on directors' remuneration. It was recommended that the position of Companies and Allied Matters Act (CAMA) 2020 as it concerns directors’ remuneration should be carefully adhered to and that the directors' remuneration must not be altered by any director irrespective of their positions in the organization. It is concluded that the chief executive officer duality should not be used as a yardstick in the determination of directors’ remuneration rather the board size, firm size, board independence should be used as a measure for fixing directors’ remuneration.
Keywords: Director’s Remuneration, Board Size, Firm Size, Board Independence, Chief Executive Officer Duality.
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Wang, Yuwei, Shang-Yin Yang i Chia-Wei Chen. "The impact of directors’ liability insurance on board meeting attendance". Corporate Ownership and Control 19, nr 3 (2022): 92–100. http://dx.doi.org/10.22495/cocv19i3art6.
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We study the relationship between directors’ liability insurance and board meeting attendance. We find that directors’ liability insurance and board meeting attendance are positively associated. This suggests that directors’ liability insurance may actually serve a governance role because an insurer definitely has incentives to thoroughly scrutinize the insured. As a result, director’s board meeting attendance rate increases because more monitoring of directors leads to more responsible behaviors of directors. With 98,524 yearly observations at the director level and 8,968 yearly observations at the firm level of listed firms in Taiwan during the period from 2008 to 2015, our empirical findings suggest that, on average, the board meeting attendance rate of insured firms is 2.9 percent higher than that of uninsured firms.
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Cho, Sangjun, i Chuneyoung Chung. "Board Characteristics and Earnings Management: Evidence from the Vietnamese Market". Journal of Risk and Financial Management 15, nr 9 (5.09.2022): 395. http://dx.doi.org/10.3390/jrfm15090395.
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This study empirically analyzes the relationship between Vietnamese firms’ earnings management, board characteristics, and ownership structures. I use board size and the proportion of outside directors to reflect board characteristics, and the ownership percentages of the board of directors, outside directors, and the chief executive officer (CEO) to reflect the ownership structures. I use discretionary accruals, measured by the modified Jones model, to proxy for earnings management. From analyzing firms listed on the Ho Chi Minh and Hanoi Stock Exchanges from 2012 to 2017, I find that board size and the ownership percentages of outside directors and CEOs are negatively related to earnings management, whereas the board of directors’ ownership percentage is positively related. The proportion of outside directors is not significantly associated with earnings management. This study provides policy insights for improving Vietnamese firms’ financial transparency. Specifically, corporate laws regulating board composition should be enacted to ensure that all firms meet a minimum number of board members. Moreover, a policy mandating boards to include independent outside directors is necessary, as establishing an independent outside director system within Vietnam’s corporate law can strengthen the sustainability of the board of directors.
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Garner, Jacqueline, Taek-yul Kim i Won Yong Kim. "Boards of directors: a literature review". Managerial Finance 43, nr 10 (9.10.2017): 1189–98. http://dx.doi.org/10.1108/mf-07-2017-0267.
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Purpose The purpose of this paper is to present a literature review of research on board size, structure, and independence. The paper also reviews research on director voting, and discusses recent work on “busy” directors and board diversity. Design/methodology/approach The authors limited the review to a focused set of research areas. Findings The authors summarize the research on boards of directors and note that research on this important topic should continue. Originality/value This review is intended to summarize the literature on boards of directors.
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Mans-Kemp, Nadia, Suzette Viviers i Jenna Weir. "Investigating the extent and impact of director overboardedness using a comprehensive measure". Corporate Governance: The International Journal of Business in Society 20, nr 5 (20.05.2020): 821–36. http://dx.doi.org/10.1108/cg-07-2019-0234.
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Purpose Directors can become overextended when they serve on multiple boards simultaneously. Previous scholars mostly considered directorships held at listed companies. This study aims to investigate the extent and impact of director overboardedness in an emerging market by using a comprehensive measure. Design/methodology/approach The analysis covered 1,600 directors who served on the boards of the 100 largest companies listed in South Africa over the period 2011–2016. In addition to directorships held at listed companies, board positions at unlisted companies and other entities such as state-owned enterprises were considered. Board committee memberships at the sample companies were furthermore included. Random effects ANOVA was conducted to test for significant differences in board and committee meeting attendance. Findings Two-thirds of the considered directors were overboarded when accounting for all their positions. Board committee memberships increased notably over the research period. There was no significant difference in the percentage of board meetings attended between overboarded and non-overboarded directors. However, those directors who held three or more positions simultaneously attended significantly more board committee meetings than their counterparts who held fewer positions. Of the considered committees, the remuneration committee typically had the highest proportion of overboarded directors. Originality/value Eligible board candidates are in high demand given the limited talent pool in South Africa. The findings contradict the busyness hypothesis and suggest that director overboardedness should be evaluated on a case-by-case basis.
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Bhuiyan, Md Borhan Uddin. "Do problem directors affect firm operating performance?" Asian Review of Accounting 23, nr 2 (17.07.2015): 170–85. http://dx.doi.org/10.1108/ara-12-2013-0078.
