Corporate Governance-An International Review最新文献_第9页

Co-opted Independent Directors and Firms' Environmental Performance 增选独立董事与公司的环境绩效

IF 4.6 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2024-05-28 DOI: 10.1111/corg.12588

Asif Saeed, Aitzaz Ahsan Alias Sarang, Asad Ali Rind

Research Question/Issue

Considering escalating environmental concerns and the important role of board members in shaping strategic corporate decisions, we investigate the relationship between co-opted independent directors and firms' environmental performance.

Research Findings/Insights

Examining US firms from 2002 to 2018, we document a significant negative relationship between co-opted independent directors and firm environmental performance. Our findings show that while institutional ownership and CEO power exacerbate the negative association, strong corporate governance mitigates this negative impact of co-opted independent directors on environmental performance. The cross-sectional results show that the relationship is pronounced in firms with young CEOs, male CEOs, and low CEO compensation. Further, the relationship is also prevalent in boards with fewer meetings, high multiple directors, and higher compensation, indicating a monitoring compromise by independent co-opted directors.

Theoretical/Academic Implications

Reasonable theoretical arguments are drawn from agency theory and the theory of friendly boards, and our statistical analysis supports the academic position of the theory of friendly boards. The negative effect of independent co-opted directors on firm environmental performance challenges the role of independent directors in addressing agency issues in environmental efforts, hinting at a departure from conventional agency theory expectations.

Practitioner/Policy Implications

To improve environmental performance, firms should reconsider their board structures, acknowledging the potential drawbacks of co-opted independent directors. Our findings challenge the Sarbanes–Oxley Act's (SOX) emphasis on increasing the number of outside directors, which assumes independent board members will rigorously oversee executives. Such legislation is greatly based on the premise that independent board members strictly monitor executives. However, our findings indicate that not all independent directors are strict monitors, as demonstrated by lower environmental performance when there are more co-opted independent directors.

研究问题考虑到不断升级的环境问题以及董事会成员在影响公司战略决策方面的重要作用，我们对增选独立董事与公司环境绩效之间的关系进行了研究。研究结果/见解通过对 2002 年至 2018 年的美国公司进行研究，我们发现增选独立董事与公司环境绩效之间存在显著的负相关关系。我们的研究结果表明，虽然机构所有权和首席执行官的权力加剧了这种负相关关系，但强有力的公司治理减轻了增选独立董事对环境绩效的负面影响。横截面结果显示，这种关系在首席执行官年轻、首席执行官为男性且首席执行官薪酬较低的公司中尤为明显。此外，这种关系在会议次数较少、董事人数较多且薪酬较高的董事会中也很普遍，这表明增选的独立董事在监督方面做出了妥协。理论/学术启示从代理理论和友好董事会理论中得出了合理的理论依据，我们的统计分析支持了友好董事会理论的学术立场。增选独立董事对公司环境绩效的负面影响对独立董事在解决环境工作中的代理问题方面的作用提出了挑战，暗示着与传统代理理论预期的背离。我们的研究结果对《萨班斯-奥克斯利法案》（SOX）强调增加外部董事人数提出了质疑，因为该法案假定独立董事会成员会严格监督高管。这种立法在很大程度上是以独立董事会成员严格监督高管为前提的。然而，我们的研究结果表明，并非所有的独立董事都是严格的监督者，当增选的独立董事较多时，环境绩效较低就证明了这一点。

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引用次数: 0

Correction to: CEO Turnover: Cross-Country Effects Burns, N., K. Minnick, and L. Starks. 2023. CEO Turnover: Cross-Country Effects. Corporate Governance: An International Review 31, no. 6: 820–844. https://doi.org/10.1111/corg.12506 更正为首席执行官更替：Cross-Country EffectsBurns，N.、K.Minnick 和 L.Starks。2023.CEO Turnover：Cross-Country Effects.Corporate Governance：国际评论》31，第 6 期：820-844。https://doi.org/10.1111/corg.12506。

IF 4.6 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2024-05-28 DOI: 10.1111/corg.12586

In the biography, the author's information has been corrected below.

Natasha Burns is a professor of finance at The University of Texas at San Antonio. She was awarded her PhD in finance from The Ohio State University. Her research interests include the effect of incentives, law, and culture in corporate finance. Her research appears in the Journal of Corporate Finance, Journal of Banking and Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, The Financial Review, and the Quarterly Journal of Finance. She is an associate editor of The Financial Review, is on the Editorial Board of Corporate Governance: An International Review, and was a visiting economist at the Securities and Exchange Commission.

