Consejos De Administración Y Eficiencia De La Empresa: Efecto De La Pertenencia a Múltiples Consejos (Boards of Directors and Firm Performance: The Effect of Busy Directors in Spain)

2012 ◽  
Author(s):  
Félix J. López-Iturriaga ◽  
Ignacio Morrós-Rodríguez
Keyword(s):  
Firm Performance ◽  
Boards Of Directors

Board gender diversity: performance and risk of Brazilian firms

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mauro Mastella ◽  
Daniel Vancin ◽  
Marcelo Perlin ◽  
Guilherme Kirch
Keyword(s):  
Firm Performance ◽  
Boards Of Directors ◽  
Gender Diversity ◽  
Ordinary Least Squares ◽  
Firm Risk ◽  
Content Type ◽  
Study Approach ◽  
Female Presence ◽  
Board Gender Diversity ◽  
The Impact

Purpose This study aims to intend to check if female board representation affects performance and risk and to analyse the evolution of the demographic aspects of the presence of women on boards in Brazil. Design/methodology/approach The authors used a sample of 150 Brazilian publicly traded companies from 2010–2018, with different measures of firm performance, firm risk and women’s presence on the board. The study approach is based on a set of ordinary least squares, quantile and panel data regressions. Findings The presence of women on the board has a positive effect on all of our accounting and market performance measures. However, the result of the impact on risk is not conclusive. The study also found that the number of females on the board has a more significant effect at the lower levels of firm performance measured by return on equity, but at the higher levels when measured by Tobin’s Q. Regarding return on assets, the more significant effect happened on the extremes of the performance distribution. The study findings point that market investors place more value in female presence on the board than in director positions. Originality/value By estimating the impact of women’s presence on the boards of directors in firm performance and risk, this study aimed to verify this impact in different aspects of the company. In addition, the authors did so in a sample with many years, making it possible to evaluate the historical evolution of the feminine presence in the boards of administration as well as in the groups of directors, assisting Brazilian legislators with new evidence about the possible impacts of Draft Law 7179/2017.

scholarly journals The decrease in diversification and corporate governance: evidence from Japanese firms

2009 ◽  
Vol 6 (4) ◽  
pp. 28-39
Author(s):  
Hidetaka Aoki
Keyword(s):  
Firm Performance ◽  
Capital Market ◽  
Firm Value ◽  
Boards Of Directors ◽  
Manufacturing Firms ◽  
Business Units ◽  
Unrelated Diversification ◽  
Japanese Firms ◽  
Bubble Economy ◽  
Main Bank

This paper analyzes the effects of firm performance and governance factors on the decrease in diversification of Japanese firms in the 1990s. We focus on the cases of the decrease in diversification, because many previous studies proved that diversification caused firm value discount. Adjusting an excessive unrelated diversification would be an important topic, because the problems of low synergy between business units, inefficiency in management and so on were more serious in this type of diversification. The findings of this study are as follows. In the first half of the 1990s, immediately after the collapse of bubble economy, lower firm performance and main bank relationship encouraged firms to decrease the level of diversification of their businesses. On the other hand, in the latter half of the 1990s when the decrease in diversification itself was activated, higher performing non-manufacturing firms and manufacturing firms with lower profitability but facing higher growth in their main business tried to decrease diversification in order to strengthen the competitiveness in main businesses. Also, this kind of decrease in diversification was supported by the governance characteristics such as insider majority smaller boards of directors and the pressure from capital market.

New Directions in Corporate Governance and Finance: Implications for Business Ethics Research

2010 ◽  
Vol 20 (4) ◽  
pp. 673-694 ◽  
Author(s):  
Lori Verstegen Ryan ◽  
Ann K. Buchholtz ◽  
Robert W. Kolb
Keyword(s):  
Corporate Governance ◽  
Firm Performance ◽  
Business Ethics ◽  
Boards Of Directors ◽  
Financial Regulation ◽  
Academic Fields ◽  
Board Processes ◽  
Ethics Research ◽  
New Directions ◽  
The Impact

ABSTRACT:Corporate governance and finance are dynamic academic fields that offer myriad opportunities for business ethics analysis. Within the corporate governance triad in recent years, shareholders have increased their power over boards of directors and executives through both regulation and movements to change corporate by-laws. The impact of board characteristics on firm performance has proven elusive, leading to questions concerning board processes and individual director beliefs and behaviors. At the same time, CEOs have lost considerable power, leaving many struggling to regain their control and maintain their compensation levels, while others adopt a stewardship approach to their posts. In the field of finance, the recent financial debacle has led to a reexamination of financial regulation and of the fundamental nature and purpose of the industry. All of these issues provide business ethicists fodder for investigation and analysis.

scholarly journals Board of directors, capital structure, investment decisions and firm-performance: An empirical study of Nordic firms

