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

Alessandro Zattoni, Michael A. Witt, William Q. Judge, Till Talaulicar, Jean Jinghan Chen, Krista Lewellyn, Helen Wei Hu, Jonas Gabrielsson, Jose Luis Rivas, Sheila Puffer, et al. (2017) JOURNAL OF WORLD BUSINESS. 52(5). p.628-639
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.
Please use this url to cite or link to this publication:
author
organization
year
type
journalArticle (original)
publication status
published
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
journal title
JOURNAL OF WORLD BUSINESS
J. World Bus.
volume
52
issue
5
pages
12 pages
publisher
Elsevier Science Inc
place of publication
New york
Web of Science type
Article
Web of Science id
000412267100003
ISSN
1090-9516
1878-5573
DOI
10.1016/j.jwb.2017.04.002
language
English
UGent publication?
yes
classification
A1
copyright statement
I have transferred the copyright for this publication to the publisher
id
8538510
handle
http://hdl.handle.net/1854/LU-8538510
date created
2017-11-22 11:39:11
date last changed
2017-11-27 13:31:58
@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},
}

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.