The authors apologize for the error.

Natasha Burns 是德克萨斯大学圣安东尼奥分校的金融学教授。她曾获得俄亥俄州立大学金融学博士学位。她的研究兴趣包括激励机制、法律和文化对公司财务的影响。她的研究成果发表在《公司金融期刊》、《银行与金融期刊》、《金融经济学期刊》、《金融与定量分析期刊》、《金融评论》和《金融季刊》上。她是《金融评论》的副主编，《公司治理》（Corporate Governance：国际评论》编辑委员会成员，曾任美国证券交易委员会客座经济学家。

引用次数: 0

Better Prevention Than Cure: Cybersecurity Risk and Clawback Provision 预防胜于治疗：网络安全风险与退订条款

IF 4.6 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2024-05-28 DOI: 10.1111/corg.12590

Huy Viet Hoang

Research Question/Issue

The escalation of online transactions recently has driven the digitalization trend, which features both emerging opportunities and associated risks, across businesses. This study examines the impact of cybersecurity risk on the adoption of clawback policies among US listed firms during the 2008–2018 period.

Research Findings/Insight

Using fixed-effect estimators, I reveal that clawback adoptions are more likely when cybersecurity risk is on the rise. This effect is transmitted via three channels of multiple business objectives, manager's quiet life, and corporate culture. Furthermore, this effect is diminished among firms with a greater proportion of nonindependent co-opted directors on board.

Theoretical/Academic Implications

Although clawback policies are often linked to corporate misreporting, this study broadens the conventional research direction by addressing the decision-making of clawback policy adoption from the data security perspective. The finding of this study implies an extension of clawback endorsement beyond the corporate reporting purpose in the digitalized era.

Practical/Policy Implications

This study's findings suggest that firms value the preventive property of clawback policies on corporate misconduct and that firms factor cybersecurity risk into clawback adoption decision-making. Given that clawback policies extensively tie CEOs' wealth with corporate integrity, early adoptions of this recoupment scheme can be essential to resolving the contemporary cybersecurity problems of the adopted firms.

研究问题/议题近来，在线交易的升级推动了数字化趋势的发展，这既为各行各业带来了新的机遇，也带来了相关风险。本研究探讨了 2008-2018 年间网络安全风险对美国上市公司采用回拨政策的影响。研究结果/启示笔者利用固定效应估计器揭示，当网络安全风险上升时，采用回拨政策的可能性更大。这种效应通过多重商业目标、经理人的平静生活和企业文化三个渠道传递。此外，这种效应在董事会中非独立增选董事比例较高的公司中有所减弱。理论/学术启示虽然回拨政策通常与公司虚假报告有关，但本研究拓宽了传统的研究方向，从数据安全的角度探讨了回拨政策采用的决策问题。实践/政策含义本研究的发现表明，企业重视退还政策对企业不当行为的预防作用，并且企业在采用退还政策的决策中考虑了网络安全风险。鉴于回拨政策将首席执行官的财富与企业诚信广泛联系在一起，尽早采用这种补偿方案对于解决被采用企业的当代网络安全问题至关重要。

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引用次数: 0

The Complementarity and Substitution Effects of CSR-Focused Governance Mechanisms on CSR Decoupling 注重企业社会责任的治理机制对企业社会责任脱钩的互补和替代效应

IF 4.6 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2024-05-28 DOI: 10.1111/corg.12591

Mohammad Abweny, Godfred Adjapong Afrifa, Abdullah Iqbal

Research Question/Issue

The study examines whether CSR-focused governance mechanisms (CSR committees, standalone CSR reports, and CSR contracting) operate as complements or substitutes for each other in mitigating CSR decoupling.

Research Findings/Insights

The study finds that CSR-focused governance mechanisms diminish CSR decoupling and enhance CSR credibility in UK firms. In addition, the simultaneous presence of CSR committees and standalone CSR reports has a complementary effect in mitigating CSR decoupling. Conversely, the combinations of CSR committees and CSR contracting as well as standalone CSR reports and CSR contracting exhibit a substitute relationship. These impacts remain consistent when categorizing CSR decoupling into underreporting and overreporting. During the financial crisis of 2008–2009, the complementary relationship between CSR committees and CSR reports remained consistent, although the substitution between CSR committees and CSR contracting, and CSR reports and CSR contracting, is only observed after the crisis.

