Corporate Governance-An International Review最新文献_第6页

External Corporate Governance and Corporate Misconduct: A Meta-Analysis 外部公司治理与公司不当行为：一个元分析

IF 4.6 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2024-10-25 DOI: 10.1111/corg.12627

Max C. Braun, Simone M. Mueller

Research Question/Issue

External governance parties deter corporate misconduct through their monitoring. External monitoring increases the probability of corporate misconduct being detected and sanctioned. Current research on the relationship between external governance and corporate misconduct remains fragmented across these detection and sanction mechanisms of deterrence. This separation of mechanisms leaves us with an incomplete concept of external monitoring and obscures our understanding of what facilitates monitoring by investors, auditors, analysts, and the media.

Research Findings/Insights

We integrate the detection and sanction mechanisms of deterrence into a process model of external monitoring. Our meta-analysis of 188 studies from 14 countries covering the period from 1970 to 2019 identifies proximity, credibility, and attention as common underlying factors that facilitate monitoring by external governance parties. Proximity is of particular relevance in deterring corporate misconduct. Ethical relativism weakens external governance parties' role in deterring corporate misconduct.

Theoretical/Academic Implications

Parties outside firm boundaries affect public perception of firms, thereby possessing a unique influence on corporate governance. We integrate this form of influence into the concept of external monitoring. Our meta-analytic synthesis suggests a fundamental role for external governance in preventing corporate misconduct and informs on the relevance of societal values for corporate governance and corporate misconduct.

外部治理方通过监督来阻止公司的不当行为。外部监督增加了企业不当行为被发现和制裁的可能性。目前关于外部治理与公司不当行为之间关系的研究仍然分散在这些检测和制裁威慑机制中。这种机制的分离给我们留下了一个不完整的外部监督概念，并模糊了我们对促进投资者、审计师、分析师和媒体监督的因素的理解。研究结果/见解我们将威慑的检测和制裁机制整合到外部监测的过程模型中。我们对1970年至2019年期间来自14个国家的188项研究进行了荟萃分析，发现接近性、可信度和关注度是促进外部治理方监督的共同潜在因素。接近性在阻止企业不当行为方面具有特别重要的意义。伦理相对主义削弱了外部治理方阻止公司不当行为的作用。企业边界外的各方影响公众对企业的看法，从而对公司治理产生独特的影响。我们将这种形式的影响整合到外部监测的概念中。我们的元分析综合表明，外部治理在防止公司不当行为方面发挥了基本作用，并告知了公司治理和公司不当行为的社会价值观的相关性。

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引用次数: 0

Rx for Legal Troubles: CEO Medical Degree and Corporate Litigation 法律问题解决方案：首席执行官医学学位和公司诉讼

IF 4.6 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2024-10-21 DOI: 10.1111/corg.12626

Omer Unsal

Research Question/Issue

This study examines the relationship between CEOs' medical degrees (MDs) and corporate litigations targeting US pharmaceutical firms.

Research Findings/Insights

CEOs with a medical background are significantly more susceptible to securities class actions, while facing fewer patent lawsuits. The results indicate that the lack of management skills among MD CEOs comes at the cost of firm value. After lawsuit announcements, companies led by MD CEOs experience a significantly negative effect on their stock prices. Markets show no tolerance for failures by MD CEOs, as evidenced by the impact of clinical trial disappointments.

Theoretical/Academic Implications

The findings contribute to our understanding of the impact of CEOs' medical backgrounds on corporate litigation outcomes. The results suggest that when examining how a CEO's qualifications affect legal issues and the value of a company, we should consider the unique context of having an MD.

Practitioner/Policy Implications

Practically, the study implies that firms should carefully consider the balance of managerial and medical expertise in CEO appointments, recognizing the potential legal and financial consequences. Policymakers might see it as beneficial to encourage a mix of different skills among top executives. This could make pharmaceutical companies more resilient in the face of legal issues, which, in turn, helps maintain confidence among investors.

