Independent directors and organizational performance: New evidence from a meta-analytic regression analysis
| Autor: | Igor Álvarez-Etxeberria, Eugenio Zubeltzu-Jaka, Eduardo Ortas |
|---|---|
| Jazyk: | angličtina |
| Rok vydání: | 2019 |
| Předmět: |
050208 finance
Renewable Energy Sustainability and the Environment business.industry media_common.quotation_subject Corporate governance corporate financial performance 05 social sciences Geography Planning and Development corporate governance Control variable Regression analysis Accounting Management Monitoring Policy and Law boards’ independence Organizational performance Independence meta-analysis 0502 economics and business meta-regression Relevance (law) Meta-regression Business Set (psychology) 050203 business & management media_common |
| Zdroj: | Zaguán. Repositorio Digital de la Universidad de Zaragoza instname Sustainability Volume 11 Issue 24 |
| Popis: | This study not only revisits, from a meta-analytic perspective, the influence of firms&rsquo boardroom independence on corporate financial performance, but also addresses the way that countries&rsquo social and institutional contexts moderate that connection. A meta-regression covering 126 independent samples reveals that firms&rsquo boardroom independence has a positive and negative effect on accounting and market-based measures of corporate financial performance, respectively. Further analyses reveal that while the firms&rsquo board independence-financial performance connection is stronger in non-communitarian societies, that relationship becomes weaker in countries with greater developed mechanisms to protect the interest of minority investors. These results are robust to different model specifications and to the presence of a set of methodological control variables. Our results are of outstanding relevance for companies&rsquo board composition processes by suggesting the way that corporations should actively re-balance the proportion of independent directors across different social and institutional contexts to ensure their financial success. |
| Databáze: | OpenAIRE |
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