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What determines the presence of women on corporate boards? Empirical evidence from emerging markets 是什么决定了女性在公司董事会的存在?来自新兴市场的经验证据
IF 5.6 Q1 Business, Management and Accounting Pub Date : 2023-01-26 DOI: 10.1108/cg-05-2022-0218
Gozal Ahmadova, Andrea Valenzuela-Ortiz
PurposeThis study aims to understand what drives firms towards board gender diversity in emerging markets. The authors examine the effect of regulative, normative and cognitive pressures on board gender diversity and the moderating effect of national governance quality.Design/methodology/approachThis study tested the hypotheses using unbalanced panel data for the period between 2014 and 2019, which includes 1,384 observations of 380 different firms located in emerging markets.FindingsThe results reveal that board gender diversity is directly conditioned by normative pressures (women’s economic and educational empowerment). This relationship becomes stronger if firms are located in countries with high governance capacity. Interestingly, this study finds that regulative and cognitive pressures do not enhance women’s presence on boards if they are not accompanied by strong national governance.Originality/valueAlthough we have learned in recent years about how women’s presence on boards brings positive corporate outcomes, we know little about how country-level antecedents foster or hinder this gender diversity. This paper expands knowledge of the way gender-related institutions affect a firm’s board gender diversity, and these findings have policy implications for firms, policymakers, the government and other institutions.
本研究旨在了解新兴市场中推动公司董事会性别多元化的因素。作者考察了监管、规范和认知压力对董事会性别多样性的影响,以及国家治理质量的调节作用。本研究使用2014年至2019年期间的不平衡面板数据检验了假设,其中包括对新兴市场380家不同公司的1,384次观察。研究结果显示,董事会性别多样性直接受到规范压力(女性的经济和教育赋权)的制约。如果公司位于治理能力高的国家,这种关系会变得更强。有趣的是,这项研究发现,如果没有强有力的国家治理,监管和认知压力不会提高女性在董事会中的地位。虽然近年来我们了解到女性进入董事会如何给企业带来积极的成果,但我们对国家层面的背景如何促进或阻碍这种性别多样性知之甚少。本文扩展了与性别相关的机构如何影响公司董事会性别多样性的知识,这些发现对公司、政策制定者、政府和其他机构具有政策意义。
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引用次数: 0
Board gender diversity and workplace diversity: a machine learning approach 董事会性别多样性和工作场所多样性:一种机器学习方法
IF 5.6 Q1 Business, Management and Accounting Pub Date : 2023-01-25 DOI: 10.1108/cg-01-2022-0048
Mikko Ranta, M. Ylinen
PurposeThis study aims to examine the association between board gender diversity (BGD) and workplace diversity and the relative importance of various board and firm characteristics in predicting diversity.Design/methodology/approachWith a novel machine learning (ML) approach, this study models the association between three workplace diversity variables and BGD using a social media data set of approximately 250,000 employee reviews. Using the tools of explainable artificial intelligence, the authors interpret the results of the ML model.FindingsThe results show that BGD has a strong positive association with the gender equality and inclusiveness dimensions of corporate diversity culture. However, BGD is found to have a weak negative association with age diversity in a company. Furthermore, the authors find that workplace diversity is an important predictor of firm value, indicating a possible channel on how BGD affects firm performance.Originality/valueThe effects of BGD on workplace diversity below management levels are mainly omitted in the current corporate governance literature. Furthermore, existing research has not considered different dimensions of this diversity and has mainly focused on its gender aspects. In this study, the authors address this research problem and examine how BGD affects different dimensions of diversity at the overall company level. This study reveals important associations and identifies key variables that should be included as a part of theoretical causal models in future research.