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Purpose – The purpose of this paper is to examine empirically the consequences of having problem directors on the board with respect to operating performance. Problem directors are directors who have a past history of managerial integrity weakness. Design/methodology/approach – This paper uses three measures of operating performance to investigate the impact of problem directors and applies regression analysis to data from S & P 500 companies from 2004 to 2009. Findings – The author found evidence for the problem that director affiliated firms have more board and independent members. The CEO dual firm has a comparatively higher number of problem directors on the board. Firm operating performance is reduced when a board is served by a problem director. The results are consistent for a number of sensitivity tests. Practical implications – Results provide evidence that firms have negative performance consequences when monitored by a director with a lack of managerial integrity. The practical implication of this study is that corporate boards should appoint directors who have a clean professional background so that more vigilant monitoring by directors can be ensured. Originality/value – This study goes beyond the traditional focus on corporate governance and firm performance. The author uses problem directors as an indicator of governance quality to measure firm performance. To the best of the author’s knowledge, this paper is the first to investigate the consequences of firms holding problem directors on the board. This issue has implications for investors, auditors, directors and regulators.
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Deschênes, Sébastien, Miguel Rojas, Hamadou Boubacar, Brigitte Prud'homme i Alidou Ouedraogo. "The impact of board traits on the social performance of Canadian firms". Corporate Governance 15, nr 3 (1.06.2015): 293–305. http://dx.doi.org/10.1108/cg-08-2014-0097.
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Purpose – This paper aims to examine if certain board characteristics have an impact on the corporate social responsibility (CSR) score of corporations. Design/methodology/approach – The authors’ paper analyzes the link between the ratings of CSR of the largest publicly traded Canadian firms (i.e. those included in the S&P/TSX 60 index) and the traits of their boards. Findings – The authors’ examination concludes that the CSR score is positively linked with the percentages of women and independent directors. The study did not find a link in the cases of board characteristics, namely, director’s remuneration, director’s tenure and director’s ownership. Research limitations/implications – The study focuses on the 60 largest public Canadian firms, which are strongly scrutinized. An analysis that includes smaller firms as well may show different results. Practical implications – To improve the ability of boards of directors to deal with CSR, the appointment of women and independent directors should be given greater emphasis. Data show that all boards in their sample are composed of at least 50 per cent of independent directors, with an average of 80 per cent. Thus, there is a more limited room to ameliorate CSR by adding independent directors. In contrast, women represented, on average, only 14.25 per cent of all directors. Companies wanting to improve their CSR should consider appointing more female participation in their boards. Originality/value – The paper contributes to the extant literature on corporate governance by presenting evidence of a link between CSR and certain board characteristics.
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Peterson, Craig A., i James Philpot. "Roles of academic directors on US Fortune 500 boards". Corporate Governance: The international journal of business in society 9, nr 2 (10.04.2009): 202–15. http://dx.doi.org/10.1108/14720700910946631.
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PurposeThis paper aims to examine the prevalence of directors of US Fortune 500 firms who come from an academic background, and possible unique reasons for their appointment.Design/methodology/approachBased on extant theory of the resource‐dependence roles of non‐management directors, this study proposes and tests three hypotheses concerning distinctive reasons firms may appoint an academic to their boards. Academic directors may serve unique roles in increasing board demographic diversity, increasing firm intellectual capital, and providing links to local geographic constituents. Using year 2002 data from the US Fortune 500 firms, this study presents descriptive statistics and uses t‐tests and χ2 tests to examine hypotheses.FindingsFirms having academics on their boards have greater board demographic diversity than firms without an academic director. Firms with academic directors have the same average emphasis on knowledge‐based earnings as other firms. Academics associated with US top‐ranked universities tend to be more likely to hold board seats. Firms tend to select academic directors from the geographic regions where the firm is headquartered and have a slight tendency to use them on public affairs committees.Research limitations/implicationsThis study's findings highlight a unique non‐monitoring advantage of academic directors for firms seeking increased board diversity, and potential community/stakeholder liaisons.Practical implicationsFirms wishing to increase board diversity or improve relationships with other stakeholder groups may find academic directors useful to such efforts. Academic directors appear to be just as capable as other outside directors in developing firm intellectual capital.Originality/valueThis paper extends the present literature in resource dependence by examining academic directors, a new director subset. The paper is also unique in that it uses data collected from proxy statements, rather than survey data.
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Du, Fei, i Kehan Xu. "The Path to Independence: Board Cohesion, Cognitive Conflict, and Information Sharing". Journal of Management Accounting Research 30, nr 1 (1.06.2017): 31–54. http://dx.doi.org/10.2308/jmar-51834.
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ABSTRACT Corporate boards in America are dominated currently by outside directors because of the belief that they are more effective at monitoring management. There continues to be debate, however, concerning whether regulators should dictate board composition using input-based attributes of directors such as outside status. Opponents contend that board independence is best established through applying voluntary best practices to board processes. In this research, we study board processes and examine how the group task cohesion that is determined by directors' social similarity affects outside directors' reports that the CEO influences their beliefs, a key element of director independence. We propose that the degree of social similarity (similarity as to backgrounds) between outside directors and other directors is positively related to the degree of commitment directors have toward the board's tasks. We show that this task commitment (cohesion) has a positive effect on directors' efforts to obtain and receive information from the firm and CEO. Additional analyses show that the effect of information sharing on the level of CEO influence of outside directors depends on the presence of cognitive conflict—constructive discussion among directors regarding differing viewpoints—between the outside directors and the inside directors. We test our hypotheses using a survey, which was developed based on in-depth field interviews, and the archival data on directors' attributes as well as firm-level outcomes. Results support the hypotheses, and have implications for regulators and boards.
