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Elko Klijn Jeffrey J. Reuer Frans A. J. Van den Bosch Henk W. Volberda 《Journal of Management Studies》2013,50(7):1245-1266
This study draws from the corporate governance literature to investigate the implications of board involvement for international joint ventures (IJVs). We extend recent corporate governance research on the value of board involvement by investigating unique sources of complexity related to the nature of the IJV. We argue and find that board involvement can enhance the performance of IJVs, particularly for collaborations that are complex in nature due to their broad functional scope as well the level of market overlap between IJV parents. We complement recent research on joint venture control that has focused on the antecedents and types of control, as well as studies on formal (e.g. contractual safeguards and monitoring) and informal governance mechanisms (e.g. trust) by providing empirical evidence that IJV board involvement is valuable when directors undertake their control and coordination responsibilities. We advance corporate governance research by providing evidence that joint ventures possess several unique characteristics that shape the value of board involvement, thereby showing that applications of corporate governance theory to joint ventures are useful, but should be made with care. 相似文献
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The paper adds to our knowledge of what non‐executive directors do, knowledge which is still in its infancy. More specifically, it reports the findings of a survey among more than 250 Dutch non‐executive directors regarding their roles and limitations. Although the majority agreed that monitoring is their main duty, they also expressed doubts whether they are really able to carry out this “watchdog role” effectively. The primary limitation is sought in the asymmetry of information which gives rise to the so‐called “independence paradox”: in obtaining adequate information non‐executives are dependent on the executives they are expected to supervise and to be independent from. 相似文献
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An important and controversial corporate governance issue is the extent to which share ownership by directors increases corporate performance. Some commentators suggest that increasing directors’ shareholdings in their companies provides directors with the incentive to improve corporate performance. Other commentators suggest that high levels of director share ownership may simply entrench directors. We examine whether there is a positive relationship between the level of director shareholdings and corporate performance for 180 listed Australian companies. We find that, in some circumstances, such a relationship does exist but the results differ according to a number of factors such as the performance measure used, whether director share ownership is measured by dollar value or percentage of the shares of the company outstanding, the size of the company and the industry in which the company operates. 相似文献
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This paper examines corporate governance in small companies listed on the Alternative Investment Market (AIM) which was established in the UK in 1995. The London Stock Exchange rules stipulate that each company wishing to join AIM must have a nominated advisor and broker. The nominated advisor is seen as playing a key role in AIM companies, enjoying an ongoing advisory relationship as well as playing a monitoring role. The presence of the nominated advisor may, in some ways, mean that less emphasis is placed on formal corporate governance structures, as the nominated advisor does have a close relationship with the company it advises. The formal aspects of corporate governance are analysed in terms of disclosures in the admission document put forward by AIM companies coming to market. Preliminary findings suggest AIM companies brought onto the market by a nominated advisor who also acts as the nominated broker pay more attention to the Cadbury Code on corporate governance. Also, the study suggests AIM companies raising no new capital on admission possess relatively weaker corporate governance structures. The success of AIM, with over 240 companies having joined in the first 18 months of its existence, means that our findings have implications for policy-makers involved in corporate governance not only in the UK but also for those involved in the establishment of markets for small companies in a global context. 相似文献
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作为中国的上市公司,青岛啤酒第一个引入了独立董事制度,到目前为止已有10多年的时间;它在完善公司治理方面确实起到了一定的作用,不可否认的是它还存在着诸如人员选取、激励与约束等方面的问题。 相似文献
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Sirimon Treepongkaruna;Khine Kyaw;Pornsit Jiraporn; 《Business Strategy and the Environment》2024,33(5):4218-4232
We show the influence the size of a corporate board has on firms' ESG controversies. Our analysis suggests that businesses with larger boards are more effective in mitigating ESG controversies. Specifically, a rise in board size by one standard deviation results in a decline in ESG controversies by 4.30%. Our findings corroborate the anticipation that businesses need the board's advice to prevent ESG controversies. Thus, larger boards, with more human capital and more interactions with stakeholders, promote sustainability more effectively. Moreover, we find that the effect of board size is less pronounced during a stressful time but is more evident in companies with more agency problems. Further analysis validates the findings, that is, propensity score matching, entropy balancing, an instrumental-variable analysis, and GMM dynamic panel data analysis. 相似文献
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This study examines the perceptions of directors in Australian public listed companies about their access to information for their role as directors. We focus on information costs and information asymmetry. Directors’ perceptions of the relationship between the composition of Boards, the perceived roles of Boards and the information requirements to fulfil those roles were explored in interviews with 45 directors from public listed companies. Implicit in Agency Theory is the assumption that independent directors have free access to the information required to fulfil their role in monitoring and control. We found, however, demonstrable evidence of information asymmetry. The central finding was that directors perceive that the CEO and Executive have the controlling power over information. The provision of appropriate information for Board decisions is perceived to hinge on the “integrity” of the CEO and Executive. This emphasis on integrity and “good companies” does appear consistent with the Stewardship Theory of governance. It raises as a question for future research the possible alternative relationships between Boards and management. The directors interviewed discussed a range of strategies they used to keep themselves informed and made observations of additions to information that they believed should be available as a matter of course. 相似文献