本研究考察了ceo的医学学位与针对美国制药公司的企业诉讼之间的关系。具有医学背景的ceo更容易受到证券集体诉讼的影响，同时面临的专利诉讼也更少。研究结果表明，MD ceo管理技能的缺乏是以企业价值为代价的。MD首席执行官（ceo）领导的公司在宣布诉讼后，股价会受到明显的负面影响。临床试验结果令人失望的影响证明，市场对医学首席执行官的失败没有容忍度。研究结果有助于我们理解ceo的医学背景对公司诉讼结果的影响。研究结果表明，在研究首席执行官的资格如何影响法律问题和公司价值时，我们应该考虑拥有医学博士的独特背景。实际上，研究表明，公司应该仔细考虑在首席执行官任命中管理和医疗专业知识的平衡，认识到潜在的法律和财务后果。政策制定者可能会认为，鼓励高管混合使用不同技能是有益的。这可能使制药公司在面对法律问题时更有弹性，进而有助于维持投资者的信心。

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引用次数: 0

Challenging Institutional Path Dependence Through Field Configuring Events: Exploring the Collective Institutional Entrepreneurship of the Sustainable Stock Exchanges Initiative 通过现场配置事件挑战制度路径依赖：探索可持续证券交易所倡议的集体制度企业家精神

IF 4.6 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2024-10-20 DOI: 10.1111/corg.12622

Steve Loren

Research Question/Issue

How can a global social movement, mobilized through a multi-stakeholder initiative, promote the uptake of novel governance practices in distinct national institutional environments?

Research Findings/Insights

Using data from all 114 of the world's stock exchanges, covering over 99% of global stock market capitalization as of 2018, I find that exchanges in common-law countries were more likely to become early partners of the Sustainable Stock Exchanges Initiative (SSEI) after its launch in 2012. However, exchanges based in civil-law countries experienced a higher likelihood (i.e., risk) of adoption, as measured by the hazard ratio, particularly during a series of sustained field-configuring events (FCEs) promoted by the SSEI. Over time, this increased hazard ratio indicated a rising likelihood of adoption for civil-law-based exchanges, eventually surpassing that of their common-law counterparts.

Theoretical/Academic Implications

While institutional environments' path dependency can facilitate or hinder the adoption of governance practices, collective institutional entrepreneurship (CIE) can moderate this path dependency and reveal new information regarding the structural fit between promoted governance practices and their institutional environments.

Practitioner/Policy Implications

The insights provided by this study can help practitioners understand why some practices face resistance in specific institutional environments, while others are more readily accepted. These insights also help practitioners communicate the elements of governance practices that implicitly align with the institutional environments in which they are seeking adoption.

研究问题/议题如何通过多方利益相关者倡议动员全球社会运动，促进在不同的国家制度环境中采用新的治理实践？根据全球114家证券交易所（截至2018年，覆盖全球股票市值的99%以上）的数据，我发现，自2012年可持续证券交易所倡议（SSEI）启动以来，普通法国家的交易所更有可能成为其早期合作伙伴。然而，根据风险比衡量，大陆法系国家的交易所采用的可能性（即风险）更高，特别是在SSEI推动的一系列持续的现场配置事件（fce）期间。随着时间的推移，这种风险比的增加表明，民法交易所被采用的可能性越来越大，最终超过了普通法交易所。虽然制度环境的路径依赖可以促进或阻碍治理实践的采用，但集体制度企业家精神（CIE）可以调节这种路径依赖，并揭示有关促进的治理实践与其制度环境之间结构契合的新信息。本研究提供的见解可以帮助从业者理解为什么一些做法在特定的制度环境中面临阻力，而另一些做法更容易被接受。这些见解还帮助实践者沟通治理实践的元素，这些元素隐含地与他们正在寻求采用的制度环境保持一致。

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引用次数: 0

How Does Shareholding by Passive Institutional Investors Impact the Corporate Governance of European Firms? 被动机构投资者持股对欧洲公司治理的影响？

IF 4.6 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2024-10-17 DOI: 10.1111/corg.12618

Irina Bevza, Martha O’Hagan Luff

Research Question/Issue

The passive investment (PI) trend, characterized by the increasing inflow of investment funds into PI strategies, has resulted in an increase in the share of corporate ownership held via investments in PI strategies. This paper investigates this trend's consequential impact on European companies' corporate governance (CG).