Theoretical/Academic Implications

The study innovatively contributes to the agency theory literature by adopting a bundle corporate governance approach while focusing on specific CSR governance mechanisms to address agency issues. It empirically shows that complementary combinations of CSR-focused governance mechanisms signify a marginal benefit in reducing CSR decoupling, leading to a reduction in agency costs.

Practitioner/Policy Implications

The study offers several implications. First, it helps firms create ideal combinations of different CSR-focused governance mechanisms that provide superior marginal benefits. Second, firms' stakeholders, especially the investors, could identify the usefulness of adopting CSR-focused governance mechanisms in CSR reporting. Finally, it could also attract regulators' attention toward the weaker aspects of the existing corporate governance code regarding CSR.

研究结果/启示研究发现，以企业社会责任为重点的治理机制（企业社会责任委员会、独立的企业社会责任报告和企业社会责任契约）在减轻企业社会责任脱钩方面是互为补充还是相互替代。此外，企业社会责任委员会和独立的企业社会责任报告的同时存在对减轻企业社会责任脱钩具有互补作用。相反，企业社会责任委员会和企业社会责任契约以及独立的企业社会责任报告和企业社会责任契约的组合则表现出一种替代关系。将企业社会责任脱钩分为报告不足和报告过度时，这些影响仍然是一致的。在 2008-2009 年金融危机期间，企业社会责任委员会与企业社会责任报告之间的互补关系保持一致，但企业社会责任委员会与企业社会责任契约、企业社会责任报告与企业社会责任契约之间的替代关系仅在危机后才出现。理论/学术启示本研究采用捆绑式公司治理方法，同时关注特定的企业社会责任治理机制以解决代理问题，为代理理论文献做出了创新性贡献。它从经验上表明，以企业社会责任为重点的治理机制的互补组合在减少企业社会责任脱钩方面具有边际效益，从而降低了代理成本。首先，它有助于企业创建不同企业社会责任治理机制的理想组合，从而提供卓越的边际效益。其次，企业的利益相关者，尤其是投资者，可以发现在企业社会责任报告中采用以企业社会责任为中心的治理机制的益处。最后，它还能引起监管机构对现有公司治理准则中有关企业社会责任的薄弱环节的关注。

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引用次数: 0

The Impact of Mandatory Operating Information Disclosure on Related-Party Transactions: Evidence From China 强制性经营信息披露对关联方交易的影响：来自中国的证据

IF 4.6 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2024-05-16 DOI: 10.1111/corg.12589

Yan He, Jing Wang, Qingxi Meng

Research Question/Issue

We investigate the impact of mandatory operating information disclosure rules on related-party transactions (RPTs) in Chinese-listed firms. To achieve this, we use the staggered implementation of China's Industry Disclosure Guidelines (CIDG) as an exogenous shock to firms' operating information. We then examine how this regulatory change influences controlling shareholders' expropriation behavior through RPTs.

Research Findings/Insights

The implementation of CIDG results in a reduction in suspicious RPTs, indicating that the mandatory disclosure of operating information effectively mitigates expropriation behavior by controlling shareholders. Additionally, we observe improvements in both the quantity and quality of disclosures after the CIDG, which enhances corporate governance by increasing investor attention and improving the efficiency of regulatory inquiries into RPTs. In our cross-sectional analysis, the impact of the CIDG is more pronounced for firms with weaker internal controls, lower institutional holdings, and a weaker institutional environment as compared to their counterparts, suggesting a “substitution effect” between the CIDG and firms' internal and external governance mechanisms.

Theoretical/Academic Implications

This study contributes to addressing the challenge of curbing opportunistic RPTs in emerging markets. Our study contributes to previous research by emphasizing the crucial role of operating information. This information enhances outsiders' ability to comprehensively understand and utilize disclosed numbers, thereby compensating for a firm's weak corporate governance and restraining expropriation by controlling shareholders. We also provide evidence that corporate governance can be strengthened by improving operational transparency. Our study also contributes to the literature on the actual effect of information on managerial behavior.