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曹桂杰 《北京市经济管理干部学院学报》2009,24(4):69-71
现阶段,规范和完善公司法人治理结构是国有企业改革的主要任务。本文根据首创集团建立法人治理结构的实践。从建立规范有效的董事会到外部董事制度的探索两方面做了深入的分析,提出了有针对性的建设性意见。 相似文献
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Keith Gay 《Corporate Governance: An International Review》2001,9(3):152-164
This paper examines how the work of non‐executive directors of large UK public companies has changed since the publication of the Cadbury Report in 1992. It reports the views of a unique group of non‐executive directors who, in 1999, were still on the boards of companies they had joined during, or prior to, 1992. In the first, quantitative phase of the reported research, respondents were asked to assess the changes in the level of involvement of their boards in 22 defined activities relating to the organising and running of the board. In the second, qualitative phase, research propositions relating to the changing pattern of work in the boardroom were tested. During interviews the respondents were asked to comment on a series of questions designed to explore the propositions. The paper reports on the responses to two of the research propositions tested in this way. 相似文献
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Jill F. Solomon Shih Wei Lin Simon D. Norton Aris Solomon 《Corporate Governance: An International Review》2003,11(3):235-248
In this paper we present empirical evidence on the attitudes of Taiwanese company directors on the role and function of the board of directors in Taiwanese corporate governance. Our findings arise from a questionnaire survey distributed to the directors of a sample of companies listed on the Taiwanese Securities Exchange (TSE). Our findings provide a picture of the current state of corporate governance in Taiwan. The respondents indicate that the board of directors constitutes the most important instrument in Taiwanese corporate governance and our findings endorse the important role played by outside directors in the corporate governance system in Taiwan. Furthermore, the respondents endorsed the agency theory perspective on corporate governance as they considered the presence of outside directors improved corporate accountability to shareholders. There is, however, evidence that few companies have created remuneration and audit committees. We also found that Taiwanese directors are dissatisfied with the influence of families on the corporate governance of listed companies and do not consider that outside directors on boards should be related to founding families. Overall, the directors displayed an awareness of accountability issues and a desire to improve accountability and transparency. They clearly want international harmonisation of corporate governance standards and view corporate governance reform as a means of attracting foreign funds into Taiwan. This is an important finding as it endorses the work of the OECD and other international bodies in harmonising corporate governance at a global level. 相似文献
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Deborah Dahlen Zelechowski Diana Bilimoria 《Corporate Governance: An International Review》2004,12(3):337-342
This study examines the qualifications of women and men corporate inside directors of Fortune 1000 firms. Our results indicate that women insiders differ significantly from a random set of men insiders on several characteristics relevant to their dual positions as directors and officers of the corporation. While they do not differ on the experience‐based qualifications of board tenure or corporate tenure, women insiders hold fewer directorships of other corporations, hold less powerful corporate titles, occupy disproportionately more staff functions, are less likely to be top earners of the corporation, and earn considerably less than men inside directors. Implications are drawn for women executives’ under utilisation in the executive suite and corporate governance. 相似文献
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本文利用沪深300指数企业的经验数据,对内部治理机制、外部治理机制与企业社会责任能力成熟度的关系进行实证研究发现:从内部治理机制来看,国有控股企业社会责任能力成熟度好于非国有控股企业的社会责任能力成熟度,独立董事比例越高、监事会规模越大、前三名高管薪酬总额越高,企业社会责任能力成熟度越高;从外部治理机制来看,市场化水平越高,企业社会责任能力成熟度越高。因此,应进一步优化内外部治理结构,推进企业更好地履行企业社会责任,提高社会责任能力成熟度水平。 相似文献
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This paper studies variables that have an effect on the choice of whether or not reports on corporate social responsibility are assured and who is selected to provide assurance. Such assurance reports increase the credibility of environmental and social reporting. In a European sample we observe some differences from previous research. Overall, industry effects seem small, but size and media visibility have a significant impact on assuring CSR reports. It seems that companies differentiate less between auditors and consultants. Copyright © 2013 John Wiley & Sons, Ltd and ERP Environment 相似文献
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Geoffrey C. Kiel Gavin J. Nicholson 《Corporate Governance: An International Review》2005,13(5):613-631
The challenge for boards is to prevent crises in the organisations they govern. Performance evaluation is a key means by which boards can recognise and correct corporate governance problems and add real value to their organisations. Our paper provides a practical introduction to board and director evaluations. We discuss the reasons for governance failures and how board evaluations can help prevent them from occurring. We then review the performance pressures facing boards and the benefits of board evaluations in meeting these pressures. Finally, we introduce our framework for a successful board and/or individual director evaluation, whatever the company type. In this framework, we suggest there are seven key questions to consider when planning a board evaluation and discuss each of these seven decision areas. 相似文献
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Katsuyuki Kubo 《Corporate Governance: An International Review》2005,13(3):429-436
The purpose of this paper is to analyse whether companies’“way to pay their director” matters or not. Firstly, we fail to find a positive relationship between the performance–pay sensitivity and company performance. Thus, these results do not support our hypothesis that those companies that intensify the performance–pay sensitivity are more likely to improve their performance. In addition, this research fails to find a positive relationship between the change of pay policy and performance. These results are consistent with previous studies that directors’ pay is not designed to motivate directors to work toward shareholders’ value. 相似文献
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