دانلود رایگان مقاله انگلیسی استقلال هیئت مدیره و عملکرد شرکت: اثر تعدیل کننده زمینه های سازمانی - الزویر 2018

ABSTRACT

This study proposes a new research approach to examine the relationship between board independence and corporate performance, measured by technical efficiency. Moreover, this paper examines the moderating role that institutional factors exert on this relationship through the legal system—the content of law and its enforcement. The research questions are examined using an international sample of 2185 firms from 2006 to 2015, applying truncated regression models for panel data and employing data envelopment analysis to examine efficiency as a measure of performance. This paper supports that board independence increases the firm's technical efficiency. Even more, greater legal and judicial protection exerts a positive moderating effect on the previous relationship by protecting private benefits for insiders, among other aspects. Thus, the positive impact of independent directors on efficiency is greater when firms operate in countries with a greater extent of law and enforcement. Our findings include endogeneity checks using instrumental variables.

5. Concluding remarks

This study aimed to examine the impact of independent directors on firm performance and the moderating effect of the institutional context based on the legal system of the country of origin. Employing an international sample for the period 2006–2015, this paper provides evidence of the positive effect of board independence on efficiency as a measure of corporate performance. Moreover, greater legal and judicial protection as an institutional factor exerts a positive moderating effect on the previous relationship by protecting private benefits to insiders, among other aspects.

This paper contributes to the previous literature in several ways. The results of previous research on the relationship between board composition in terms of independence and business performance have been mixed: some report a positive relationship, others a negative or even non-existent association. These investigations have usually been carried out in specific contexts, with particular legal and cultural characteristics, which are not necessarily generalizable to all countries. Thus, research that transcends such contexts and explores new contexts is justified, as it can reveal why there are contradictory results. This paper constitutes a novel proposal in that it not only contemplates the context in which the aforementioned relationship is developed, but also assumes it as a moderating variable of the relationship. Methodologically, in contrast to previous studies that represent board independence through the percentage of independent directors over the total number of directors (i.e. Cuadrado-Ballesteros et al., 2015; GarcíaSánchez et al., 2015; Terjesen et al., 2016), this paper adopts the Blau index (1977) as a means of representation. Moreover, to obtain the measure of efficiency as a means of assessing corporate performance, the DEA method is proposed, applying resampling and bootstrapping techniques as in Simar and Wilson (1998).