Practitioner/Policy Implications

This study has several important policy implications. Providing sufficient operating information to minority shareholders and other monitors can empower them to oversee controlling shareholders' behavior effectively. Policymakers can enhance market discipline by reforming information disclosure rules and promoting industry-level transparency, particularly in emerging markets that have insufficient investor protection against tunneling.

本文研究了强制性经营信息披露制度对中国上市公司关联交易的影响。为了实现这一目标，我们使用中国行业披露指南（CIDG）的交错实施作为企业经营信息的外生冲击。然后，我们通过RPTs研究了这种监管变化如何影响控股股东的征用行为。研究结果/见解CIDG的实施导致可疑rpt的减少，表明强制披露经营信息有效地减轻了控股股东的侵占行为。此外，我们观察到CIDG之后披露的数量和质量都有所改善，这通过增加投资者的关注和提高对rpt的监管调查的效率来加强公司治理。在我们的横断面分析中，与其他公司相比，CIDG对内部控制较弱、机构持股较少、制度环境较弱的公司的影响更为明显，这表明CIDG与公司内部和外部治理机制之间存在“替代效应”。理论/学术意义本研究有助于解决新兴市场中抑制机会主义rpt的挑战。我们的研究强调了操作信息的关键作用，对前人的研究有一定的贡献。这些信息增强了外部人士全面理解和利用披露数据的能力，从而弥补了公司治理的薄弱，抑制了控股股东的侵占。我们还提供了证据，证明可以通过提高运营透明度来加强公司治理。我们的研究也为研究信息对管理行为的实际影响的文献做出了贡献。实践者/政策启示这项研究有几个重要的政策启示。向中小股东和其他监督人员提供充分的经营信息，可以增强他们对控股股东行为的有效监督能力。政策制定者可以通过改革信息披露规则和提高行业层面的透明度来加强市场纪律，尤其是在投资者缺乏防范挖地道保护的新兴市场。

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引用次数: 0

Family Management and Historical Origins: The Italian Experience 家庭管理与历史渊源：意大利的经验

IF 4.6 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2024-05-02 DOI: 10.1111/corg.12587

Gabriele Cardullo, Maurizio Conti, Mirella Damiani, Andrea Ricci, Sergio Scicchitano, Giovanni Sulis

Research Question/Issue

The purpose of this paper is to analyze the long-run determinants of the corporate structure of Italian firms to explain the persistent role of a long-run tradition of civic capital that has favored interpersonal trust, fostered cooperation outside of the narrow ties of family members and limited the diffusion of family businesses managed predominantly by family members.

Research Findings/Insights

We examined a large sample of Italian listed and not listed firms and identified those that operate in current municipalities that in the past used to be independent communes. Such firms featuring experiences of civic engagement are today less likely to be owned by a family and run by family management.

Theoretical/Academic Implications

Our findings highlight the role of institutions as drivers of corporate governance and signal that long forgotten institutions, by modifying local social capital, may interact with family social capital and have important persistent effects on current corporate governance arrangements. Therefore, significant elements of path dependency may explain current patterns of unbundling of ownership and management.

Practitioner/Policy Implications

Persistent corporate governance structures are difficult even for policymakers to modify. Our findings suggest that political measures should favor the accumulation of social capital at the local level when aiming to change ownership and management arrangements and limit the misallocation of resources due to family management.

研究问题/议题本文旨在分析意大利企业公司结构的长期决定因素，以解释公民资本的长期传统所发挥的持续作用，这种传统有利于人际信任，促进家族成员狭隘关系之外的合作，并限制了主要由家族成员管理的家族企业的扩散。理论/学术意义我们的研究结果强调了制度作为公司治理驱动力的作用，并表明长期被遗忘的制度通过改变当地社会资本，可能会与家庭社会资本相互作用，并对当前的公司治理安排产生重要的持续影响。因此，路径依赖的重要因素可能解释了当前所有权与管理权松绑的模式。我们的研究结果表明，当政治措施旨在改变所有权和管理权安排并限制家族式管理造成的资源分配不当时，应有利于在地方层面积累社会资本。

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引用次数: 0

The Benefits and Costs of Employee Stock Ownership Plans in China 中国员工持股计划的收益与成本

IF 4.6 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2024-04-30 DOI: 10.1111/corg.12585