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Deschenes, Sebastien, Hamadou Boubacar, Miguel Rojas i Tania Morris. "Is top-management remuneration influenced by board characteristics?" International Journal of Accounting & Information Management 23, nr 1 (2.03.2015): 60–79. http://dx.doi.org/10.1108/ijaim-11-2013-0062.
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Purpose – The purpose of this article is to examine if certain board characteristics have an impact on the total remuneration of top management and the ratio of stock-based remuneration to total top-management remuneration. Design/methodology/approach – The study draws on data from the largest public Canadian companies, the constituents of the TSX/60 index. The study controls for firm size and profitability. Findings – The authors concludes that total remuneration of top management is directly linked to board-member total remuneration and the board average number of director-tenure years. The study also shows that the ratio of stock-based to total top-management remuneration is positively affected by the percentage of independent directors, total remuneration of board directors, the ratio of stock-based remuneration of directors to their total remuneration and the average number of tenure years of the board of directors. Practical implications – If regulators are determined to curb the excesses in top-management remuneration by means of promoting boards with certain characteristics, they should implement measures facilitating the control of directors’ remuneration and tenure, to discourage cronyistic behavior. Good corporate governance requires that the board act as a counterbalance to top management, ensuring that a substantial percentage of top-executive total compensation is variable, and not fixed. According to our findings, the boards that are the most likely to hold managerial avoidance of variable pay in check are those favoring director independence, variable director remuneration and longer director tenures. Social implications – The present article examines specifically the latter aspect, namely, the role of board characteristics (independence, size, compensation, board director ownership and tenure, etc.) in the determination of top-management compensation. This relationship is important because it allows us to further the analysis of corporate governance. If the above-mentioned traits of boards have a meaningful relationship with the compensation of the top management, one might conclude that certain practices in the composition of boards could influence good corporate governance practices. This is relevant for regulatory agencies, for investors and for corporations. Originality/value – The article adds to the extant literature in a number of ways. Firstly, it considers the role of the traits of the board in the determination of the compensation of the top-management teams, and not only of the chief executive officer, as is the focus of previous literature. Secondly, the article focuses on the power interplay between boards and managers, and, more particularly, on the ability of boards to be an effective mechanism of corporate governance. Finally, the article examines the potential impact of board traits in the determination of top-management compensation in the context of Canadian firms, a subject that has received less attention from academic research, which has mostly concentrated on analyzing the issue in the US context.
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Klarner, Patricia, Gilbert Probst i Michael Useem. "Opening the black box: Unpacking board involvement in innovation". Strategic Organization 18, nr 4 (12.04.2019): 487–519. http://dx.doi.org/10.1177/1476127019839321.
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Corporate governance research suggests that boards of directors play key roles in governing company strategy. Although qualitative research has examined board–management relationships to describe board involvement in strategy, we lack detailed insights into how directors engage with organizational members for governing a complex and long-term issue such as product innovation. Our multiple-case study of four listed pharmaceutical firms reveals a sequential process of board involvement: Directors with deep expertise govern scientific innovation, followed by the full board’s involvement in its strategic aspects. The nature of director involvement varies across board levels in terms of the direction (proactive or reactive), timing (regular or spontaneous), and the extent of formality of exchanges between directors and organizational members. Our study contributes to corporate governance research by introducing the concept of board behavioral diversity and by theorizing about the multilevel, structural, and temporal dimensions of board behavior and its relational characteristics.
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Nowland, John. "Measuring Board of Director Performance: An Overview and Future Research Opportunities1". Asian Journal of Accounting Research 1, nr 2 (31.08.2016): 39–43. http://dx.doi.org/10.1108/ajar-2016-01-02-b001.
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This article provides a brief overview of the literature on board of director performance, highlighting the difficulties in attempting to directly measure the performance of boards of directors and how various studies have tackled this challenge. As an illustration, I show that two current measures of board of director performance, board meeting activity and director attendance, suggest that the boards of Asian firms do not compare favorably to the boards of firms from developed markets. Suggestions for future research on the performance of corporate boards are provided, as well as implications for board of director practices in Asia.
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Nguyen, Thi Tuyet Mai, Elaine Evans i Meiting Lu. "Perceptions of independent directors about their roles of and challenges on corporate boards". Asian Review of Accounting 27, nr 1 (4.02.2019): 69–96. http://dx.doi.org/10.1108/ara-02-2017-0028.
