董事会人力资本与公司业绩关系研究

本文以我国上市公司为研究样本，依据2011-2013年的公开数据对董事会人力资本与公司业绩的相关性进行实证分析。研究结果表明，董事会人力资本在受教育程度、年龄和专业技术背景这三方面对公司业绩有积极影响，并对董事会人力资本如何促进公司业绩提供了参考意见。     

董事会特征对环境信息披露的影响

董事会成员构成形成了董事会内部结构特征，董事会成员外部连锁形成了董事会外部网络特征。本文基于重污染上市公司数据，研究董事会内部断裂带、董事会外部网络位置对企业环境信息披露的影响，并揭示了创新能力的中介作用。研究结果表明：董事会经历断裂带对环境信息披露具有正向影响，董事会成员经历的“和而不同”有助于提升企业环境信息披露水平；董事会网络中心位置、中介位置对环境信息披露具有正向影响，董事会网络位置有助于企业在环境信息披露方面“卓尔不群”；企业创新能力越强其环境信息披露程度越高，创新能力在董事会特征对环境信息披露的影响中起到了部分中介作用。     

董事会特征与公司绩效的研究综述

董事会治理是公司治理的核心,其治理效果会对公司业绩和公司价值产生重要影响.本文从董事会结构、行为两个角度对董事会治理的研究成果进行综述,以期对我国董事会的治理的效率效果产生积极作用.     

营造绿色董事会文化

公司治理的有效性取决于作为公司治理结构核心的董事会的有效运作,而董事会的有效运作又取决于良好的董事会文化。推行以绿色为导向的董事会文化,有利于实现企业与自然生态环境的和谐、企业与社会生态环境的和谐、企业利益相关者之间的和谐以及董事会自身的和谐,与此同时,健康进取、诚实守信、主动沟通、积极质疑、团结协作、开放透明的文化氛围能够提高董事会的有效性,促进董事会的效率化运作。     

股权结构、董事会特征与公司绩效研究——基于创业板的公司治理结构分析

本文选取中国创业板上市公司2009年年报数据和中期报表数据,依据本文建立的股权结构、董事会特征与业绩模型对样本数据进行多元回归分析,结果表明:公司业绩与政府持股比例和高管持股比例呈正向关系,也就是说政府持股比例和高管持股比例增加将有利于公司业绩的提高;公司业绩与董事会规模呈负向关系,即董事会规模越大对公司业绩的提高越不利;境外战略投资者持股不利于公司业绩的提高;独立董事以及具有金融从业经验的独立董事与企业业绩无关。     

股权结构、董事会特征与公司绩效研究——基于创业板的公司治理结构分析

本文选取中国创业板上市公司2009年年报数据和中期报表数据,依据本文建立的股权结构、董事会特征与业绩模型对样本数据进行多元回归分析,结果表明：公司业绩与政府持股比例和高管持股比例呈正向关系,也就是说政府持股比例和高管持股比例增加将有利于公司业绩的提高;公司业绩与董事会规模呈负向关系,即董事会规模越大对公司业绩的提高越不利;境外战略投资者持股不利于公司业绩的提高;独立董事以及具有金融从业经验的独立董事与企业业绩无关。     

CEO权力、董事会稳定性与盈余管理

基于CEO和董事会相对权力的视角,研究了CEO权力和董事会稳定性对盈余质量的影响。研究发现,CEO权力越大,上市公司盈余管理程度越高;而稳定的董事会能够有效削弱CEO权力与盈余管理之间的正相关关系。区分企业产权性质后发现,上述研究结论主要体现在民营企业中。进一步研究发现,CEO任期较短时,CEO相对董事会的权力较小,稳定的董事会能够有效削弱CEO权力与盈余管理之间的正相关关系。但随着CEO任期的增长,CEO相对于董事会的权力越强,董事会并不能有效监督CEO操纵盈余管理行为。     

我国上市公司女性董事的经济效应分析

本文以上海A股市场846家上市企业的7402名董事为样本，对董事会成员性别的经济效应进行分析。结果发现：女性进入董事会能够显著提高董事会对企业的各种投入；女性董事能够在很大程度上影响企业的公司治理；女性董事与企业业绩之间存在着较为复杂的关系。     

