Does board independence influence financial performance in IPO firms? The moderating role of the national business system

被引：50

作者：

Zattoni, Alessandro ^{[1
,2
]}

Witt, Michael A. ^{[3
]}

Judge, William Q. ^{[4
]}

Talaulicar, Till ^{[5
]}

Chen, Jean Jinghan ^{[6
,7
]}

Lewellyn, Krista ^{[8
]}

Hu, Helen Wei ^{[9
]}

Gabrielsson, Jonas ^{[10
]}

Rivas, Jose Luis ^{[11
]}

Puffer, Sheila ^{[12
]}

Shukla, Dhirendra ^{[13
]}

Lopez, Felix ^{[14
]}

Adegbite, Emmanuel ^{[15
]}

Fassin, Yves ^{[16
]}

Yamak, Sibel ^{[17
]}

Fainshmidt, Stav ^{[18
]}

van Ees, Hans ^{[19
]}

机构：

[1] LUISS Univ, Dept Business & Management, Viale Romania 32, I-00197 Rome, Italy

[2] Business Sch, Viale Romania 32, I-00197 Rome, Italy

[3] INSEAD, Strategy Area, 1 Ayer Rajah Ave, Singapore 138676, Singapore

[4] Old Dominion Univ, Management Dept, 2126 Constant Hall, Norfolk, VA 23529 USA

[5] Univ Erfurt, Dept Org & Management, Nordhaeuser Str 63, D-99089 Erfurt, Germany

[6] Xian Jiaotong Liverpool Univ, Suzhou, Peoples R China

[7] Nankai Univ, Tianjin, Peoples R China

[8] Univ Wyoming, Coll Business, Dept Management & Mkt, Laramie, WY 82071 USA

[9] Univ Melbourne, Dept Management & Mkt, 198 Berkeley St, Melbourne, Vic 3010, Australia

[10] Halmstad Univ, Dept Business Studies, POB 823, S-30118 Halmstad, Sweden

[11] ITAM Sch Business, Mexico City, DF, Mexico

[12] Northeastern Univ, DAmore McKim Sch Business, 360 Huntington Ave, Boston, MA 02115 USA

[13] Univ New Brunswick, Fac Engn, Fredericton, NB E3B 5A3, Canada

[14] Univ Valladolid, Dept Accounting & Finance, E-47002 Valladolid, Spain

[15] De Montfort Univ, Leicester Business Sch, Dept Accounting & Finance, Leicester LE1 9BH, Leics, England

[16] Univ Ghent, Dept Innovat Entrepreneurship & Serv Management, Tweekerkenstr 2, B-9000 Ghent, Belgium

[17] Univ Wolverhampton, Business Sch, Human Resources Dept, Wolverhampton, W Midlands, England

[18] Florida Int Univ, Coll Business, Dept Management & Int Business, Miami, FL 33199 USA

[19] Univ Groningen, Dept Global Econ & Management, Groningen, Netherlands

来源：

JOURNAL OF WORLD BUSINESS | 2017年 / 52卷 / 05期

关键词：

Corporate governance; Financial performance; Initial public offerings; Institutions; National business systems; RESEARCH-AND-DEVELOPMENT; INSTITUTION-BASED VIEW; CORPORATE GOVERNANCE; OWNERSHIP STRUCTURE; POLITICAL CONNECTIONS; DIRECTORS; MANAGEMENT; INVESTMENT; CAPITALISM; RUSSIA;

D O I：

10.1016/j.jwb.2017.04.002

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Prior evidence suggests that board independence may enhance financial performance, but this relationship has been tested almost exclusively for Anglo-American countries. To explore the boundary conditions of this prominent governance mechanism, we examine the impact of the formal and information institutions of 18 national business systems on the board independence-financial performance relationship. Our results show that while the direct effect of independence is weak, national-level institutions significantly moderate the independence-performance relationship. Our findings suggest that the efficacy of board structures is likely to be contingent on the specific national context, but the type of legal system is insignificant.

引用

页码：628 / 639

页数：12

共 50 条

[31] The moderation role of board independence change in the relationship between board characteristics, related party transactions, and financial performance
Almaqtari, Faozi A.
Farhan, Najib H. S.
Al-Hattami, Hamood Mohammed
Elsheikh, Tamer
PLOS ONE, 2022, 17 (12):
[32] MCS package and entrepreneurial competency influence on business performance: the moderating role of business strategy
Rehman, Shafique Ur
Elrehail, Hamzah
Nair, Kiran
Bhatti, Anam
Taamneh, Abdallah Mohammad
EUROPEAN JOURNAL OF MANAGEMENT AND BUSINESS ECONOMICS, 2023, 32 (01) : 1 - 23
[33] How does social capital influence the hospitality firm's financial performance? The moderating role of entrepreneurial activities
Dai, Weiqi
Mao, Zhenxing
Zhao, Xinyuan
Mattila, Anna S.
INTERNATIONAL JOURNAL OF HOSPITALITY MANAGEMENT, 2015, 51 : 42 - 55
[34] FINANCE BUSINESS PARTNERING AND MANUFACTURING FIRMS' PERFORMANCE: A MEDIATING ROLE OF NON-FINANCIAL PERFORMANCE
Zhang, Yi Fei
Namazi, Mohammad
Guo, Yong Qing
Li, Xuan
JOURNAL OF BUSINESS ECONOMICS AND MANAGEMENT, 2020, 21 (02) : 473 - 496
[35] The Impact of ESG Performance on the Value of Family Firms: The Moderating Role of Financial Constraints and Agency Problems
Espinosa-Mendez, Christian
Maquieira, Carlos P.
Arias, Jose T.
SUSTAINABILITY, 2023, 15 (07)
[36] Sustainable Development Goals (SDGs) practices and firms' financial performance: Moderating role of country governance
Saha, Sabuj
Hasan, Ahmed Rizvan
Islam, Kazi Rezwanul
Priom, Md Asraful Islam
GREEN FINANCE, 2024, 6 (01): : 162 - 198
[37] Does Board Gender Diversity Influence Financial Performance? Evidence from Spain
Reguera-Alvarado, Nuria
de Fuentes, Pilar
Laffarga, Joaquina
JOURNAL OF BUSINESS ETHICS, 2017, 141 (02) : 337 - 350
[38] Does Board Gender Diversity Influence Financial Performance? Evidence from Spain
Nuria Reguera-Alvarado
Pilar de Fuentes
Joaquina Laffarga
Journal of Business Ethics, 2017, 141 : 337 - 350
[39] RETRACTED: The impact of the COSO control components on the financial performance in the Jordanian banks and the moderating effect of board independence (Retracted Article)
Abu Hamour, Aiman M.
Massadeh, Deema Mohammed
Bshayreh, Mohamed Mahmoud
JOURNAL OF SUSTAINABLE FINANCE & INVESTMENT, 2023, 13 (01) : 161 - 175
[40] The impact of board characteristics on financial performance in an emerging economy: the moderating role of nomination and remuneration committee
Sunny, Sohag Ahmed
Hoque, Mahfuzul
EUROPEAN JOURNAL OF MANAGEMENT AND BUSINESS ECONOMICS, 2025,

← 1 2 3 4 5 →