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PurposeThe purpose of this paper is to examine the perceptions of independent directors in Vietnam about their roles and challenges when sitting on the boards of listed companies.Design/methodology/approachThe study uses mailed questionnaires to collect data. The authors sent surveys to 810 independent directors from 354 listed companies and received feedback from 170 respondents.FindingsThe authors examine several aspects of independent directors’ work on the board (such as the roles of and challenges for independent directors) as well as board environment (such as information provision or board interaction). Findings suggest that independent directors in Vietnam place more emphasis on their advisory role than their monitoring role. In addition, they also point out their challenges including information asymmetries and the influence of controlling shareholders. These challenges are significant and they prevent independent directors to properly execute their independent role on the board. These findings reflect the unique features of corporate governance in transition economies.Originality/valueThe authors contribute to the literature through providing an insightful view about the nature of the work performed by this type of director in a transition economy. The study is also one of the first studies to use a qualitative instrument to provide an explanation of how controlling shareholders influence independent directors on boards of directors.
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Zelechowski, Deborah Dahlen, i Diana Bilimoria. "Characteristics of CEOs and corporate boards with women inside directors". Corporate Board role duties and composition 2, nr 2 (2006): 14–21. http://dx.doi.org/10.22495/cbv2i2art2.
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Women corporate inside (executive) directors constitute an elite minority of leaders of large corporations. This study examines the characteristics of CEOs and boards of Fortune 1000 firms that had women who held the dual leadership positions of corporate director and executive officer in 1998 in order to determine whether firms with women insiders had substantially different characteristics than firms without. We find that compared with firms without women inside directors, firms with women inside directors were characterized by CEOs with longer board tenure, more family ties, and fewer director interlocks, and by boards that were larger, with more insiders, and that utilize a management Chair of the board. Corporate governance implications are drawn for the presence of women at the top of the executive hierarchy.
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Melón-Izco, Álvaro, Francisco J. Ruiz-Cabestre i M. Carmen Ruiz-Olalla. "Diversity in the board of directors and good governance practices". Economics and Business Letters 9, nr 2 (11.03.2020): 97. http://dx.doi.org/10.17811/ebl.9.2.2020.97-105.
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Motivated by the debate on the adequacy of the composition of boards of directors, we examine the effect that board diversity has on corporate governance performance in Spain, analysing gender diversity, diversity of director types and tenure diversity. The findings reveal that diverse boards of directors have a positive influence on good governance practices,improving the efficiency of corporate governance mechanisms. These results could be interesting for practitioners and regulators.
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Merino, Elena, i Montserrat Manzaneque. "Corporate law, board practices and value creation: Spanish evidence". Corporate Law and Governance Review 1, nr 2 (2019): 8–20. http://dx.doi.org/10.22495/clgrv1i2p1.
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Previous research suggests that boards of directors influence firm performance due to their role in activities such as strategic design and its implementation. From this perspective, many corporate governance researchers have tried to demonstrate empirically the impact of board characteristics on firm performance in different contexts. In this context, the objective of this work is to disclosure proven relationships between board governance variables and firm performance based on an analysis of relevant studies in Spain. Before a review of the relevant literature, we provide a legal overview of Spanish corporations and an analysis of corporate board practice in Spain (paying special attention to the composition of the boards of directors, the duality of the CEO and Chairman, gender diversity on boards and directors with multiple directorships). Following this, the analysis of the literature was carried out. The results show that in the majority of studies independent directors and CEO/Chairman duality have no relationship with firm performance. However, the proportion of women on the board of directors does show a positive relationship with firm performance. For the variable busy director, no conclusion can be established because the evidence found is scarce. We can conclude, therefore, that as a result of the inconclusive results as well as the scarcity of the study of some aspects for this field of study, further research on the relationship between the board and firm performance is necessary in the Spanish context.
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Refakar, Mohammad, i Ming-Ming Lai. "An investigation of board directors’ absence and its determinants in the Malaysian stock market". Corporate Ownership and Control 8, nr 2 (2011): 259–70. http://dx.doi.org/10.22495/cocv8i2c2p3.
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This paper examines the relation between directors’ absence in board meetings as an indicator of directors’ busyness with possible determinants of director absence on the constituent companies of FTSE Bursa Malaysia KLCI index from 2005 to 2008. This study has found board size as the strongest determinant of directors’ absence. As the size grows, there is higher probability of directors to be absent from board meetings. This study found a board size of 9 and less as an optimum board size. We also found that the more independent directors on the board, the less absence they made. The results showed that the number of multiple directorships a director holds, number of annual meetings, age, and ethnicity of the director are not significant determinants.
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Alias, Norazlan, Mohd Hasimi Yaacob i Nahariah Jaffar. "Does Governance Structure Matter In Post-Spinoff?" 11th GLOBAL CONFERENCE ON BUSINESS AND SOCIAL SCIENCES 11, nr 1 (9.12.2020): 34. http://dx.doi.org/10.35609/gcbssproceeding.2020.11(34).
