Enhancing board of director decision-making: The impact of government support on risk management and nonfinancial performance

IF 4.8 Q1 BUSINESS Business Strategy and Development Pub Date : 2024-08-01 DOI:10.1002/bsd2.413
Diana Escandon-Barbosa, Jairo Salas-Paramo
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Abstract

The substantial influence of the board of directors on company performance is a key area of focus in global business management. This study examines the moderating effect of government support on the board of director's role in the relationship between perceived risks and the nonfinancial performance of firms. A survey was conducted among 480 Colombian exporting companies from August to December 2023 to achieve this aim. The data were analyzed using a structural equation model. One significant gap in the literature is the need to identify specific actions and behaviors of companies across various economic sectors, such as exporting Small and Medium Enterprises, to develop strategies for managing risks associated with nonfinancial performance. Additionally, examining the moderating role of government support in achieving business sustainability standards is critical. The findings reveal that human risk (psychological and social) does not significantly affect nonfinancial performance when government support directly influences board decision-making. However, operational risk impacts nonfinancial performance when board directors possess extensive environmental information and leverage government support to implement necessary actions. This understanding enables firms to navigate their operational context more effectively and seize available opportunities.

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加强董事会决策:政府支持对风险管理和非财务绩效的影响
董事会对公司业绩的重大影响是全球企业管理的一个重点领域。本研究探讨了政府支持对董事会在企业感知风险与非财务绩效之间关系中的调节作用。为此,我们在 2023 年 8 月至 12 月期间对 480 家哥伦比亚出口公司进行了调查。数据采用结构方程模型进行分析。文献中的一个重要空白是,需要确定各经济部门(如出口型中小企业)公司的具体行动和行为,以制定与非财务绩效相关的风险管理战略。此外,研究政府支持对实现企业可持续发展标准的调节作用也至关重要。研究结果表明,当政府支持直接影响董事会决策时,人为风险(心理和社会)对非财务绩效的影响不大。然而,当董事会董事掌握广泛的环境信息并利用政府支持实施必要行动时,运营风险会影响非财务绩效。这种理解使企业能够更有效地驾驭其运营环境,抓住现有机遇。
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来源期刊
Business Strategy and Development
Business Strategy and Development Economics, Econometrics and Finance-Economics, Econometrics and Finance (all)
CiteScore
5.80
自引率
6.70%
发文量
33
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