An Empirical Research on the Relationship between Board of Directors Governance and Corporate Performance of Chinese Public Companies

Board of directors is an important component part of corporate governance. As a governance mechanism, we empirically study relationship among the scale of the board of directors, the structure of the board of directors and the duality leadership structure with corporate performance in Chinese public companies. The result shows that the smaller scale of the board of the directors is, the better performance is. With the ownership structure changing better, the structure of the board of directors will change better and promote the performance. The duality leadership structure doesn＇t affect the corporate performance. The fundamental method for the governance effectiveness of the board is to set up the reasonable ownership structure and the marketing mechanism for occurrences in human .

A Study of the Role of the Board of Directors in Corporate Governance Based on UK Listed Companies

Companies are directed and controlled by corporate governance.It acts on the company internally and externally.The board of directors is responsible for the governance of the company;that is to say,the board of directors is the brain of the company,while corporate governance is the blood distributed throughout the company,which not only supplies blood to the whole,but also reflects the situation.Therefore,with regard to the role of the board of directors in corporate governance,this paper objectively analyzes the importance of the board of directors in corporate governance from theory to practice and from the internal composition of the board of directors to the impact of the board’s actions on the enterprise as a whole based on United Kingdom(UK)listed companies.

A study on directors＇ remuneration and board committee in Malaysia

Researches on company directors＇ remuneration and its links with firms＇ performance and corporate governance have drawn wide attention as stakeholders are interested to find out whether directors received the right package of remuneration and whether it is always in line with the firm＇s performance and corporate governance policy. However, there is a lack of study examining the impact of specific board committee on directors＇ remuneration, particularly in emerging capital and financial market. This study, involving 120 Malaysian public listed companies, aims to examine this association. The study employs descriptive analysis, Pearson＇s correlation test and multivariate stepwise statistical technique. The result of the study indicates that there is a positive relationship between directors＇ remuneration with board executive committee, remuneration committee, nomination committee and corporate governance committee. The result also indicates negative relationship between directors＇ remuneration with employees share option scheme committee. However, all these associations are not significant, except ownership structure that is used as a control variable. This result prompts a need to reexamine the effectiveness of corporate governance practice through establishment of board committee in determining directors＇ remuneration.

Impact of Multiple Directorships on Performance for Companies Listed on the Johannesburg Stock Exchange （JSE）

The study investigates the plausible link between multiple directorships and company performance for Johannesburg Stock Exchange （JSE） listed companies in South Africa. This study also interrogates whether companies with busy boards perform better or worse than non over-boarded companies. The incidence of multiple directorship on JSE is low, therefore the hypothesis is rejected at 5%. Over-boarded company directors attend significantly less board meetings. The Pearson correlation between connectedness and log-transformed financial ratios is not significant between all the six financial ratios. The study finds no difference in performance between over-boarded and non over-boarded companies, and no association between multiple directorships and company performance.

Directors＇ Board Characteristics and Audit Quality： Evidence From Belgium

This study investigates the relationship between board characteristics and external audit quality on a sample of 97 Belgian listed companies during the period 2003-2007. Board characteristics proxies are the composition of the board, its independence, its structure in terms of duality or independence and its diligence. Our results are consistent with board independence and size being complements with external audit, rather than substitutes

Board Effectiveness in Pharmaceutical Industry： The Case of TAPIC Pharmaceutical Group

