Does board independence influence financial performance in IPO firms? The moderating role of the national business system
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Authors
Zattoni, AlessandroWitt, Michael A.
Judge, William Q.
Talaulicar, Till
Chen, Jean Jinghan
Lewellyn, Krista
Hu, Helen Wei
Gabrielsson, Jonas
Rivas, Jose Luis
Puffer, Sheila
Shukla, Dhirendra
Lopez, Felix
Adegbite, Emmanuel
Fassin, Yves
Yamak, Sibel
Fainshmidt, Stav
van Ees, Hans
Issue Date
2017-08-31
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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.Citation
Zattoni, A., Witt, M.A., Judge, W.Q., Talaulicar, T., Chen, J.J., Lewellyn, K., Hu, H., Gabrielsson, J., Luis Rivas, J., Puffer, S., Shukla, D., Lopez, F., Adegbite, E., Fassin, Y., Yamak, S., Fainshmidt, S., and Van Ees, H. (2017) 'Does board independence influence financial performance in IPO firms? The moderating role of the national business system', Journal of World Business, 52 (5), pp. 628-639.Publisher
ElsevierJournal
Journal of World BusinessAdditional Links
http://linkinghub.elsevier.com/retrieve/pii/S1090951617303681Type
Journal articleLanguage
enISSN
1090-9516ae974a485f413a2113503eed53cd6c53
10.1016/j.jwb.2017.04.002
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