Greater use of qualitative research methods – including observing boards in
real time and interviewing directors – needs to occur to advance the field.
Quantitative researchers are, it would seem, measuring variables in respect of “structural
independence,” rather than board and individual director effectiveness, per
se. Once “board effectiveness” and “director effectiveness”
variables are able to be measured, together with their interaction, a greater likelihood
of distilling a more definitive relationship between corporate governance and corporate
financial performance may occur.