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This study examines corporate governance role in the post spinoff from the perspective of the new entity or spinoff firm. Using yearly data of Bursa Malaysia (formerly known as Kuala Lumpur Stock Exchange) listed firms that announced and completed their spinoff exercises, for the period of 1994 to 2015. We focused on the new entity or spinoff firm's governance structure represented by board size, number of independent director and director's ownership. No variables were significant in direct effect term but the number of independent directors and percentage of directors' ownership respectively interact positively significant with debt ratio on firm performance measured by return on assets (ROA). This study recommends more board of directors' ownership and independent directors respectively for the new entity to optimize its capital structure policy as reflected in firm's debt ratio as shown by an increase in firm performance following a spinoff. In other words, an increase in board of directors'ownership and independent directors in board composition would negate risk associated with increasing debt in firm's capital structure. Keywords: Board Structure, Ownership Structure, Spinoff
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Syahraini, Syahraini, Saparudin Siregar i Sugianto Sugianto. "SHARIA BANK CORPORATE GOVERNANCE BASED ON MAQASHID SHARIA". International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) 1, nr 2 (26.12.2021): 397–403. http://dx.doi.org/10.54443/ijebas.v1i2.138.
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This study aims to determine the effect of Good Corporate Governance as measured by the number of sharia supervisory boards, sharia supervisory board meetings, the number of boards of directors, board of directors meetings, the number of commissioners, board of commissioners meetings on the performance of maqashid sharia. The results of this study indicate that the variable meeting the board of directors has a significant effect on the performance of maqashid sharia. While the variable number of sharia supervisory board, sharia supervisory board meeting, number of board of directors, number of board of commissioners and board of commissioners meeting on maqashid sharia performance.
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Grover, Krishan Lal. "Gender Mainstreaming on the Boards of Directors of Banks: Its impact on Bank Performance". International Journal for Research in Applied Science and Engineering Technology 10, nr 2 (28.02.2022): 207–10. http://dx.doi.org/10.22214/ijraset.2022.40226.
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Abstract: Gender mainstreaming is an approach to achieve gender equality. It entails incorporating a gender viewpoint into the development, planning, implementation, monitoring, and assessment of policies, regulatory measures, and expenditure plans. While promoting gender equality mainstreaming, alliances between men and women, results in good return which encourages inclusive growth. Corporate governance regulations all over the world encourage the inclusion of women on corporate boards. In 2013, it became mandatory for a company's board of directors to include at least one female director. Board directors play a vital role in any organisation. The primary responsibility of board directors is to increase shareholder wealth. Because of the opacity in banks, the position of board directors is crucial. Their role isn't just to make policies; it also includes putting forth efforts to ensure banking's longterm viability. A well-functioning banking system is regarded as a prerequisite for growth. An attempt is made to investigate the role of female directors in Indian banking, using return on assets and return on equity as performance measures. The panel data is used to examine five public banks and five private banks listed on the BSE. Research articles on the role of gender diversity in the board of directors in affecting bank performance have been collected from several refereed journals to review the related literature. Keywords: Banking, Gender, Director, Performance, Woman
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Noguera, Magdy. "Women directors’ effect on firm value and performance: the case of REITs". Corporate Governance: The International Journal of Business in Society 20, nr 7 (15.09.2020): 1265–79. http://dx.doi.org/10.1108/cg-02-2020-0057.
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Purpose The purpose of this paper is to assess the effect of women directors on US Real Estate Investment Trusts (REITs) value and performance. Design/methodology/approach Archival financial and board of director data for the 1999–2019 period are collected and analyzed using panel data regression analysis. Findings The main findings indicate that women directors’ presence renders a modest positive effect on REIT performance but only when they reach critical mass on REIT boards; and that women directors have no effect at all on REIT value. Additional findings indicate that women directors are more common on REIT boards after the enactment of the Sarbanes–Oxley Act but less common on boards in which the REIT founder is the chief executive officer. Originality/value To the best of the author’s knowledge, this is the first research on the effect of a gender diverse board on REIT value. It is also the first paper documenting a positive relationship between board gender diversity and REIT performance. This paper fills a research gap, as it is one of the few papers focused on gender diversity within the REITs board composition literature.
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Das, Pradip Kumar. "Impact of Women Directors on Corporate Financial Performance-Indian Context". World Journal of Social Science Research 6, nr 3 (23.07.2019): p320. http://dx.doi.org/10.22158/wjssr.v6n3p320.
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Good corporate governance creates the properly structured board of directors capable of taking independent decisions for the welfare of the company. Women directors or female directors with varied backgrounds and experiences tend to look at problems and solutions from wider perspectives, thereby, diversity in boards has been widely considered as an important contributor to improved decision-making. Against this backdrop, the paper empirically investigates the association between participation of female director on board with the financial performance of corporate, using a sample of 16 listed companies’ board membership in India. The study reflects positive and significant impact of female directors on financial performance in the listed companies. The findings could be scientific basis for Indian company to build the most proper board for themselves and contributes to the existing literature through the empirical evidence with more insight into the effect of corporate governance, particularly female directors on firm outcomes from a typical developing country, India. Thus, it is suggested that Indian companies should think about the femininity on board and in senior management to improve financial viability and performance to achieve sustainable growth.
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Lee, Kin-Wai, i Cheng-Few Lee. "Cash Holdings, Corporate Governance Structure and Firm Valuation". Review of Pacific Basin Financial Markets and Policies 12, nr 03 (wrzesień 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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Bonn, Ingrid. "Board Structure and Firm Performance: Evidence from Australia". Journal of Management & Organization 10, nr 1 (styczeń 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, nr 1 (styczeń 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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Johan, Suwinto. "The Function of Commissioner Based on the Principles of Good Corporate Governance". Journal of Private and Commercial Law 6, nr 1 (1.06.2022): 63–76. http://dx.doi.org/10.15294/jpcl.v6i1.36356.
