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Does board independence influence financial performance in IPO firms? The moderating role of the national business system

(2017) JOURNAL OF WORLD BUSINESS. 52(5). p.628-639
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Abstract
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.
Keywords
INITIAL PUBLIC OFFERINGS, RESEARCH-AND-DEVELOPMENT, INSTITUTION-BASED, VIEW, CORPORATE GOVERNANCE, OWNERSHIP STRUCTURE, POLITICAL CONNECTIONS, INTERNATIONAL-BUSINESS, DIRECTORS, CAPITALISM, MANAGEMENT, Corporate governance, Financial performance, Initial public offerings, Institutions, National business systems

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Citation

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Chicago
Zattoni, Alessandro, Michael A. Witt, William Q. Judge, Till Talaulicar, Jean Jinghan Chen, Krista Lewellyn, Helen Wei Hu, et al. 2017. “Does Board Independence Influence Financial Performance in IPO Firms? The Moderating Role of the National Business System.” Journal of World Business 52 (5): 628–639.
APA
Zattoni, A., Witt, M. A., Judge, W. Q., Talaulicar, T., Chen, J. J., Lewellyn, K., Hu, H. W., et al. (2017). Does board independence influence financial performance in IPO firms? The moderating role of the national business system. JOURNAL OF WORLD BUSINESS, 52(5), 628–639.
Vancouver
1.
Zattoni A, Witt MA, Judge WQ, Talaulicar T, Chen JJ, Lewellyn K, et al. Does board independence influence financial performance in IPO firms? The moderating role of the national business system. JOURNAL OF WORLD BUSINESS. New york: Elsevier Science Inc; 2017;52(5):628–39.
MLA
Zattoni, Alessandro, Michael A. Witt, William Q. Judge, et al. “Does Board Independence Influence Financial Performance in IPO Firms? The Moderating Role of the National Business System.” JOURNAL OF WORLD BUSINESS 52.5 (2017): 628–639. Print.
@article{8538510,
  abstract     = {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.},
  author       = {Zattoni, Alessandro and Witt, Michael A. and Judge, William Q. and Talaulicar, Till and Chen, Jean Jinghan and Lewellyn, Krista and Hu, Helen Wei and Gabrielsson, Jonas and Rivas, Jose Luis and Puffer, Sheila and Shukla, Dhirendra and Lopez, Felix and Adegbite, Emmanuel and Fassin, Yves and Yamak, Sibel and Fainshmidt, Stav and van Ees, Hans},
  issn         = {1090-9516},
  journal      = {JOURNAL OF WORLD BUSINESS},
  keyword      = {INITIAL PUBLIC OFFERINGS,RESEARCH-AND-DEVELOPMENT,INSTITUTION-BASED,VIEW,CORPORATE GOVERNANCE,OWNERSHIP STRUCTURE,POLITICAL CONNECTIONS,INTERNATIONAL-BUSINESS,DIRECTORS,CAPITALISM,MANAGEMENT,Corporate governance,Financial performance,Initial public offerings,Institutions,National business systems},
  language     = {eng},
  number       = {5},
  pages        = {628--639},
  publisher    = {Elsevier Science Inc},
  title        = {Does board independence influence financial performance in IPO firms? The moderating role of the national business system},
  url          = {http://dx.doi.org/10.1016/j.jwb.2017.04.002},
  volume       = {52},
  year         = {2017},
}

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