中国上市公司董事会规模及其结构研究

董事会作为公司的重要部分,具有决策、咨询、监督等重要作用。国内外学者对其规模和结构进行了大量研究,首先董事会规模在公司成长性不同的情况下,其规模存在明显的区别,在同类公司中不同的董事会规模对于公司治理存在很大影响,特别是在公司业绩上的表现很是不同,其次董事会的结构设置上,中国上市公司的外部董事的功能是否有所体现;本文意在研究中国上市公司中的上证180(代表成熟稳健的大型公司)、创业板(代表成长性较高的中小型公司)董事会规模、结构,且通过相关模型来进行分析。     

董事会特征与公司绩效的研究综述

董事会作为联结股东与经理层的纽带,是公司治理机制的重要组成部分,其治理效率直接关系到公司业绩和股东利益.董事会独立性较低、董事会职能不清以及董事会作用微弱是我国许多公司存在的问题.文章梳理了董事会特征与公司绩效方面的文献,希望为后续学者的研究提供阅读思路.     

Do minority acquisitions transfer better corporate governance practices? An analysis of UK's cross-border minority investments

This study examines the influence of minority shareholders on the transfer of corporate governance practices into companies in other countries where they invest. By analysing UK firms that acquired a minority ownership in foreign firms between 1993 and 2014, we find evidence of better corporate governance in the board structure of target foreign firms following UK firms taking a minority shareholding, the extent and nature of the changes varying depending on the quality of investor protection in the country the foreign target firm is located. Our findings contribute to the on-going debates on the spillover effect of better corporate governance practices via cross-border mergers and acquisitions as well as relationship between internal (board of directors) and external (country's quality of investor protection) corporate governance mechanisms.     

The determinants of director remuneration,executive tenure and individual executive disclosure in North African IPO firms

This paper examines the impact of board governance mechanisms, namely board size, independence ratio, opacity of earnings disclosure, and ratio of genuinely independent nonexecutive directors to total board size on director remuneration, executive tenure and likelihood of individual executive salary disclosure in a unique and comprehensive sample of 69 North African IPO firms. I find evidence of the enhanced governance role of true independent nonexecutives in family as opposed to non-family firms in improving disclosure of individual salaries and moderating lengths of executive tenure. However while their role is only significant in the context of family firms the evidence suggests that their presence is associated with higher levels of remuneration. The evidence also ascribes a greater role for business angel as opposed to more formal private equity financing which is more applicable within the highly social networked economy of the Maghreb region.     

Initial public offer pricing,corporate governance and contextual relevance: Australian evidence

This study examines the relationship between initial public offer (IPO) corporate governance, IPO pricing and possible contextual relevance. A comprehensive inventory of IPO governance attributes is modelled. A positive association is reported between the inventory and IPO initial returns. This relationship is attenuated for IPOs where a diminished price relevance of governance structure is posited: smaller scale firms and/or those with alternative monitoring agents in place. Relevance appears modified and even supplanted by particular corporate priorities or the presence of other monitoring mechanisms. These contexts inform the motivation of key players regarding whether and how to act in response to the governance signal.     

Board Monitoring and Earnings Management Pre- and Post-IFRS

In this paper, we address the question of whether the board of directors is more effective in constraining earnings management after the mandatory application of IFRS. Specifically, we explore how two board characteristics — board independence and (2) the existence of an audit committee impact earnings management. Our empirical results suggest that board independence and audit committees play an important and effective role in reducing earnings management after the introduction of IFRS and that the accounting regulatory framework significantly contributes to the effectiveness of the two corporate governance mechanisms. Our findings also confirm that a company's corporate governance characteristics remain an important determinant of earnings quality; therefore, an analysis of the effects of new regulations must consider firm-level determinants.     

Tracing back to the source: Understanding the corporate governance of boards of directors in Chinese SOEs

Based on the relevant theories of corporate governance and the special institutional background of Chinese state-owned enterprises (SOEs), this paper systematically reviews the literature on the independence and governance effect of SOE boards. We find that the governance effect of SOE boards is driven by the dual characteristics of SOEs: state involvement in ownership and market incentives. With the state involved in ownership, SOEs adhere to the leadership of the Communist Party of China (CPC), which results in an enhanced governance effect. Under market incentives, SOEs tend to have an optimal board structure that helps mitigate both the shareholder–management agency problem (Type I agency problem) and the controlling shareholder–minority shareholder agency problem (Type II agency problem). In terms of the governance effect of boards, directors appointed by non-controlling shareholders are effective in alleviating Type I and Type II agency problems, and this highlights the importance of mixed-ownership reforms in SOEs. Independent directors, especially those with a professional background, also play a role in improving corporate governance. However, independent directors in SOEs have relatively weak incentives to monitor, which limits their governance effect. This paper shows positive implications for promoting mixed-ownership reforms and improving board governance in SOEs.     