2020 ◽  
Vol 17 (4, Special Issue) ◽  
pp. 377-390
Author(s):  
Shab Hundal ◽  
Anne Eskola
Keyword(s):  
Principal Component Analysis ◽  
Corporate Governance ◽  
Firm Performance ◽  
Capital Structure ◽  
Corporate Finance ◽  
Board Of Directors ◽  
Boards Of Directors ◽  
Investment Decisions ◽  
Principal Component ◽  
The Impact

Firms’ financing, boards of directors’ characteristics, investments, and firm-performance (financial and non-financial) occupy a pivotal place in corporate finance and corporate governance literature. The current study explores if causalities between the abovementioned four distinct albeit inter-related phenomena follow any pattern. The data comprising of 1240 firm-years belonging to Finland, Norway, Sweden, and Denmark for the period of 2003 to 2018 have been analyzed by applying multivariate linear regression and principal component analysis. The findings show that the impact of boards of directors’ characteristics is stronger on capital structure, however, weaker on investments and financial performance. The major contribution of the article is creating a set orderly and sequential causalities between financing, boards of directors’ characteristics, investments, and firm-performance.

scholarly journals Impact of gender and ethnic composition of South African boards of directors on intellectual capital performance

2006 ◽  
Vol 2 (1) ◽  
pp. 7-22 ◽  
Author(s):  
Mitchell Van der Zahn
Keyword(s):  
Firm Performance ◽  
South African ◽  
Intellectual Capital ◽  
Boards Of Directors ◽  
Positive Association ◽  
Positive Influence ◽  
Ethnic Composition ◽  
Inside Directors ◽  
Negative Effect ◽  
Using Data

This study examines the association between the gender and ethnic composition of boards of directors and firm performance in a transitional nation. In contrast to prior research that largely focuses on firm performance within a financial context, this study concentrates on intellectual capital performance. Using data collected from 84 South African, empirical results indicate a positive association between the percentage of female and non-white directors on the board and a firm’s intellectual capital performance. Additional analysis shows the designation of female directors as an insider has a negative effect of intellectual capital performance. Designation of female and non-white directors as outsiders, meanwhile, has a positive influence on a firm’s intellectual capital performance. Finally, there was no association between the percentage of non-white inside directors on the board and intellectual capital performance.

scholarly journals Corporate law, board practices and value creation: Spanish evidence

2019 ◽  
Vol 1 (2) ◽  
pp. 8-20
Author(s):  
Elena Merino ◽  
Montserrat Manzaneque
Keyword(s):  
Firm Performance ◽  
Boards Of Directors ◽  
Relevant Literature ◽  
Gender Diversity ◽  
Board Governance ◽  
Corporate Board ◽  
Strategic Design ◽  
The Board Of Directors ◽  
The Impact ◽  
The Relationship

Previous research suggests that boards of directors influence firm performance due to their role in activities such as strategic design and its implementation. From this perspective, many corporate governance researchers have tried to demonstrate empirically the impact of board characteristics on firm performance in different contexts. In this context, the objective of this work is to disclosure proven relationships between board governance variables and firm performance based on an analysis of relevant studies in Spain. Before a review of the relevant literature, we provide a legal overview of Spanish corporations and an analysis of corporate board practice in Spain (paying special attention to the composition of the boards of directors, the duality of the CEO and Chairman, gender diversity on boards and directors with multiple directorships). Following this, the analysis of the literature was carried out. The results show that in the majority of studies independent directors and CEO/Chairman duality have no relationship with firm performance. However, the proportion of women on the board of directors does show a positive relationship with firm performance. For the variable busy director, no conclusion can be established because the evidence found is scarce. We can conclude, therefore, that as a result of the inconclusive results as well as the scarcity of the study of some aspects for this field of study, further research on the relationship between the board and firm performance is necessary in the Spanish context.

scholarly journals A Thematic Review on Composition of Board of Directors (BOD) and Its Impact on Performance

NCC Journal ◽  
2018 ◽  
Vol 3 (1) ◽  
pp. 65-70
Author(s):  
Dipti Dhungel
Keyword(s):  
Corporate Governance ◽  
Firm Performance ◽  
Board Of Directors ◽  
Boards Of Directors ◽  
Corporate Boards ◽  
Corporate Governance Mechanisms ◽  
Thematic Review ◽  
And Performance ◽  
Main Component ◽  
The Relationship

This thematic paper has been prepared to find out how the composition of Board of Directors makes impact on performance of firms. To find this impact, the articles published in international journals have been reviewed. In addition to this detailed study of the legislator, the provision regarding composition of BOD in Nepal was made as stated in BAFIA and Company Act. The Board of Directorsis the elected members among the shareholders who could best represent the interest of each and every member. Corporate boards are one of the, if not the most important, internal corporate governance mechanisms that monitor and advise management in fulfilling the mandate to protect shareholder interests.There is still much debate as to the relationship between firm performance and boards of directors, which are arguably the main component of corporate governance.The thematic review concludes that the relationship between BOD and performance was not found on the basis of existing literature reviewed. Thus, the study opened the ground for the researcher to test this empirically.NCC JournalVol. 3, No. 1, 2018, Page: 65-70

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