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Social Network Metrics: The Boardex Case Study 社交网络参数:Boardex案例研究
Pub Date : 2015-06-01 DOI: 10.2139/ssrn.2613156
A. Shahgholian, B. Theodoulidis, D. Diaz
Social networks and methods for their analysis have attracted considerable interest in various research areas. One type of social networks that has been the subject of extensive analysis, especially in the corporate governance literature, is networks between company directors and firms, between directors and between firms (board interlock). The purpose of this paper is to discuss social network metrics for such types of networks and examine their interpretation and correlations from a domain-specific viewpoint. This work will help position, review and compare previous literature, especially in finance/corporate governance area that examines such types of networks.For the purposes of this paper, the BoardEx dataset is used to define the social networks between directors and firms and their corresponding metrics. This dataset keeps information about individuals, mainly from USA and Europe, who work in publicly quoted firms and major private firms at board and executive management levels. The information includes in-depth profiles such as academic qualifications, current and past job positions, membership to professional and other bodies, peer esteem indicators such as awards and honorary positions, etc.In addition to a detailed description of the dataset, the different types of networks that could be created are defined based on network theory. Furthermore, five node level metrics have been chosen to be analysed, namely degree, closeness, betweenness, eigenvector and clustering coefficient. These metrics are defined theoretically based on the network theory literature and their application and interpretation is elaborated. Finally, the correlations between these metrics is discussed theoretically and exemplified through the case study.
社会网络及其分析方法在各个研究领域引起了相当大的兴趣。一种类型的社会网络一直是广泛分析的主题,特别是在公司治理文献中,是公司董事和公司之间,董事之间和公司之间(董事会联锁)的网络。本文的目的是讨论这类网络的社交网络指标,并从特定领域的角度检查它们的解释和相关性。这项工作将有助于定位、审查和比较以前的文献,特别是在金融/公司治理领域,研究这类网络。为了本文的目的,我们使用BoardEx数据集来定义董事和公司之间的社会网络及其相应的指标。该数据集保存了主要来自美国和欧洲的个人信息,这些个人在上市公司和大型私营公司担任董事会和执行管理层。这些信息包括深入的概况,如学历、当前和过去的工作职位、专业和其他机构的成员资格、同行尊重指标,如奖项和荣誉职位等。除了对数据集的详细描述外,还根据网络理论定义了可以创建的不同类型的网络。此外,还选择了五个节点级指标进行分析,即度、接近度、中间度、特征向量和聚类系数。在网络理论文献的基础上对这些指标进行了理论定义,并阐述了它们的应用和解释。最后,从理论上讨论了这些指标之间的相关性,并通过案例分析加以说明。
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引用次数: 4
Corporate Boards: Practices and Tendencies for Bulgaria 公司董事会:保加利亚的实践和趋势
Pub Date : 2015-05-25 DOI: 10.2139/SSRN.2610052
Miroslav Nedelchev
Practices of corporate boards are the focus of researchers in the last decade. The dynamics of external environment determined necessity of reforms in corporate governance. Institutional pressure and new requirements of stakeholders to practices of boards have changed traditions and evolution to convergence and revolution.
公司董事会的实践是过去十年研究人员关注的焦点。外部环境的动态性决定了公司治理改革的必要性。制度压力和利益相关者对董事会实践的新要求改变了传统,演变为趋同和革命。
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引用次数: 1
Impact of Board Independence on Community Disclosures Quality 董事会独立性对社区披露质量的影响
Pub Date : 2014-08-15 DOI: 10.2139/ssrn.2481002
K. Yekini, I. Adelopo
This study investigates the link between board independence and the quality of community disclosures in annual reports. Using content analysis and a panel dataset from the UK FTSE 350 companies, the results show a statistically significant relationship between board independence, measured by proportion of non-executive directors and the quality of community disclosures, while other corporate governance and firm specific variables are held constant. The study indicates that companies with more non-executive directors are likely to disclose higher quality information of their community activities than others. This offers important insight to policy makers who are interested in achieving optimal board composition and on interaction of the firm with its corporate and extended environment through high quality disclosures. The originality of this paper is in the fact that it is the first to specifically examine the relationship between outside directors and community disclosures in annual reports. The paper contributes both to the corporate governance and community disclosure literature.