Pharmaceutical industry plays a strategic role in economy of Iran. Corporate governance, in pharmaceutical companies as the very core of an organization, and the driving force of corporate leadership, plays a significant role in business success and overall productivity of the firms. As yet, the characteristics, factors causing success and failure of core governance in Iranian pharmaceutical industry have remained unsearched. Furthermore, the applicability of western theories and models to the traditional societies such as Iran are largely unknown. This study is an attempt to explore the pattern of board effectiveness and firm performance in Iranian pharmaceutical industry and suggesting an alternative good governance model suitable to apply to less developed countries （LDC） pharmaceutical industry, with emphasis on Iranian context. After An intensive literature review the model suggested by Ingley and Van der Walt （2001） was found to be more comprehensive, practical and suitable for this study. However, after empirical evaluation further development to the model to fit the pharmaceutical industry and the context of LDCs, especially Iran, is suggested. Empirically the paper stands upon a rich database consisting of Tamin Active Pharmaceutical Ingredients Investment Company （TAPIC） and its 11 subsidiary companies which are treated as 11 mini-cases. Data were collected by document analysis, questionnaire and interviews. Since two of the authors have many years experience as managers in the same industrial group, we got access to rich information that normally are not accessible to researchers in less developed countries. The results suggest some improvements to the earlier models and show that the pattern of board effectiveness in Iranian pharmaceutical industry can be influenced by： （1） Internal factors including： （a） board members, the personality and background, （b） board composition, which is influenced by selection criteria, Tribalism, interpersonal relationship and belonging to the same ideological group, （c） board interactions, and （d） power distribution in the board, which is influenced by parenting power in holding companies. All internal factors are directly or indirectly affected by political issues as well as socio-cultural forces. （2） External factors including： （a） industrial complexity and the nature of industry, （b） industrial ethos, （c） legislation, and political forces, （d） economy, which the last two factors are influenced by international environment as well.

Professional Board Members and Firm＇s Performance

This paper explores the connection between company director membership of a professional institute of directors and the financial performance of their companies. Prior research has established links between various governance variables and financial performance, and this study extends this work to the realm of professional directors. It is timely in New Zealand to ask whether directors need to be members of a professional body as the financial markets authority is now prosecuting directors of failed companies and has promulgated new regulations concerning the offering of financial advice. Would directors who are bound by an ethics code and committed to ongoing professional development be good for shareholders？ The issue whether membership enhances financial performance is addressed in this paper. An ordinary least square regression was employed and a statistically significant positive relationship among boards that had institute of director （IOD） members and financial performance was found.

商务印书馆董事会研究

研究商务印书馆董事会制度的成就与不足,为当代出版企业制度建构提供参考借鉴。文章对商务印书馆董事会的建立与运行机制进行考察,梳理商务印书馆董事、董事会及其制度、历任董事会主席等方面信息,指出商务印书馆董事会作为其现代企业制度的重要一环,在商务印书馆的发展中发挥了重要作用。提出商务印书馆作为探索者,其运作和发展印证了其体制的合理性和适用性;作为试错者,其董事会与经理层交叉过多、董事会主席基本非专职、董事会与经理层的权力难以制衡等不足,为当代出版企业在制度建构时的探索创新提供参考和借鉴。

外部监督制度创新与国有企业治理——基于检察行政公益诉讼制度试点的准自然实验

国有企业治理能力是国家治理能力的重要组成部分,与实现国家治理体系和治理能力现代化息息相关。以2008—2017年上市公司为研究样本,基于检察行政公益诉讼制度试点这一准自然实验,使用双重差分法研究外部监督制度创新是否以及如何影响国有企业的治理水平。研究发现,外部监督制度创新能够提升国有企业的治理水平,尤其对位于副省级以下城市或受金融市场扭曲影响较弱的国有企业,外部监督创新对治理水平的提升作用更为显著。外部监督制度创新可以通过优化股权结构和弱化政府干预力度提升国有企业的治理水平,而良好的市场中介发育与法治环境能够助推外部监督制度创新对国有企业治理水平的提升效果。进一步分析发现,外部监督创新在提升国有企业治理水平后会带来股票回报和公司价值的改善。据此建议持续改进公益诉讼制度建设,加大制度执行力度;重视改善外部治理环境,推动外部监督工作收益最大化。