Research Findings/Insights

We find that higher ownership by passive institutional investors (PIIs) is associated with fewer female directors, reduced independence in audit and nomination committees, and higher executive pay, negatively impacting CG. Nevertheless, our findings show that PIIs can increase the probability that a company has a policy regarding the adequate experience of board members and equal treatment of shareholders.

Theoretical/Academic Implications

We hypothesize that the level of ownership could be the missing link connecting mixed theories about the impact of ownership by PIIs on the CG of companies they invest in. A curvilinear relationship between the two could allow conflicting theories to coexist in one framework. We find weak evidence for a curvilinear relationship, but this relationship may become more prevalent if PII ownership of European companies increases because of regulatory changes.

Practitioner/Policy Implications

Some critics have proposed limiting PII voting rights, but our findings suggest that the effect of PII ownership may become less negative beyond a certain level of ownership and that PIIs may play a positive role in enhancing board experience and shareholder equity policies. Restricting PIIs may not necessarily be beneficial for the CG of companies they invest in.

被动投资（PI）趋势的特点是投资资金越来越多地流入PI战略，这导致通过投资PI战略持有的公司所有权份额增加。本文探讨了这一趋势对欧洲公司治理的影响。研究结果/见解我们发现，被动机构投资者（pii）的所有权越高，女性董事越少，审计和提名委员会的独立性降低，高管薪酬越高，对企业治理产生负面影响。然而，我们的研究结果表明，pii可以增加公司制定有关董事会成员充分经验和平等对待股东的政策的可能性。理论/学术意义我们假设，所有权水平可能是连接关于pii所有权对其所投资公司的CG影响的混合理论的缺失环节。两者之间的曲线关系可以允许相互冲突的理论共存于一个框架中。我们发现曲线关系的微弱证据，但如果欧洲公司的PII所有权由于监管变化而增加，这种关系可能会变得更加普遍。从业者/政策影响一些批评者建议限制PII投票权，但我们的研究结果表明，超过一定的所有权水平，PII所有权的影响可能会变得不那么消极，并且PII可能在增强董事会经验和股东权益政策方面发挥积极作用。限制个人投资机构对他们投资的公司的管理层未必有利。

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引用次数: 0

Do CEO Connections to the Chinese Politburo Pay Off and How? 首席执行官与中国政治局的关系有回报吗？如何回报？

IF 4.6 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2024-10-13 DOI: 10.1111/corg.12621

Marta Alonso, Aditi Gupta, Beatriz Simon-Yarza

Research Question/Issue

This study investigates the effect of connections to the Politburo, the top 25 members of the Chinese Communist Party (CCP), on CEO compensation, pay-for-performance sensitivity, and turnover decisions using a comprehensive dataset of 3764 Chinese listed firms from 2007 to 2019.

Research Findings/Insights

Our findings reveal that CEOs of privately owned listed firms who have connections to the Politburo via shared educational backgrounds receive significantly higher compensation (up to 20% more). However, such connections do not significantly affect CEO compensation in state-owned enterprises (SOEs). CEOs who have connections to the Politburo also exhibit lower turnover rates, and their compensation is less sensitive to performance outcomes. Our measure of connections excludes reverse causality, as we leverage an exogenous shock—the promotion to the Politburo of an individual with whom the CEO is already connected—to investigate the gain associated with a political connection in the absence of CEO turnover in private firms. This event allows us to observe that CEO pay increases significantly in such cases. We also find that elite connections serve as a mechanism for resource allocation, as politically connected CEOs in private firms benefit from higher subsidies and lower tax rates, and politically connected CEOs in SOEs benefit by being appointed to larger SOEs. Additionally, we find that the positive relationship between CEO pay and elite connections is even stronger when the connection is stronger but is negative when the CEO is a CCP member.