Qing He, Dongming Jiang, Erzhuo Liu

<div> <section> <h3> Research Issue</h3> <p>We investigate the deliberations of controlling shareholders in assessing the trade-offs between costs and benefits preceding the adoption of an Employee Stock Ownership Plan (ESOP). Furthermore, we explore the market responses to ESOP announcements and their associations with the private benefits of control. Moreover, our study delves into the modifications in private benefits of control, changes in employment dynamics, and subsequent operating performance subsequent to the implementation of ESOPs.</p> </section> <section> <h3> Research Insights</h3> <p>We conduct our research employing a comprehensive dataset encompassing the adoptions of ESOPs within publicly listed Chinese companies during the period spanning from 2014 to 2020. Our empirical findings reveal that firms characterized by diminished private benefits of control, as indicated by a reduced wedge between control rights and cash flow rights, as well as a lower frequency of related party transactions, are more inclined to consider the adoption of ESOPs, especially when the potential for productivity gains is substantial. These firms also elicit more positive market reactions upon the announcement of their ESOP initiatives. While ESOPs do lead to heightened productivity, the overall enhancement in operating performance remains relatively modest due to the significant cost burden imposed on shareholders by the large unearned employee compensation. Our results suggest that controlling shareholders who partake in fewer private benefits of control are more inclined to forego these entitlements in favor of embracing ESOPs as a strategic mechanism for realizing productivity gains. However, it is imperative to acknowledge that such gains may be considerably offset by substantial increases in employee compensation expenses. Despite the prevalence of short-lived features in Chinese practice, we lack substantial evidence supporting their inhibitory effects on the increased monitoring and productivity following ESOP adoption.</p> </section> <section> <h3> Academic Implications</h3> <p>This study provides a comprehensive examination of recent ESOPs in the Chinese context, offering insights into the regulatory complexities within the largest emerging market. The research contributes to the existing literature by unveiling the intricate relationship between private benefits of control and the decision to adopt ESOPs, as well as their subsequent implications. Notably, our findings, particularly the observed neutral impact on operating performance, augment the ongoing discourse surrounding the efficacy of ESOPs in augmenting shareholder value.</p> </section> <section>

研究问题我们调查了控股股东在采用员工持股计划（ESOP）之前评估成本和收益之间权衡的审议。此外，我们探讨了市场对ESOP公告的反应及其与控制的私人利益的联系。此外，我们的研究还深入探讨了实施员工持股计划后私人控制权利益的变化、就业动态的变化以及随后的经营绩效。我们的研究采用了一个全面的数据集，涵盖了2014年至2020年期间中国上市公司员工持股计划的实施情况。我们的实证研究结果表明，控制权和现金流权之间的差距缩小，以及关联方交易频率较低，这些公司的控制私人利益减少，更倾向于考虑采用员工持股计划，尤其是在生产率提高潜力巨大的情况下。这些公司在宣布其员工持股计划后也会引起更积极的市场反应。虽然员工持股计划确实提高了生产率，但由于大量非无偿员工薪酬给股东带来了沉重的成本负担，运营业绩的整体提升仍然相对温和。我们的研究结果表明，参与较少私人控制利益的控股股东更倾向于放弃这些权利，而倾向于将员工持股计划作为实现生产率提高的战略机制。然而，必须承认，这些收益可能会被员工薪酬支出的大幅增加所抵消。尽管短期特征在中国实践中普遍存在，但我们缺乏大量证据支持它们对采用员工持股计划后提高监管和生产率的抑制作用。本研究对中国背景下的员工持股计划进行了全面考察，为了解这个最大的新兴市场的监管复杂性提供了见解。该研究通过揭示控制权的私人利益与采用员工持股计划的决定之间的复杂关系，以及它们随后的影响，为现有文献做出了贡献。值得注意的是，我们的研究结果，特别是观察到的对经营业绩的中性影响，增强了围绕esop在增加股东价值方面功效的持续讨论。本研究将员工持股计划作为一种创新机制引入，以减轻控制权带来的私人利益，特别是在新兴市场的背景下，在这些市场中，控股股东往往会积累大量的控制权带来的私人利益。在员工持股计划框架内纳入与业绩有关的标准是有效管理与这些计划有关的额外报酬的一种手段，从而提高其总体效力。

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引用次数: 0

Institutional Investors and ESG Preferences 机构投资者和 ESG 偏好

IF 4.6 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2024-04-15 DOI: 10.1111/corg.12583

Florencio Lopez-de-Silanes, Joseph A. McCahery, Paul C. Pudschedl

Research Question/Issue

We examine the effect of multiple environmental, social, and governance (ESG) scores on institutional investor ownership of firms and investor portfolio weightings. We are also the first to analyze the three individual components of ESG rankings to estimate the relative preferences of institutional investors.