Endogeneity and the dynamics of internal corporate governance

We use a well-developed dynamic panel generalized method of moments (GMM) estimator to alleviate endogeneity concerns in two aspects of corporate governance research: the effect of board structure on firm performance and the determinants of board structure. The estimator incorporates the dynamic nature of internal governance choices to provide valid and powerful instruments that address unobserved heterogeneity and simultaneity. We re-examine the relation between board structure and performance using the GMM estimator in a panel of 6,000 firms over a period from 1991 to 2003, and find no causal relation between board structure and current firm performance. We illustrate why other commonly used estimators that ignore the dynamic relationship between current governance and past firm performance may be biased. We discuss where it may be appropriate to consider the dynamic panel GMM estimator in corporate governance research, as well as caveats to its use.     

Rethinking agency theory in developing countries: A case study of Pakistan

We investigate if agency theory effectively explains agency conflict in the context of a developing country namely, Pakistan. Utilising data from 26 semi-structured interviews, we found that in Pakistan, there is no variation in risk preferences of principals (minority shareholders) and agents (majority shareholders). We also found that remuneration packages and board independence are not effective tools for governing owner managers in Pakistan. Thus, policy makers must shift their focus from soft internal governance mechanisms of appropriate remuneration and board independence. We propose for a rigorous external audit function, and appointment of independent directors and external audit firms by regulator.     

On the ‘Review of Structure and Effectiveness of the IFRS Foundation’: the EAA’s Financial Reporting Standards Committee’s View

In July 2015 the International Financial Reporting Standards (IFRS) Foundation launched its third five year review of its structure and effectiveness of the organisation. In a public call, the Trustees solicited stakeholders’ input on the relevance of IFRS Standards with respect to broadening the IFRS scope and to the impact of new technology, on the consistent application of IFRS and on the governance and funding of the International Accounting Standards Board and the IFRS Foundation. The European Accounting Association (EAA)’s Financial Reporting Standards Committee responded to this request for views by submitting a comment letter based on research-informed opinions. This article provides an overview of this Review of Structure and Effectiveness of the IFRS Foundation and the EAA’s opinions in response to this Review.     

Modeling board governance,environmental expertise,and social engagement effects on firm environmental performance: Panel data evidence

Prior research establishes that board governance quality measures positively impact firm environmental performance. In this study, we propose an empirical model using structural equation modeling (SEM) to explore additional enhancements to board governance, namely board environmental expertise (BEE) and board social engagement (BSE) and show that they incrementally improve firm environmental performance (EN). Our proposed latent construct measure, BEE, goes beyond traditionally dichotomous measures used in the literature. BEE has a total effect on firm environmental performance that is over two thirds the size of effects arising from traditional governance quality measures (GOV). The second enhancement of our model is the focus on BSE, a novel construct to the CSR literature. In addition to possessing environmental knowledge enabling expertise, we demonstrate that a board with a deeper commitment to society will further improve firm environmental performance. Using SEM, we find that the indirect effects of GOV, BEE, and BSE on EN represent a substantial portion of the total effects on EN. Hence, ignoring these indirect effects would result in substantial understatement of the effects of improvements to governance on environmental performance.     

The effects of board characteristics and sustainable compensation policy on carbon performance of UK firms

This study examines the effects of board characteristics and sustainable compensation policy on carbon reduction initiatives and greenhouse gas (GHG) emissions of a firm. We use firm fixed effect model to analyse data from 256 non-financial UK firms covering a period of 13 years (2002–2014). Our estimation results suggest that board independence and board gender diversity have positive associations with carbon reduction initiatives. In addition, environment-social-governance based compensation policy is found to be positively associated with carbon reduction initiatives. However, we do not find any relationship between corporate governance variables and GHG emissions of a firm. Overall, our evidence suggests that corporate boards and executive management tend to focus on a firm's process-oriented carbon performance, without improving actual carbon performance in the form of reduced GHG emissions. The findings have important implications for practitioners and policymakers with respect to the effectiveness of internal corporate governance mechanisms in addressing climate change risks, and possible linkage between corporate governance reform and carbon related policies.