Theoretical/Academic Implications

This study enriches the literature on political connections by introducing a novel proxy for elite connections based on past educational ties to members of the political elite. It disentangles the influence of personal educational connections to the political elite from that of a more generic political membership of the CCP, offering a clearer understanding of their distinct impacts.

Practitioner/Policy Implications

Our study underscores the necessity of differentiating between private and SOEs in China due to their distinct characteristics and goals. Furthermore, it highlights the critical role of elite political connections in emerging economies such as China in resource allocation, labor market dynamics, and corporate governance.

本研究利用2007年至2019年3764家中国上市公司的综合数据集，调查了与中共政治局（中共前25位成员）的关系对CEO薪酬、绩效薪酬敏感性和离职决策的影响。研究结果/见解我们的研究结果显示，通过共同的教育背景与政治局有联系的私营上市公司的首席执行官获得的薪酬要高得多（最多高出20%）。然而，这种关联对国有企业CEO薪酬的影响并不显著。与政治局有关系的首席执行官也表现出较低的离职率，他们的薪酬对业绩结果的敏感度也较低。我们对关系的衡量排除了反向因果关系，因为我们利用了外生冲击——与首席执行官已经有关系的个人晋升到政治局——来调查在私营公司没有首席执行官更替的情况下，与政治关系相关的收益。这一事件让我们观察到，在这种情况下，CEO的薪酬会显著增加。我们还发现，精英关系是一种资源配置机制，私企中有政治关系的ceo受益于更高的补贴和更低的税率，国企中有政治关系的ceo受益于被任命到更大的国企。此外，我们发现CEO薪酬与精英关系之间的正相关关系在精英关系越强时越强，而当CEO是中共党员时则呈负相关关系。本研究通过引入一种基于过去与政治精英成员的教育关系的精英关系的新代理，丰富了关于政治关系的文献。它将个人教育背景对政治精英的影响与更普通的中共政治成员的影响区分开来，从而更清晰地理解了他们的不同影响。我们的研究强调了区分私营企业和国有企业的必要性，因为它们具有不同的特点和目标。此外，它还强调了中国等新兴经济体中精英政治关系在资源配置、劳动力市场动态和公司治理方面的关键作用。

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引用次数: 0

Global Social Movements and the Governance of the Firm: Past, Present, and Future 全球社会运动与企业治理：过去、现在和未来

IF 4.6 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2024-10-13 DOI: 10.1111/corg.12625

Cynthia E. Clark, Punit Arora, Patricia Gabaldón, Tanusree Jain

Research Question/Issue

The objective of this special issue (SI) is to galvanize research that examines the impact of different kinds of global social movements (GSMs) on the practice of international corporate governance.

Research Findings/Insights

The articles included in this SI provide unique insights into how various GSMs, including the feminist, #blacklivesmatter, and climate movements, influence and are influenced by corporate governance actors and practices across different institutional contexts.

Theoretical/Academic Implications

Executives and boards face increasing pressures to make corporate decisions that consider the demands emerging from different GSMs. This SI uncovers how and why some social movements weigh heavier in corporate decision-making. This SI uncovers the implications of GSMs for corporate governance actors and processes in different institutional contexts.

Practitioner/Policy Implications

Equipped with the power of the internet, recent social movements have become more global in character. The rising power, reach, and prominence of large corporations have made them a common target of GSMs that aim to influence not only societal values but also corporate values. The articles in this SI provide useful insights into how GSMs engage with corporations and corporate actors and assess their impact on the governance of the firm in different countries.