Research Findings/Insights

Using a unique panel dataset covering US companies and institutional investor portfolios over the 2010–2019 period, we find that while investors are driven to add high-quality ESG companies to their portfolios, there is a negative relationship with ESG when it comes to taking large ownership stakes. Furthermore, ESG scores are negatively related to the portfolio weightings of institutional investors, which raises concerns of greenwashing. Our analysis of individual ESG scores points to significantly larger effects of G scores in terms of holdings, and G is the only score with no negative impact on portfolio weightings. Finally, in support of systematic stewardship theory, top institutional investors allocate higher proportions of their portfolios to firms with high-ESG ratings. Our results are robust to the use of a difference-in-differences analysis addressing endogeneity concerns.

Theoretical/Academic Implications

The findings in this paper offer important policy implications for institutional investors, managers, and policymakers. Given the ongoing debate on ESG scores, this paper shows the importance of examining greenwashing for investors who have a concern regarding the extent to which the valuation of assets might be influenced by unsupported sustainability claims. In addition, our study adds to the debate regarding ESG investing and stewardship theory.

研究问题/议题我们研究了环境、社会和治理（ESG）多项评分对机构投资者的公司所有权和投资者投资组合权重的影响。我们还首次分析了 ESG 排名的三个单独组成部分，以估算机构投资者的相对偏好。研究结果/见解利用 2010-2019 年期间涵盖美国公司和机构投资者投资组合的独特面板数据集，我们发现，虽然投资者会将高质量的 ESG 公司纳入其投资组合，但在持有大量所有权股份方面，ESG 与投资者存在负相关关系。此外，环境、社会和公司治理得分与机构投资者的投资组合权重呈负相关，这引发了对 "绿色清洗 "的担忧。我们对单个 ESG 分数的分析表明，G 分数对持股量的影响更大，而 G 分数是唯一对投资组合权重没有负面影响的分数。最后，为支持系统管理理论，顶级机构投资者将其投资组合的更高比例分配给了ESG评级高的公司。本文的研究结果为机构投资者、管理者和政策制定者提供了重要的政策启示。鉴于目前关于环境、社会和公司治理评分的争论，本文表明了研究 "洗绿 "对投资者的重要性，因为投资者担心资产估值可能会受到无据可持续发展声明的影响。此外，我们的研究还为有关 ESG 投资和管理理论的讨论增添了新的内容。

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引用次数: 0

Women at Multiple Levels of Strategic Leadership: Evidence of Gender Spillovers 多层次战略领导层中的女性：性别溢出效应的证据

IF 4.6 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2024-04-10 DOI: 10.1111/corg.12584

Saneesh Edacherian, Amit Karna, Klaus Uhlenbruck, Sunil Sharma

Manuscript Type

Empirical.

Research Question/Issue

We examine how the combined presence of women in multiple levels of strategic leadership, including gender-diverse boards, affects firm accounting performance.

Research Findings/Insights

Our meta-analysis of 273 effect sizes across various hypotheses expands research on women in upper echelons by showing that gender-diverse boards are positively related to gender spillovers, that is, the appointment of female executives. Most importantly, our work demonstrates that gender spillovers mediate the relationship between board gender diversity and firm performance, indicating there are joint effects of women leaders when serving at various levels of the organization simultaneously. We also find that the size of gender-diverse boards negatively affects gender spillovers to the level of executives.

Theoretical/Academic Implications

Our research highlights interdependencies between gender diversity at different organizational levels and the distinct contribution of women directors. We draw attention to the role of gender spillovers as a mechanism that helps explain how the appointment of women directors benefits firm performance. Our findings broadly contribute to upper echelons theory.

Practitioner/Policy Implications

This study emphasizes that increasing the representation of women on boards can advance the cause of women at other levels of strategic leadership. Furthermore, if women are in multiple levels of strategic leadership at the same time, this can lead to improved firm performance.

