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2017 (English)In: Journal of world business (Print), ISSN 1090-9516, E-ISSN 1878-5573, Vol. 52, no 5, p. 628-639Article in journal (Refereed) Published
Abstract [en]
Prior evidence suggests that board independence may enhance financial performance, but this relationship has been tested almost exclusively for Anglo-American countries. To explore the boundary conditions of this prominent governance mechanism, we examine the impact of the formal and information institutions of 18 national business systems on the board independence-financial performance relationship. Our results show that while the direct effect of independence is weak, national-level institutions significantly moderate the independence-performance relationship. Our findings suggest that the efficacy of board structures is likely to be contingent on the specific national context, but the type of legal system is insignificant. © 2017 Elsevier Inc.
Place, publisher, year, edition, pages
Kidlington: Pergamon Press, 2017
Keywords
Corporate governance, Financial performance, Initial public offerings, Institutions, National business systems
National Category
Business Administration
Identifiers
urn:nbn:se:hh:diva-35412 (URN)10.1016/j.jwb.2017.04.002 (DOI)000412267100003 ()2-s2.0-85028502930 (Scopus ID)
2017-11-132017-11-132017-11-15Bibliographically approved