目的本研究旨在探讨董事会性别多样性与工作场所多样性之间的关系,以及各种董事会和公司特征在预测多样性方面的相对重要性。设计/方法/方法本研究采用新颖的机器学习(ML)方法,利用约250,000名员工评论的社交媒体数据集,对三个工作场所多样性变量与BGD之间的关系进行了建模。使用可解释的人工智能工具,作者解释ML模型的结果。研究结果表明,企业性别差异与企业多元化文化的性别平等和包容性维度存在显著正相关。然而,BGD被发现与公司的年龄多样性有微弱的负相关。此外,作者还发现,工作场所多样性是企业价值的重要预测因素,表明了BGD如何影响企业绩效的可能渠道。在目前的公司治理文献中,BGD对管理层以下工作场所多样性的影响主要被忽略。此外,现有的研究没有考虑到这种多样性的不同方面,而主要集中在性别方面。在本研究中,作者解决了这一研究问题,并研究了BGD如何在整个公司层面上影响多样性的不同维度。本研究揭示了重要的关联,并确定了在未来研究中应作为理论因果模型一部分的关键变量。
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引用次数: 1
Do CEO characteristics matter for corporate risk taking? Evidence from Russia CEO的特质对企业的风险承担有影响吗?来自俄罗斯的证据
IF 5.6 Q1 Business, Management and Accounting Pub Date : 2023-01-24 DOI: 10.1108/cg-07-2022-0301
Conrado Diego García-Gómez, M. Zavertiaeva, Felix J. López Iturriaga
PurposeThis paper aims to study the impact of CEOs’ personality and social connections on corporate risk-taking in the Russian market.Design/methodology/approachUsing a sample of 93 large listed Russian corporations between 2008 and 2016, this study tests a range of personal traits, including the classical personal characteristics like age and tenure, some country-specific traits such as connections and military experience, as well as other human and social capital characteristics.FindingsThis study finds non-linear relationships between corporate risk-taking and CEO age and tenure. This study also finds that firms run by CEOs with military experience take more corporate risk. On the CEOs’ social capital side, this study’s results suggest that both political and educational connections are positively related to corporate risk-taking.Originality/valueThis study also tests some traits that have usually been ignored by the literature, such as marital and family status.
本文旨在研究ceo人格和社会关系对俄罗斯市场企业风险承担的影响。本研究以2008年至2016年间的93家俄罗斯大型上市公司为样本,测试了一系列个人特征,包括年龄和任期等经典个人特征,关系和军事经验等一些特定国家特征,以及其他人力和社会资本特征。研究发现:公司风险承担与CEO年龄和任期之间存在非线性关系。该研究还发现,拥有军事经验的首席执行官经营的公司承担更多的企业风险。在ceo的社会资本方面,本研究的结果表明,政治和教育关系都与企业风险承担呈正相关。原创性/价值本研究还测试了一些通常被文献所忽略的特征,如婚姻和家庭状况。
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引用次数: 3
The role of director incentives in investment efficiency 董事激励在投资效率中的作用
IF 5.6 Q1 Business, Management and Accounting Pub Date : 2023-01-23 DOI: 10.1108/cg-06-2022-0260
Yan Zhang, Michael Michael
PurposeThe existing literature involving director compensation has been concentrating on its absolute or intrinsic values. Although the relevant studies have generated mixed findings, research in other fields suggests that the power of an incentive may be determined by its value relative to the chosen referencing standard more than its absolute value. This study aims to investigate how relative director pay affects corporate investment efficiency.Design/methodology/approachThis study takes a fresh theoretical viewpoint by framing the investigation using the dimensional comparison theory and proposing that a directorship also presents a relative value that may influence the board’s performance. Ordinary least squared regressions and two-stage system generalised method of moments are used to analyse 14,267 firm-year observations.FindingsThe empirical results suggest that the relative director pay is a better estimate of the power of the incentive than the absolute pay. A positive association between the relative director pay and investment efficiency is evident, while the absolute pay has no significant effect on investment decisions. Director overcompensation, however, will cancel out the positive effect of director compensation on investment efficiency. Firms with relatively lower unexpected investment (UI) level benefit the most from an increase in the relative director pay, while neither absolute nor relative director pay affects investment choices in firms with a high UI level because of significantly more overcompensation.Originality/valueTo the best of the authors’ knowledge, this study is the first attempt to investigate the effect of relative director pay. It is also the first to examine the role of dimensional comparison in strategic decisions which is the single untended comparison framework in the director pay design. The current director pay structure has emphasised social and temporal equality by standardising the pay structure and vesting the equity-based pay over a long period. Yet it ignores the fact that people decide their commitment level by comparing the reward with an internal referent too. The findings speak to the dimensional comparison theory in that the inequality emanated from dimensional or internal comparison may be accentuated by the perceived equality in other comparison frameworks, driving the different performances in the roles one assumes.
