董事会结构影响公司业绩归因过程的机理分析

An Analysis of the Attribution Processes of the Structure of Board of Directors' Effect on Firm Performance

董事会的主要职责是监督评估公司的经营管理活动 ,以确保CEO维护公司股东的利益。本文综合运用公司治理理论与归因理论 ,分析董事会结构对公司业绩归因过程的影响。分析表明 :由于内部董事和外部董事都存在自身的局限 ,内部董事往往把公司的绩效不佳归咎于外部环境因素 ;而外部董事则运用特定的信息提示 ,把原因归于外部环境因素或CEO本身。对公司业绩的归因分析有助于董事会作出一些包括CEO去留问题的重大决策。

One of the primary responsibilities of a board of directors is to assess management practices and to make sure that the CEO is consistent with the interests of shareholders. This paper integrates corporate governance theory with attribution theory to examine the processes by which board structure affects firm performance. The results show that both inside directors and outside directors have limitations. Inside directors are more likely to consistently attribute poor performance to industry or environmental factors; outside directors will use specific informational cues to attribute poor performance either to industry/environmental factors or to CEO. The analysis of attribution processes of firm performance is of help to important board decision.