研究问题/问题本特刊（SI）的目的是激发研究，探讨不同类型的全球社会运动（GSMs）对国际公司治理实践的影响。本SI中包含的文章提供了独特的见解，介绍了包括女权主义者、#黑人生命很重要和气候运动在内的各种gsm如何影响和被不同制度背景下的公司治理行为者和实践所影响。理论/学术意义高管和董事会面临越来越大的压力，要求他们在做出公司决策时考虑到来自不同gsm的需求。这个SI揭示了一些社会运动如何以及为什么在公司决策中更重要。本SI揭示了GSMs对不同制度背景下公司治理参与者和流程的影响。实践者/政策影响借助互联网的力量，最近的社会运动变得更加全球化。大公司不断增长的实力、影响力和知名度使它们成为gsm的共同目标，gsm不仅旨在影响社会价值观，还旨在影响企业价值观。本SI中的文章提供了有用的见解，说明gsm如何与公司和公司参与者合作，并评估它们对不同国家公司治理的影响。

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引用次数: 0

The Impact of Board Gender and Nationality Diversity on Corporate Human Rights Performance in Different Institutional Contexts 不同制度背景下董事会性别和国籍多样性对公司人权绩效的影响

IF 4.6 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2024-10-13 DOI: 10.1111/corg.12624

Angel Morán-Muñoz, Roberto Fernández-Gago, José-Luis Godos-Díez

Research Question/Issue

The duty of businesses to observe human rights (HR) is garnering great interest among corporations, researchers, and policymakers. However, little is known yet about the organizational drivers that make firms pursue higher levels of corporate human rights performance (CHRP). In an attempt to fill this gap, we present the first global study on the influence that board gender and nationality diversity have on CHRP.

Research Findings/Insights

We evaluate panel data of 548 companies worldwide from 2012 to 2021 by using the two-step system generalized method of moments (GMM) and a moderation analysis. Our results show that board gender diversity has a positive effect on CHRP, but this impact is weaker in institutional settings where patriarchal stances prevail. We also find that board nationality diversity affects CHRP positively only in firms from countries with a network-oriented approach toward corporate governance.

Theoretical/Academic Implications

These findings help to further differentiate CHRP drivers from generic sustainability antecedents and uncover the relevance of adopting an institutional lens when delving into the rationale of CHRP. In this regard, we make a call for future analyses in this field to acknowledge national gender equality levels and societies' corporate governance orientation as potential boundary conditions.

Practitioner/Policy Implications

Our results may guide companies on how to reduce corporate risks associated with HR violations by incorporating women and foreigners on their boards. They may also encourage businesses and policymakers to boost gender equality both on corporate boards and within societal values as both these aspects may be key for safeguarding HR internationally.

企业遵守人权（HR）的义务引起了企业、研究人员和政策制定者的极大兴趣。然而，对于促使企业追求更高水平的企业人权绩效（CHRP）的组织驱动因素，我们知之甚少。为了填补这一空白，我们提出了第一个关于董事会性别和国籍多样性对CHRP影响的全球研究。我们采用两步系统广义矩量法（GMM）和适度分析对2012 - 2021年全球548家公司的面板数据进行了评估。我们的研究结果表明，董事会性别多样性对CHRP有积极影响，但在男权立场盛行的机构环境中，这种影响较弱。我们还发现，只有在公司治理采用网络导向方法的国家，董事会国籍多样性才会对CHRP产生积极影响。这些发现有助于进一步区分CHRP驱动因素与一般可持续性前提，并揭示在深入研究CHRP的基本原理时采用制度视角的相关性。在这方面，我们呼吁未来在这一领域的分析中承认国家性别平等水平和社会公司治理取向是潜在的边界条件。我们的研究结果可以指导公司如何通过将女性和外国人纳入董事会来降低与人力资源违规相关的公司风险。他们还可以鼓励企业和政策制定者在公司董事会和社会价值观中促进性别平等，因为这两个方面可能是保护国际人力资源的关键。

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引用次数: 0

Antecedents of Lead Director Selection 选择首席董事的前提条件

IF 4.6 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2024-10-07 DOI: 10.1111/corg.12616

Yajing Li

Research Question/Issue

This paper investigates the antecedents of lead director selection in the US context. Specifically, how do rational and social factors influence the likelihood of being selected as the lead director?

