Corporate Governance: An International Review
Board Composition and Corporate Performance: How the Australian Experience Informs Contrasting Theories of Corporate Governance [статья]
Опубликовано на портале: 18-04-2007Geoffrey C. Kiel, Gavin J. Nicholson Corporate Governance: An International Review. 2003. Vol. 11. No. 3. P. 189-205.
In many respects, Australian boards more closely approach normative “best practice” guidelines for corporate governance than boards in other Western countries. Do Australian firms then demonstrate a board demographic-organisational performance link that has not been found in other economies? We examine the relationships between board demographics and corporate performance in 348 of Australia’s largest publicly listed companies and describe the attributes of these firms and their boards. We find that, after controlling for firm size, board size is positively correlated with firm value. We also find a positive relationship between the proportion of inside directors and the market-based measure of firm performance. We discuss the implications of these findings and compare our findings to prevailing research in the US and the UK.
Опубликовано на портале: 18-04-2007Niclas L. Erhardt, James D. Werbel, Charles B. Shrader Corporate Governance: An International Review. 2003. Vol. 11. No. 2. P. 102-111.
This study examines the relationship between demographic diversity on boards of directors with firm financial performance. This relationship is examined using 1993 and 1998 financial performance data (return on asset and investment) and the percentage of women and minorities on boards of directors for 127 large US companies. Correlation and regression analyses indicate board diversity is positively associated with these financial indicators of firm performance. Implications for both strategic human resource management and future research are discussed.