目的现有文献对董事薪酬的研究主要集中在其绝对价值或内在价值上。虽然相关研究产生了不同的结果,但其他领域的研究表明,激励的力量可能取决于其相对于所选择的参考标准的价值,而不是其绝对值。本研究旨在探讨相对董事薪酬对公司投资效率的影响。设计/方法/方法本研究采用了一种新的理论观点,使用维度比较理论来构建调查框架,并提出董事职位也呈现出可能影响董事会绩效的相对价值。采用普通最小二乘回归和两阶段系统广义矩量法对14267个固定年观测数据进行了分析。实证结果表明,相对董事薪酬比绝对薪酬更能反映激励的力量。相对董事薪酬与投资效率之间存在显著的正相关关系,而绝对董事薪酬对投资决策的影响不显著。然而,董事薪酬过高会抵消董事薪酬对投资效率的积极影响。意外投资(UI)水平相对较低的公司从相对董事薪酬的增加中受益最大,而绝对董事薪酬和相对董事薪酬都不会影响高UI水平公司的投资选择,因为过度薪酬明显更多。原创性/价值据作者所知,本研究是第一次尝试调查相对董事薪酬的影响。这也是第一个研究维度比较在战略决策中的作用,这是董事薪酬设计中单一的不受关注的比较框架。目前的董事薪酬结构通过标准化薪酬结构和长期授予股权薪酬,强调了社会和时间的平等。然而,它忽略了一个事实,即人们也会通过比较奖励和内部参照来决定自己的承诺水平。研究结果支持维度比较理论,因为在其他比较框架中感知到的平等可能会加剧维度比较或内部比较产生的不平等,从而导致人们在扮演的角色中表现不同。
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引用次数: 0
Do national culture and board attributes influence corporate investment decisions? 国家文化和董事会属性会影响公司的投资决策吗?
IF 5.6 Q1 Business, Management and Accounting Pub Date : 2023-01-16 DOI: 10.1108/cg-01-2022-0026
B. Agyei-Mensah
PurposeThe purpose of this paper is to study the relationship between board attributes and national culture on firms’ investment decisions.Design/methodology/approachThe study used data from listed firms from seven Sub-Saharan Africa countries. Descriptive analysis was performed to provide the background statistics of the variables examined. This was followed by regression analysis, which constitutes the main data analysis.FindingsThe multiple regression analysis results indicate a negative relationship between uncertainty avoidance (UAI) and corporate investment decisions. The study also found that there is a negative relationship between the interaction between UAI and the number of independent board members and corporate investment decisions.Originality/valueThis study is one of the few to measure the influence of governance variables and national culture on corporate investment decisions in Sub-Sahara Africa.