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The organs and functions of a limited liability company are controlled by Company Law No. 40 of 2007 Governing Limited Liability Companies (UU PT). The tasks of executing and supervising have been distinguished. The board of directors is in charge of the company's day-to-day operations, while the board of commissioners oversees the board of directors. In reality, however, the board of commissioners participates in the board of director activities or performs board of director tasks. This study aims to analyze the functions of commissioners and how they should be carried out in compliance with the laws and regulations governing corporate governance. Primary, secondary, and additional data are used in this study. The study found that the board of commissioners' role should be based on the Limited Liability Company Act. The board of commissioners serves as the board of directors' supervisor. Because shareholders also serve on the board of commissioners, the board of commissioners is involved in the operation of the board of directors. The Board of Commissioners' involvement in the Board of Directors' activities must be severely limited by the Board of Directors. If it turns out that the commissioners' activities are detrimental to the shareholders, the Board of Directors can bring this to a general meeting of shareholders and hold them accountable.
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Valenti, Alix, i Stephen V. Horner. "Leveraging board talent for innovation strategy". Journal of Business Strategy 41, nr 1 (13.01.2020): 11–18. http://dx.doi.org/10.1108/jbs-12-2018-0207.
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Purpose Human capital has been traditionally viewed in terms of how an individual’s investment in knowledge, skills and abilities can lead to higher pay or promotions. More recently, human capital has been regarded as a unit-level resource using the term “human capital resources” to consider the aggregate effects of human capital. The purpose of this paper is to examine the collective human capital present in a firm’s board of directors as a valuable resource leading to superior firm outcomes. Design/methodology/approach The study examined the effects on firm innovation of the scientific expertise of corporate directors, average board tenure and the presence of a firm’s founder on the board. Data from a sample of pharmaceutical firms were analyzed with the dependent variable, innovation, measured as patent applications and both individual and unit-level human capital measures of the predictor variables. Findings The results show that the presence of a founder-director is positively related to innovation and more pronounced when combined with the board’s scientific expertise. Board tenure shows a relationship to innovation and is more evident in combination with the board’s aggregate level of scientific expertise. The effect of directors’ scientific expertise is also greater when measured at the board level of scientific expertise. Research limitations/implications Future studies should examine these relationships within a broader context extending the research to other industries thereby incorporating wider variation in both the antecedents and measures of innovation. In addition, future studies might investigate a likely non-monotonic relationship of board tenure with strategic outcomes, recognizing the non-linear nature of effects of board tenure. Practical implications In addition to the theoretical and empirical implications, this research may also inform practicing managers charged with constituting their boards of directors and provide some guidance for the recruitment and retention of board members. The research may also assist top managers and investors in knowing when the presence of a founder on the board is useful and supportive of the firm’s strategic direction. Originality/value The study extends scholarly understanding of human capital theory beyond the top management team to boards of directors demonstrating the importance not only of directors’ individual capital but also how it combines with that of other directors. Moreover, it enhances understanding of board characteristics beyond the bounds of demographic characteristics to show that additional qualities affect firm strategy. This research also informs managers, boards and investors how boards might be more effectively constituted to impact firm strategy.
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Muniandy, Balachandran. "Audit fees, board ethnicity and board independence: evidence from South Africa". Managerial Auditing Journal 37, nr 4 (23.02.2022): 409–37. http://dx.doi.org/10.1108/maj-06-2020-2697.
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Purpose The purpose of this paper is to examine the relationship between ethnic diversity on corporate boards and audit fees in the context of South Africa. Additionally, this paper investigates how the interaction between board ethnicity and board independence affects audit fees. Design/methodology/approach This study uses a quantitative research method with a panel data analysis to test proposed hypotheses. This study’s sample consist of listed firms on the Johannesburg Stock Exchange (JSE) from 2003 to 2018. Findings This study finds that firms with more Black directors on corporate board have higher audit fees. It also shows that the positive relation between board independence and audit fees is more pronounced for firms with greater ethnic diversity on corporate boards. Further, this study finds that the presence of Black directors on corporate board can increase board effectiveness. Lastly, firms with more Black directors on corporate board tend to be audited by Big N auditors. The findings of this study illustrate the implication of an equity narrative to board diversity for organisational outcome. Research limitations/implications The results reported in this paper have both practical and policy implications regarding the presence of ethnic diversity on corporate boards. The findings also suggest that there is a need to establish an appropriate balance of ethnic diversity on corporate boards as part of regulatory reform. Regulators should be aware of the positive impacts of the requirement for board diversity on corporate boards. Originality/value To the best of the authors’ knowledge, this is the first study to examine whether the presence of Black directors on corporate boards affects audit fees. It also investigates the interaction effects between the presence of Black directors on the board and board independence.