Research Findings/Insights

Results for independent directors in S&P 1500 firms from 2000 to 2021 support the positive effect of both board capital (human capital and social capital) and social embeddedness with the CEO (university ties and demographic similarity) as factors in the selection of lead directors. Results also show that among late adopters, the effect of human capital (board experience) on selection is strengthened, and the effect of demographic similarity to the CEO on selection is weakened.

Theoretical/Academic Implications

First, building on the director selection model, this paper further differentiates the rational and socialized perspectives by integrating the diffusion model. Specifically, among late adopters, rational factors play a larger role, and socialized factors play a smaller role in the lead director selection. Second, for the literature on the boards of directors, this paper provides unique individual-level insights about directors' attributes and their interactions with firm-level timing of practice adoption.

Practitioner/Policy Implications

The new governance practice of having a lead director, a leader of independent directors, has emerged and spread in the United States since 2000. As attention to the lead director governance practice increases, this paper focuses on the complexity of its adoption. Specifically, both rational (board capital) and socialized (social embeddedness with the CEO) factors can play a role in the lead director selection. Related stakeholder groups such as directors, investors, and policymakers should be aware of the potential symbolic adoption of this new governance practice.

研究问题/议题本文调查了美国背景下首席董事选择的先决条件。具体来说，理性因素和社会因素如何影响被选为首席董事的可能性？2000年至2021年对标准普尔1500强公司独立董事的研究结果支持董事会资本（人力资本和社会资本）和与首席执行官的社会嵌入性（大学关系和人口统计学相似性）作为选择首席董事的因素的积极影响。结果还表明，在较晚采用者中，人力资本（董事会经验）对选择的影响增强，与CEO人口统计学相似性对选择的影响减弱。首先，在董事选择模型的基础上，通过整合扩散模型，进一步区分理性视角和社会化视角。具体而言，在后期采用者中，理性因素在首席董事选择中的作用较大，社会化因素在首席董事选择中的作用较小。其次，对于董事会的文献，本文提供了独特的个人层面的见解，关于董事的属性及其与公司层面的实践采用时间的相互作用。自2000年以来，设立首席董事（独立董事的领导者）的新治理实践在美国出现并传播开来。随着对首席董事治理实践的关注增加，本文将重点关注其采用的复杂性。具体而言，理性因素（董事会资本）和社会化因素（与CEO的社会嵌入性）都可以在首席董事的选择中发挥作用。相关的利益相关者团体，如董事、投资者和政策制定者，应该意识到这种新的治理实践的潜在象征性采用。

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引用次数: 0

Institutional Investors and the Fight Against Climate Change 机构投资者与应对气候变化的斗争

IF 4.6 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2024-10-02 DOI: 10.1111/corg.12620

Thea Kolasa, Zacharias Sautner

Research Question/Issue

This article examines the role of institutional investors in the fight against climate change. We explain the institutional context, provide evidence highlighting institutional investors' bright and dark sides in this fight, and develop multiple ideas for future research.

Research Findings/Insights

We show that climate change has a significant impact on institutional investors. Simultaneously, we demonstrate that institutional investors can have a significant positive impact on fighting climate change, particularly if they actively engage with portfolio firms to reduce carbon emissions. For risk management reasons, this is in their own interest, and it is also in the interests of society.

Theoretical/Academic Implications

We highlight possible future research avenues on the link between institutional investors and climate change, emphasizing issues related to environmental, social, and governance (ESG) rating agencies, greenwashing, and the risk of a loss of trust in ESG products. Climate change constitutes one of the grand challenges of our time, and substantially more research on the role of finance is required.

Practitioner/Policy Implications

Climate change imposes financial risks on institutional investors' portfolio firms, which must be actively addressed in the investment process. Nascent evidence indicates that markets have begun pricing these risks. Institutional investors can positively influence climate change by engaging portfolio firms on their emissions and simultaneously reducing climate transition risks.