目的研究董事会属性和民族文化对企业投资决策的影响。该研究使用了来自撒哈拉以南非洲7个国家上市公司的数据。进行描述性分析以提供所检查变量的背景统计数据。然后是回归分析,这构成了主要的数据分析。发现多元回归分析结果表明,不确定性规避与企业投资决策呈负相关。研究还发现,UAI与独立董事会成员数量和企业投资决策之间存在负相关关系。本研究是少数几个衡量治理变量和国家文化对撒哈拉以南非洲公司投资决策影响的研究之一。
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引用次数: 0
Does corporate governance quality improve credit ratings of financial institutions? Evidence from ownership and board structure 公司治理质量是否提高了金融机构的信用评级?来自所有权和董事会结构的证据
IF 5.6 Q1 Business, Management and Accounting Pub Date : 2023-01-05 DOI: 10.1108/cg-05-2022-0232
Mehdi Mili, Y. Alaali
PurposeThe purpose of this paper is to examine to which extent ownership and board structure improve financial institutions’ credit ratings.Design/methodology/approachOrdered Probit regression models were used to examine the association between corporate governance attributes and banks’ credit ratings. The sample consists of 97 publicly traded financial institutions on Gulf Cooperation Council (GCC) stock exchange markets and cover the period 2010–2019. All GCC countries were considered in this study which are United Arab Emirates, Saudi Arabia, Bahrain, Oman, Kuwait and Qatar.FindingsThe results show that banks’ credit ratings are positively associated with the size of the board of directors and with the number of female directors serving in the board of directors. And it is negatively associated with the frequency of board meetings. Furthermore, this study finds evidence that nonbank financial institutions’ credit ratings are positively associated with CEO duality and with frequency of board meetings. Also, this study shows that their credit ratings are negatively associated with the ownership percentage held by the major five shareholders and with the number of board members serving in the board of directors.Originality/valueUnlike previous research, this study focuses on the effect of the role of two different corporate governance dimensions, namely, ownership and board structure on the rating of financial institutions. This paper contributes to the extant literature in various ways. It bridges the gap of this topic in the GCC region. And, unlike previous research, this study focused on the financial sector and divided the sample into banks and other financial institutions to examine both subsamples separately. Also, this study introduced new ownership and board structure variables for the purpose of investigating the impact of corporate governance on financial institutions’ credit ratings such as the presence of women in the board of directors.
本文的目的是检验股权和董事会结构在多大程度上提高了金融机构的信用评级。设计/方法/方法使用有序Probit回归模型来检验公司治理属性与银行信用评级之间的关联。样本包括海湾合作委员会(GCC)证券交易所市场上的97家上市金融机构,涵盖2010-2019年期间。本研究考虑了所有海湾合作委员会国家,包括阿拉伯联合酋长国、沙特阿拉伯、巴林、阿曼、科威特和卡塔尔。研究结果表明,银行的信用评级与董事会规模和女性董事人数呈正相关。它与董事会会议的频率呈负相关。此外,本研究发现证据表明,非银行金融机构的信用评级与CEO二元性和董事会会议频率呈正相关。此外,本研究还表明,中小企业的信用等级与五大股东持股比例和董事会成员人数呈负相关。独创性/价值与以往的研究不同,本研究侧重于两个不同的公司治理维度,即所有权和董事会结构对金融机构评级的影响。本文对现存文献的贡献是多方面的。它弥补了海湾合作委员会地区在这一主题方面的差距。而且,与以往的研究不同,本研究侧重于金融部门,并将样本分为银行和其他金融机构,分别检查两个子样本。此外,本研究引入了新的所有权和董事会结构变量,目的是调查公司治理对金融机构信用评级的影响,如董事会中女性的存在。
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引用次数: 0
SDGs disclosure: evidence from cruise corporations’ sustainability reporting 可持续发展目标披露:来自邮轮公司可持续发展报告的证据
IF 5.6 Q1 Business, Management and Accounting Pub Date : 2023-01-02 DOI: 10.1108/cg-04-2022-0174
Assunta Di Vaio, L. Varriale, M. Lekakou, Matteo Pozzoli