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Banerjee, Suvro K., i Achraf Seyam. "Not For Profit Board of Directors and Governance". International Journal of Accounting and Finance Studies 1, nr 2 (29.10.2018): 154. http://dx.doi.org/10.22158/ijafs.v1n2p154.
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<p><em>Anon-profit </em><em>(</em><em>NFP entity’s Board of Directors</em><em>)</em><em> bears ultimate responsibility for its governance. It ensures the non-profit functions in accordance with all applicable laws, regulations, and the entity’s internal guidelines and mission statement. We examine these Boards’ role in overseeing the functioning of non-profit entities and their management. We begin by reviewing the purpose of a Board of Directors and a commonly adopted structure for them including who may serve on such Boards; and how these Boards differ from those in the for-profit world. We then review the formal responsibilities that NFP Boards have for the entities they govern as well as some unspoken requirements for Board members. We examine specific activities in which these Boards typically engage and some activities which violate good governance practices. We provide examples of both well-functioning boards and some which serve as cautionary tales for entities. We discuss how a Board can deal with Board members who violate an entity’s rules and/or laws and how such members might be removed from their respective office as well as other regulatory and legal issues related to the conduct of Board members. We discuss the government entities both state and federal which regulate the function of non-profit Boards.</em><em></em></p>
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Coulson-Thomas, Colin J. "IT Directors and it Strategy". Journal of Information Technology 6, nr 3-4 (wrzesień 1991): 192–203. http://dx.doi.org/10.1177/0268396291006003-409.
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Organizations are transitioning to more flexible and adaptable forms. There is a strategic opportunity for IT that supports the facilitation of change, the building of closer relationships with customers, and the harnessing of human talent. Yet in many organizations there is a gulf of suspicion and misunderstanding between the chief executive and board, and the IT community. There is a requirement for IT professionals, and particularly IT directors, who share the vision of the ‘network organization’, and who can work at board level to bring it about. There is a need for facilitating directors in the boardroom. More IT professionals would secure board appointments if they could demonstrate the skills and qualities needed by a company director. IT directors require directorial qualities which are distinct from those demanded of IT managers. They need a broader, and more strategic awareness and perspective. This article examines the qualities that distinguish directors, and the key issues which should feature on the IT directors agenda. It draws upon three surveys and a report concerning directors and boards, and four organizational surveys.
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Dimovski, Bill, Luisa Lombardi, Christopher Ratcliffe i Barry John Cooper. "Australian Real Estate Management and Development companies and women directors". Property Management 34, nr 1 (15.02.2016): 18–28. http://dx.doi.org/10.1108/pm-12-2014-0052.
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Purpose – There is a large literature advocating the importance of a greater proportion of women directors on boards of publicly listed firms. The purpose of this paper is to examine the numbers and proportions of women directors, including women executive directors, on listed Australian Real Estate Management and Development (REMD) companies to identify how prevalent women directors are on such boards. Design/methodology/approach – The study examines the numbers and proportions of women directors for 35 REMDs in 2011 and compares this to the broad board composition data on 1,715 Australian Stock Exchange listed entities. Statistically significant findings are evident due to the identified low proportions. Findings – The study finds that of all the Financials Sub Industry sector groups, REMDs have the lowest proportion of female directors on theirs boards – eight women on each of 35 company boards compared to 159 men on these 35 boards at 2011. Of the eight, there were only two women executive directors on boards compared to 50 men. Statistically, it appears that having women directors on REMD boards is not considered important. Even at December 2014, there are only ten women on seven company boards and only one remaining executive director of an REMD company. Practical implications – Given that female board representation is positively related to accounting returns and that there is a growing voice for legislation to impose mandatory proportions of women directors on boards around the world, it may be in the interests of REMD boards to consider appointing more women more quickly. Originality/value – The study is the first to examine the numbers and proportions of women directors amongst REMD companies to identify the paucity of such women directors.
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Chang, Jui-Chin, i Huey-Lian Sun. "Reputation and regulation effects on director turnover and change of directorships". Review of Accounting and Finance 15, nr 3 (8.08.2016): 274–93. http://dx.doi.org/10.1108/raf-12-2014-0138.