本研究探讨了董事会独立性与年度报告中社区信息披露质量之间的关系。利用内容分析和来自英国富时350指数成分股公司的面板数据集,研究结果显示,董事会独立性(以非执行董事比例衡量)与社区披露质量之间存在统计学上显著的关系,而其他公司治理和公司特定变量保持不变。研究表明,拥有更多非执行董事的公司可能比其他公司披露更高质量的社区活动信息。这为政策制定者提供了重要的见解,他们对通过高质量的披露实现最佳董事会组成和公司与公司和扩展环境的互动感兴趣。本文的独创性在于,它是第一个专门研究外部董事与年度报告中社区信息披露之间关系的论文。本文对公司治理和社区信息披露文献都有贡献。
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引用次数: 1
Does Board Independence Reduce the Cost of Debt? 董事会独立性会降低债务成本吗?
Pub Date : 2014-06-03 DOI: 10.2139/ssrn.2390750
M. Bradley, Dong Chen
type="main"> Using the passage of the Sarbanes-Oxley Act and the associated changes in listing standards as a natural experiment, we find that while board independence decreases the cost of debt when credit conditions are strong or leverage is low, it increases the cost of debt when credit conditions are poor or leverage is high. We also document that independent directors set corporate policies that increase firm risk. These results suggest that independent directors act in the interests of shareholders and are increasingly costly to bondholders with the intensification of the agency conflict between these two stakeholder groups.
利用萨班斯-奥克斯利法案的通过和上市标准的相关变化作为自然实验,我们发现,当信贷条件较强或杠杆较低时,董事会独立性降低了债务成本,当信贷条件较差或杠杆较高时,董事会独立性增加了债务成本。我们还证明,独立董事制定的公司政策增加了公司风险。研究结果表明,随着独立董事和独立董事之间代理冲突的加剧,独立董事的行为符合股东的利益,而独立董事对债券持有人的成本也越来越高。
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引用次数: 73
Board of Directors’ Composition and Capital Structure 董事会组成和资本结构
Pub Date : 2014-01-15 DOI: 10.2139/ssrn.2379743
Paulo F. Pereira Alves, E. Couto, Paulo Francisco
The present study empirically analyses the association between board of directors’ composition and capital structure. Particularly, the fraction of independent directors on the board, the fraction of female directors, the board size, and whether the Chief Executive Officer (CEO) is also the chairman of the board are analysed. Consistent with the pecking order theory of Myers (1984) and Myers and Majluf (1984) the results provide strong evidence that firms with a larger fraction of independent directors on the board have a capital structure composed with more external capital when compared with retained earnings; have more short term debt in relation with retained earnings; have more long term debt compared with short term debt; and have more external equity than long term debt. The results also provide some evidence that a more gender diversified board of directors and where the chairman is non-executive (i.e. the CEO is a different person from that of the chairman) can improve the board of directors’ independence and efficiency and therefore lead the firm to have a capital structure composed with more long term sources of financing.
本文对董事会组成与资本结构的关系进行了实证分析。具体分析了独立董事比例、女性董事比例、董事会规模、首席执行官(CEO)是否兼任董事长等。与Myers(1984)和Myers and Majluf(1984)的啄啄顺序理论相一致,研究结果有力地证明,与留存盈余相比,董事会中独立董事比例较大的公司,其资本结构由更多的外部资本组成;与留存收益相关的短期债务较多;长期债务多于短期债务;并且拥有比长期债务更多的外部权益。研究结果还提供了一些证据,表明董事会性别更加多元化,董事长是非执行董事(即CEO与董事长是不同的人)可以提高董事会的独立性和效率,从而导致公司拥有由更多长期融资来源组成的资本结构。
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引用次数: 121
Networks on Boards: A Survey of the Literature 板上网络:文献综述
Pub Date : 2013-12-18 DOI: 10.2139/ssrn.2690762
Mathilde Ravanel
Board composition and role have been under close scrutiny both in the academic and "civil" worlds. Independence has been advocated as a way to reinforce the board’s power over the managers. However, the empirical literature does not find convincing results to support this view. This paper offers a rapid review of these results and offers a survey of two other strings of the literature that could be used to solve this contradiction. On the one hand, it presents findings on how social connections can affect corporate governance and on the other hand, it outlines the main results of information aggregation and conformity effects in committees. Those have a part to play in boards and how they work.