PurposeThis study investigates how cruise corporations, which have shown consistent and high growth rates in recent years, address the Sustainable Development Goal 17 (SDG17) “Partnership for the Goals” to meet the UN 2030 Agenda. This study aims to fill the existent gap in the literature, as also highlighted by practitioners in the First Research Conference on Tourism, through the lens of stakeholder theory.Design/methodology/approachThis study focuses on the analysis of partnerships and collaborative governance of cruise corporations’ endeavours to meet the UN 2030 Agenda. This study is supported by the sustainability disclosure framework and stakeholder theory, based on the dependence of resources and descriptive and instrumental approaches to describe, analyse and map, through multi-stakeholder partnerships, the sustainability initiatives and practices adopted by cruise corporations. A systematic manual content analysis has been developed on sustainability reporting published by corporations.FindingsAccording to the descriptive and instrumental approaches and the dependence resources construct of the stakeholder theory, this study highlights the typology and nature of partnerships with SDGs, and their strategic role in achieving them, although cruise corporations do not highlight in their sustainability reporting the measures of effectiveness regarding the relationship between single partnerships and targets reached for each SDG.Practical implicationsRecommendations at the managerial level are put forward to support cruise corporations’ initiatives and practices to meet UN 2030 Agenda. This study suggests to governors of corporations the cooperation between the cruise industry and institutions at the local, national and international levels for promoting institutional interventions at the infrastructure and economic level.Originality/valueThis study provides further insights into the under-researched topic of sustainability disclosure within the cruise industry, adopting the lens of stakeholder theory from the partnerships’ perspective. To the best of the authors’ knowledge, this is the first study to adopt the analysis of the SDG practices under the lens of the stakeholder theory, based on the dependence of resources and descriptive and instrumental approaches to identify, map and analyse the multi-stakeholder partnerships as an enabling key to meet UN 2030 Agenda in the cruise industry.
本研究探讨近年来表现出持续和高增长率的邮轮公司如何解决可持续发展目标17 (SDG17)“目标伙伴关系”,以实现联合国2030年议程。本研究旨在通过利益相关者理论的视角来填补文献中存在的空白,这也是首届旅游研究会议上实践者所强调的。设计/方法/方法本研究侧重于分析邮轮公司为实现联合国2030年议程而努力的伙伴关系和协作治理。本研究以可持续性披露框架和利益相关者理论为基础,以资源依赖性和描述性和工具性方法为基础,通过多方利益相关者伙伴关系,描述、分析和绘制邮轮公司采用的可持续性倡议和实践。对公司出版的可持续发展报告编制了系统的内容分析手册。根据描述性和工具性方法以及利益相关者理论的依赖资源构建,本研究强调了与可持续发展目标合作伙伴关系的类型和性质,以及它们在实现可持续发展目标中的战略作用,尽管邮轮公司在其可持续发展报告中并未强调单个合作伙伴关系与每个可持续发展目标之间关系的有效性措施。在管理层面提出建议,以支持邮轮公司的倡议和实践,以实现联合国2030议程。本研究建议邮轮业与地方、国家和国际各级机构合作,促进基础设施和经济层面的机构干预。原创性/价值本研究从合作伙伴的角度出发,采用利益相关者理论的视角,对邮轮行业可持续性信息披露这一研究不足的话题提供了进一步的见解。据作者所知,这是第一项在利益相关者理论的视角下对可持续发展目标实践进行分析的研究,该研究基于资源依赖性和描述性和工具性方法,以识别、绘制和分析多利益相关者伙伴关系,作为实现联合国2030年议程的关键。
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引用次数: 13
Board of directors’ composition and carbon emission performance 董事会组成与碳排放绩效
IF 5.6 Q1 Business, Management and Accounting Pub Date : 2023-01-01 DOI: 10.1504/ijcg.2023.10055533
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引用次数: 0
Ownership Structure, Corporate Governance Reform and Firm Performance: Evidence from Kuwait 股权结构、公司治理改革与公司绩效:来自科威特的证据
IF 5.6 Q1 Business, Management and Accounting Pub Date : 2023-01-01 DOI: 10.1504/ijcg.2023.10055681
A. Worthington, Abdullah Alajmi
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引用次数: 0
Gender Equality in the Workplace and Market Performance: A Preliminary Analysis from France 职场性别平等与市场绩效:来自法国的初步分析
IF 5.6 Q1 Business, Management and Accounting Pub Date : 2023-01-01 DOI: 10.1504/ijcg.2023.10054866
M. Cameran, Domenico Campa
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引用次数: 0
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Corporate Governance-The International Journal of Business in Society
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