研究结果/见解我们对各种假设的 273 个效应大小进行了元分析，结果表明，性别多元化董事会与性别溢出效应（即女性高管的任命）呈正相关，从而扩展了有关女性高层的研究。最重要的是，我们的研究表明，性别溢出效应是董事会性别多元化与公司业绩之间关系的中介，这表明女性领导者同时在组织的不同层面任职会产生联合效应。我们还发现，性别多元化董事会的规模会对高管层面的性别溢出效应产生负面影响。理论/学术意义我们的研究强调了不同组织层面的性别多元化与女性董事的独特贡献之间的相互依存关系。我们提请人们注意性别溢出效应作为一种机制的作用，它有助于解释任命女性董事如何有利于公司业绩。本研究强调，提高女性在董事会中的代表性可以促进女性在其他战略领导层的发展。此外，如果女性同时担任多个层面的战略领导职务，也会提高公司业绩。

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引用次数: 0

Lead Independent Directors and Internal Information Environment 首席独立董事和内部信息环境

IF 4.6 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review

Pub Date : 2024-04-10 DOI: 10.1111/corg.12582

Mansoor Afzali, Vasiliki Athanasakou, Siri Terjesen

Research Question/Issue

This study explores the relationship between the presence of a lead independent director (LID) and firms' internal information environment. LIDs are elected independent members of the board who perform key duties for the independent directors and the board, including reviewing and approving board meeting agendas, chairing non-executive board meetings, and acting as a liaison between the CEO and other independent directors. We hypothesize that LID presence lowers information barriers between the CEO and the rest of the board members, enabling more rapid information acquisition and integration and enhancing the internal information environment of the firm.

Research Findings/Insights

Using a sample of US publicly listed companies from 2001 to 2019, we document that LID presence on the board is positively associated with proxies of internal information quality that reflect better information acquisition and information integration: accuracy and precision of management earnings forecasts, speed of earnings announcement, and absence of material weaknesses in internal controls. These results are robust to alternative model specifications, including entropy balancing, Heckman two-step correction for self-selection bias, firm fixed effects, and placebo tests. Further analyses suggest that LIDs with financial expertise and audit committee memberships are more effective in positively influencing internal information quality. We also show that LID presence is positively associated with several proxies of external information quality.

Theoretical/Academic Implications

We build on agency theory to argue that LIDs improve internal information quality by reinforcing the information quality benefits of unified leadership while mitigating potential compromises in information quality arising from entrenchment. Similarly, we use arguments emanating from the novel strategic leadership systems theory to posit that a LID appointment facilitates the tasks of the CEO and the board, enhancing the effectiveness of both groups in their respective roles: the CEO in making operating and investment decisions and the board in strengthening oversight while bringing cohesion in their shared role of strategy visioning and implementation.

Practitioner/Policy Implications

Our findings suggest that there is scope for shareholders to consider LID appointments as an addition to their firms' corporate governance structures t

研究问题本研究探讨首席独立董事（LID）的存在与公司内部信息环境之间的关系。首席独立董事是董事会中当选的独立成员，他们为独立董事和董事会履行重要职责，包括审查和批准董事会会议议程、主持非执行董事会会议，以及充当首席执行官和其他独立董事之间的联络人。我们假设，独立董事的存在降低了首席执行官与董事会其他成员之间的信息壁垒，从而能够更迅速地获取和整合信息，并改善公司的内部信息环境。研究结果/见解利用 2001 年至 2019 年的美国上市公司样本，我们记录了独立董事在董事会中的存在与反映更好的信息获取和信息整合的内部信息质量代用指标正相关：管理层盈利预测的准确性和精确性、盈利公布的速度以及内部控制中不存在重大缺陷。这些结果对其他模型规格是稳健的，包括熵平衡、Heckman 两步自我选择偏差校正、公司固定效应和安慰剂测试。进一步的分析表明，具有财务专业知识和审计委员会成员资格的 LID 在积极影响内部信息质量方面更为有效。理论/学术启示我们以代理理论为基础，认为 LID 通过加强统一领导对信息质量的益处，同时减轻因固化而对信息质量造成的潜在损害，从而提高了内部信息质量。同样，我们利用新颖的战略领导系统理论提出的论点，认为LID的任命有利于CEO和董事会的工作，提高两个群体在各自角色中的效率：CEO负责制定运营和投资决策，董事会负责加强监督，同时在战略构想和实施的共同角色中发挥凝聚力。政策制定者在通过监管指南推广公司治理最佳实践时，也可以鼓励在董事会中任命 LID。

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引用次数: 0

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