董事会的组成和角色一直受到学术界和“民间”界的密切关注。独立一直被认为是加强董事会对经理权力的一种方式。然而,实证文献并没有找到令人信服的结果来支持这一观点。本文提供了这些结果的快速回顾,并提供了其他两个字符串的文献,可以用来解决这一矛盾的调查。一方面,它展示了社会关系如何影响公司治理的研究结果,另一方面,它概述了委员会中信息聚集和整合效应的主要结果。这些在董事会和他们的工作中都有作用。
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引用次数: 0
The Impact of Board Structure on the Financial Performance of Listed South African Companies 董事会结构对南非上市公司财务绩效的影响
Pub Date : 2013-11-30 DOI: 10.22495/CBV9I3ART2
Erik Meyer, Johannes de Wet
This study focuses on the role of the corporate board of directors and the relationship between the dynamics of board structure and the financial performance of listed South African companies. The research results found that the proportion of independent non-executive directors had a significant positive effect on firm performance as measured by earnings per share and enterprise value, but had no significant effect on Tobin's Q ratio. Board ownership had a significant negative correlation with firm performance as measured by earnings per share, enterprise value and Tobin's Q ratio. The number of directors serving on the corporate board had a significant positive impact on firm performance as measured by earnings per share, enterprise value and Tobin's Q ratio. The study suggests that greater independent non-executive director representation, lower board share-ownership and larger board sizes should be encouraged to enhance firm performance.
本研究的重点是公司董事会的作用和董事会结构的动态与南非上市公司的财务绩效之间的关系。研究结果发现,独立非执行董事比例对以每股收益和企业价值衡量的公司绩效有显著的正向影响,但对托宾Q比率没有显著影响。董事会所有权与每股收益、企业价值和托宾Q比衡量的公司绩效显著负相关。以每股收益、企业价值和托宾Q比衡量,公司董事会董事人数对公司业绩有显著的正向影响。研究表明,应鼓励增加独立非执行董事的比例、降低董事会持股比例和扩大董事会规模,以提高公司绩效。
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引用次数: 27
Lawyers, Guns and Money – The Bribery Problem and U.K. Bribery Act 律师、枪支和金钱——贿赂问题和英国贿赂法案
Pub Date : 2013-06-12 DOI: 10.2139/SSRN.2276738
L. Trautman, Kara Altenbaumer-Price
With expanding U.S. business operations around the globe, the potential for significant exposure to international corruption increases along with the increased risks associated with anti-bribery laws. Companies who employ citizens of the United Kingdom, maintain an office in the United Kingdom, or are service providers to any United Kingdom organizations are subject to the U.K. Bribery Act and may be held liable for unlimited fines and jail terms which increase to ten years. Regardless of their countries of origin, multinational companies will inevitability be impacted by the U.K. and U.S. anti-bribery statutes. The SEC and the U.K.’s SFO [Serious Frauds Office] and FSA [Financial Services Authority] are increasing their coordination to work together in the areas of common regulatory interest, including cross-border enforcement cases. Any attempt to assess corporate risk for a U.K. Bribery Act violation requires an understanding of how the statute operates and is enforced. The U.K. Bribery Act replaces a patchwork of statutory and common law offenses dating back to 1889 and is designed to modernize and simplify the current anti-bribery restrictions in the United Kingdom. At its core, the U.K. Bribery Act creates four distinct categories of offenses: (1) bribing another person; (2) taking bribes; (3) bribing foreign public officials; and (4) the failure of a commercial organization to prevent bribery. We begin with a brief discussion of the international bribery problem. Next, because the U.K. Bribery Act is relatively new, we provide an explanation and analysis of the Act, along with a description of the SFO’s revised policies published on October 9, 2012. An analysis of many of the key differences between the Foreign Corrupt Practices Act (FCPA) and U.K. Bribery Act is then presented. Now that more than two years has past since implementation, an assessment of this law’s impact is presented. As the world continues to grow smaller and commerce increases, corporate officers and directors must necessarily become familiar with the provisions of the U.K. Bribery Act.