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Purpose This study aims to examine the reputation effect by assessing whether fraudulent financial reporting is associated with high board turnover and significant loss of directorship held by directors affiliated with fraud firms. Although the Sarbanes–Oxley Act (SOX) and major stock exchanges enhance board independence and formalize committee requirements, the new rules also create a high demand for qualified directors in the director labor market. Thus, this study further examines the change in the reputation effect of directors at fraud firms after SOX. Design/methodology/approach This paper intends to answer two research questions: Do directors suffer significant loss of reputation when firms are caught in fraudulent financial reporting schemes? Is the loss of reputation of directors at fraud firms affected by the regulation of SOX? To examine the reputation effect, this paper investigates the differences in director turnover and loss of directorships between fraud and non-fraud firms. To examine the regulation effect, this paper investigates the differences in director turnover and loss of directorships of directors at fraud firms by comparing non-fraud firms’ director turnover and directorship loss between the pre-SOX and post-SOX periods. Findings Consistent with the reputation effect, this paper found that director turnover at fraud firms is significantly higher than that at non-fraud firms. It also found that the loss of directorships of directors at fraud firms is not significantly higher, which is consistent with findings of some prior research. The paper also investigates whether this reputation effect has changed after SOX but found no significant difference in the reputation effect at fraud firms. In conjunction with prior research that finds an increased demand for qualified directors in the labor market after SOX, the results imply that this shortage of qualified directors does not help fraud firms discipline directors after SOX. Research limitations/implications The findings are limited by the sample selection of only the initial litigation of US firms which are charged of fraudulent financial reporting. The findings suggest that SOX creates an increased demand for qualified directors, and consequently results in a shortage of qualified directors in the post-SOX labor market. The shortage of qualified directors slows the director turnover and weakens firms’ ability to replace culpable directors. Future research is needed on how governance practices might contribute to the lack of turnover among board members and how to promote ongoing overhauls of boards. Practical implications The decision process for removing a director is complicated and lacks transparency. Shareholders often do not know the real reason for a director’s departure from the board. To increase the accountability of individual directors and information transparency, new rules are needed for the disclosure of evaluations of individual directors’ governance effectiveness. Originality/value Survey of previous studies (Helland, 2006; Srinivasan, 2005; Fich and Shivdasani, 2007) indicates mixed evidence on reputation effect and no evidence so far on the SOX regulation effect. This study fills the gap by extending the findings of prior research to investigate the reputation effect along with the regulation effect of SOX at fraud firms. Different from findings of some previous studies (Helland, 2006; Fich and Shivdasani, 2007), this paper provides evidence consistent with the reputation effect. It also provides new evidence on the unintended consequences of SOX on director turnover.
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Inglis, Sue. "Roles of the Board in Amateur Sport Organizations". Journal of Sport Management 11, nr 2 (kwiecień 1997): 160–76. http://dx.doi.org/10.1123/jsm.11.2.160.
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Limited empirical data on the roles associated with boards of directors in nonprofit organizations are available, yet understanding the work of boards is vital to ensure the roles desired by organizational members and the roles required by the organization are being fulfilled. The roles or functions of boards in nonprofit organizations, as found in the management literature, were used to explore the roles associated with a sample of nonprofit amateur sport organizations. Data were generated from a survey of executive directors, volunteer presidents, and volunteer board members of sport organizations housed at Ontario's Provincial Sport Centre in Toronto. The survey data yielded a 4-factor subscale providing support for a theoretical perspective in assessing roles of the board in mission, planning, executive director, and community relations areas. Similarities and differences of respondents by gender and position on ratings of importance and performance for the board roles were explored with implications for board development discussed.
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Рыманов, Александр, i Aleksandr Rymanov. "IMPROVEMENT OF INDEPENDENT DIRECTORS INSTITUTION IN BANKING SECTOR". Russian Journal of Management 5, nr 2 (25.07.2017): 151–56. http://dx.doi.org/10.12737/article_5953b8db3cec15.68188967.
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The article deals with problems of the institution of independent directors in the banking sector. The author analyses the activities of the independent directors, the requirements of regulators, stock exchanges to participation of independent directors on the Board of Directors (supervisory boards) of the banks. It is noted that the presence of independent directors in the Board of Directors (Supervisory Board) increases the objectivity of decisions. However, it is not feasible to perform the requirements of the banks on the high proportion of independent directors at the expense of excessive force. Analyzed international experience of independent directors in the banking sector, testifies to the ambiguous role of independent directors in various jurisdictions. National experiences of independent directors according to Sberbank and the rules of the Moscow Exchange presents on the application of uniform mandatory approach to participation of independent directors in the supervisory boards. It is proposed that the feasibility of increasing the participation of independent directors in the deliberations of the supervisory boards of banks.
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Ben Barka, Hazar, i Ali Dardour. "Investigating the relationship between director’s profile, board interlocks and corporate social responsibility". Management Decision 53, nr 3 (20.04.2015): 553–70. http://dx.doi.org/10.1108/md-12-2013-0655.
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Purpose – The purpose of this paper is to discuss a research model that presents three metrics of corporate social performance (CSP): board interlocks, director’s profile and corporate social responsibility (CSR). Design/methodology/approach – Based on social network theories, the authors argue the possible relationships between the three variables. The authors conduct the study on 255 directorships in the boards of 20 listed companies in France, which participate in Carbon Disclosure Project (CDP) for 2010. Findings – The results show that director’s background and nationality diversity in the board are the most relevant attributes to discerning firms with high CSR scores. However, the relationship between board interlocks and CSR is not consistent. Some explanations are reported and discussed. Research limitations/implications – The research contributes to recognize the most influential variables in board composition for firms with high CSR scores, although it is based on a conceptual development and an explorative analysis. It could constitute the basis for future research which integrates modeling and multivariate analysis. Practical implications – Diversity in the board could be an effective tool to guide management for more CSR decisions. Social implications – The paper highlights the importance of diversifying the recruitment base when integrating new board members. This implies opening board networks to new profiles, in order to better meet stakeholders’ expectations regarding CSR. Originality/value – The paper contributes to board literature by highlighting the importance of combining individual attributes (director) with corporate ones (board of directors) to better assess the role of board of directors in the adoption of CSR’ practices.