本文探讨了机构投资者在应对气候变化中的作用。我们解释了制度背景，提供了证据，突出了机构投资者在这场斗争中的光明和黑暗的一面，并为未来的研究发展了多种思路。研究结果/见解我们表明，气候变化对机构投资者有重大影响。同时，我们证明机构投资者可以对应对气候变化产生重大的积极影响，特别是如果他们积极与投资组合公司合作减少碳排放。出于风险管理的原因，这既符合自身利益，也符合社会利益。我们强调了机构投资者与气候变化之间联系的可能的未来研究途径，强调了与环境、社会和治理（ESG）评级机构、“漂绿”以及ESG产品失去信任的风险相关的问题。气候变化是我们这个时代的重大挑战之一，需要对金融的作用进行更多的研究。从业者/政策影响气候变化给机构投资者的投资组合公司带来财务风险，必须在投资过程中积极应对。初步迹象表明，市场已开始对这些风险进行定价。机构投资者可以通过让投资组合公司参与其排放，同时降低气候转型风险，从而对气候变化产生积极影响。

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引用次数: 0

Board Gender Diversity and Workplace Safety: Evidence From Quasi-Natural Experiments 董事会性别多样性与工作场所安全：来自准自然实验的证据

IF 4.6 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2024-09-29 DOI: 10.1111/corg.12617

Md Ismail Haidar, Saha Iqbal Hossain

Research Questions/Issue

This paper examines the impact of board gender diversity on workplace safety in an international setting from 2002 to 2019. Utilizing gender quotas on corporate boards as a quasi-natural experiment, we explore the causal effects of gender diversity on workplace safety, highlighting the significant influence of corporate board gender quotas on corporate policies.

Research Findings/Results

Using a sample of 13,124 firm-year observations from 48 countries, our findings reveal that gender quotas on corporate boards are linked to higher rates of work-related injuries. The association is particularly strong in financially constrained firms, as well as in those with high workloads and low investments in workplace safety. In contrast, this effect is mitigated in firms located in countries with strong institutional frameworks and high union representation. The results hold across various regression specifications and remain robust when considering different measures of workplace injuries, board gender diversity, and additional control variables.

Theoretical Implications

Our study draws on gender behavior theory, social role theory, and gender socialization theory, with findings particularly aligning with gender behavior theory. It advances understanding of how changes in corporate governance structures related to board diversity influence workplace safety. This research underscores the importance of further empirical work to expand this area of study, suggesting valuable directions for future research through cross-sectional and longitudinal analyses.

Practical Implications

The findings provide critical insights for policymakers considering the implementation of gender quotas in boardrooms. Additionally, this research highlights the need for further exploration of unexamined aspects within governance studies, which will significantly influence future policy debates, legislative processes, and corporate practices in promoting gender diversity and enhancing workplace safety.

本文研究了2002年至2019年国际背景下董事会性别多样性对工作场所安全的影响。我们利用公司董事会性别配额作为准自然实验，探讨了性别多样性对工作场所安全的因果关系，强调了公司董事会性别配额对公司政策的显著影响。通过对来自48个国家的13124家公司的年度观察样本，我们的研究结果表明，公司董事会的性别配额与更高的工伤率有关。在资金紧张的公司，以及那些工作量大、工作场所安全投资少的公司，该协会尤其强大。相比之下，这种影响在位于制度框架强大和工会代表性高的国家的公司中得到缓解。在考虑工作场所伤害、董事会性别多样性和其他控制变量的不同衡量标准时，结果适用于各种回归规范，并且仍然稳健。我们的研究借鉴了性别行为理论、社会角色理论和性别社会化理论，研究结果与性别行为理论特别吻合。它促进了对与董事会多样性相关的公司治理结构变化如何影响工作场所安全的理解。本研究强调了进一步实证工作的重要性，以扩大这一研究领域，并通过横断面和纵向分析为未来的研究提供了有价值的方向。研究结果为考虑在董事会中实施性别配额的政策制定者提供了重要见解。此外，本研究强调需要进一步探索治理研究中未被审查的方面，这将对未来的政策辩论、立法程序和企业在促进性别多样性和加强工作场所安全方面的实践产生重大影响。

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引用次数: 0