随着美国在全球范围内的商业活动不断扩大,受到国际腐败影响的可能性也在增加,反贿赂法律带来的风险也在增加。雇用英国公民、在英国设立办事处或为任何英国组织提供服务的公司均受《英国贿赂法》的约束,并可能被处以无限制的罚款和最高可达十年的监禁。无论跨国公司来自哪个国家,它们都不可避免地会受到英国和美国反贿赂法规的影响。美国证券交易委员会与英国严重欺诈办公室(SFO)和金融服务管理局(FSA)正在加强协调,在涉及共同监管利益的领域开展合作,包括跨境执法案件。任何评估违反英国《反贿赂法》的企业风险的尝试,都需要了解该法规的运作和执行方式。英国《反贿赂法》取代了1889年制定的一系列成文法和普通法的违法行为,旨在使英国现行的反贿赂限制现代化并简化其程序。英国《反贿赂法》的核心规定了四种不同的犯罪类型:(1)贿赂他人;(二)收受贿赂的;(三)贿赂外国公职人员的;(4)商业组织对贿赂的防范不力。我们首先简要讨论一下国际贿赂问题。接下来,由于英国《反贿赂法》相对较新,我们将对该法案进行解释和分析,并对2012年10月9日发布的《反贿赂法》修订政策进行描述。然后分析了《反海外腐败法》(FCPA)和英国《反贿赂法》之间的许多关键区别。自实施以来已过去两年多,现对该法的影响进行评估。随着世界越来越小,商业越来越多,公司高管和董事必须熟悉英国《反贿赂法》的规定。
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引用次数: 8
Does the South African Stock Market Values Independent Dual Board Leadership Structure? 南非股市是否重视独立的双董事会领导结构?
Pub Date : 2012-04-18 DOI: 10.17811/EBL.1.1.2012.35-45
C. Ntim
We examine the crucial policy question of whether the South African (SA) stock market values a dual board leadership structure (DBLS) using a sample of 169 listed firms from 2002 to 2007. We find a significant positive link between DBLS and market valuation, but only in firms with independent chairpersons, implying that the market values firms with independent DBLS more highly. Our results are robust across a number of econometric models that control for different types of market valuation proxies and endogeneity problems. Our findings offer empirical support for agency theory, which suggests that independent DBLS increases the capacity of the board to effectively advise, monitor and discipline top management, and thereby improving market valuation.
我们研究了南非(SA)股票市场是否重视双董事会领导结构(DBLS)的关键政策问题,使用2002年至2007年169家上市公司的样本。我们发现,独立董事长与市场估值之间存在显著的正相关关系,但仅在拥有独立董事长的公司中存在,这意味着市场对拥有独立董事长的公司的估值更高。我们的结果在控制不同类型的市场估值代理和内生性问题的许多计量经济模型中都是稳健的。我们的研究结果为代理理论提供了实证支持,该理论认为,独立的DBLS增加了董事会有效建议、监督和约束高管的能力,从而提高了市场估值。
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引用次数: 10
Women on Board, Firm Financial Performance and Agency Costs 女性董事、公司财务绩效和代理成本
Pub Date : 2011-08-02 DOI: 10.2139/ssrn.1904072
Nirosha Hewa Wellalage
This study investigates the link between female board directors and company financial performance and agency costs in Sri Lanka’s publicly listed companies. A well-balanced board is critical to the effective strategic direction and running of any company, especially in countries where external corporate governance mechanisms are less developed. In order to investigate the impact of board gender diversity on firm financial performance, dynamic panel GMM estimation is applied, using Tobin’s Q as a measure of performance. Three variables are used as proxies for gender diversity of the board on the board of directors, namely the percentage of women on the board, a dichotomotons dummy, and the Blau index. A Tobit model with endogenous regressors is used to investigate the impact of female board members on agency cost, using growth opportunities as a measure of agency cost. After controlling for size, industry, and other corporate governance measures, this study finds a significant negative relationship between the proportion of women on boards and firm value while increasing company agency cost. This evidence provides insights for governments and academic institutions in their efforts for provide resource that may help enhance women leadership skills.
本研究探讨斯里兰卡上市公司女性董事与公司财务绩效和代理成本之间的关系。一个平衡的董事会对任何公司的有效战略方向和运营都至关重要,尤其是在外部公司治理机制不发达的国家。为了研究董事会性别多样性对公司财务绩效的影响,采用动态面板GMM估计,使用托宾Q作为绩效衡量标准。三个变量被用来代表董事会中董事会的性别多样性,分别是董事会中女性的百分比、二分法假人和布劳指数。本文采用Tobit内生回归模型,以成长机会作为代理成本的度量指标,研究女性董事对代理成本的影响。在控制了规模、行业和其他公司治理措施后,本研究发现女性董事比例与公司价值之间存在显著的负相关关系,同时增加了公司代理成本。这一证据为政府和学术机构提供有助于提高妇女领导技能的资源的努力提供了见解。
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引用次数: 3
期刊
CGN: Board Decision-Making (Topic)
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