The effects of corporate governance compliance on market valuation in Malaysia

This study investigates the effects of corporate governance compliance on market valuation in Malaysia using a sample of 164 companies listed on the Main Board in Bursa Malaysia from 5 different industries （consumer, trading ＆ services, industrial, constructions and properties） within 2001 to 2005. Throughout, this study will use correlation and regression analysis in the SPSS software to determine the effects of corporate governance practices on Market Valuation. In analyzing firms＇ market valuation, we will use the Tobin＇s Q formula and for the corporate governance compliance, we will look at 4 criteria to compare with market valuation, which are （1） Board of Director＇s composition, （2） Board of Director＇s remuneration （salaries）, （3） Board of Director＇s training and development, （4） Board of Director＇s meeting. In order to determine the effects between the corporate governance compliance and market valuation, we will use regression analysis. Based on the correlation analysis, the first null hypothesis must be rejected and the alternative hypothesis is accepted, in which dependent variable and independent variables are significantly correlated with BOD remuneration and BOD training availability. Overall, there is a significant relationship between Tobin＇s Q and independent variables （BOD remuneration and BOD training）. This study also recommends that for the company who did not comply with the code, they should follow the best practice because it will be a pivotal weapon in facing with the fierce competition in era globalization.

Board Characteristics and Firm Performance

Based on agency theory, the importance of corporate governance is to reduce agency conflicts between those who control and those who own the residual claims in a firm. In other words, corporate governance as a mechanism helps to align management＇s goals with those of the stakeholders that are to increase firm performance. Since, the value creation of corporate governance can be measured through the firm performance; the aim of this study is to answer this question： ＂is there any relationship between corporate governance and firm performance？＂ Therefore, the four board characteristics that are of interest in this study are board independency, CEO duality, ownership structure, and board size. Based on a randomly selected sample of companies listed on Bursa Malaysia and applying the linear multiple regression as the underlying statistical tests, it is found that CEO duality has a negative relationship with firm performance---Return on Equity （ROE） and Return on Asset （ROA）, but there is no significant relationship among board independency, board size, and ownership structure as independent variables and firm performance as dependent variable.

非CEO高管独立性的治理效应——基于审计定价的证据

从高管团队内部治理角度出发,当非CEO高管相对于CEO具有较强的独立性时,可以对CEO的不当行为发挥“自下而上”的制约与平衡作用。基于会计信息外部监督者的视角,通过考察会计师事务所对客户非CEO高管独立性的反应,来揭示企业非CEO高管独立性的治理效应。研究发现:非CEO高管独立性越高,则会计师事务所的审计定价越低。机制检验表明,上述结果主要因企业财务报表错报风险和经营风险下降导致。此外,当非CEO高管约束能力更强时,非CEO高管独立性能够更加有效地发挥治理效应,进而降低事务所的审计定价;且这一关系在董事会监督效率较低、事务所类型为“非十大”的企业当中尤为明显。进一步研究表明,非CEO高管独立性提高了企业收到标准无保留意见的概率;而且即使审计定价降低,审计质量也并未下降。研究结论为明晰非CEO高管独立性的治理机制提供了重要依据,对于上市公司优化管理层结构以及事务所进行审计决策具有一定的借鉴意义。

Study on the Current Implementation Situation of the Independent Director System in China＇s Listed Companies

The independent director system, as an effective measure to improve the corporation governance structure of China＇ s listed companies, is focused by more and more people at the capital market. In this paper, the proportion of independent directors in the board of directors, and the actual condition, compensation, and duties performing of independent directors are analyzed by taking A-share listed companies in Shanghai Stock Exchange as an example, so that the current implementation situation of the independent director system in China＇ s listed companies is analyzed deeply through the empirical method. Finally, suggestions for its imorovement are orooosed.

董事会断裂带与企业全要素生产率

作为公司治理的核心,董事会做出的决策是否科学决定了企业生产效率。以中国沪深A股2008—2020年上市公司为样本检验了董事会断裂带对企业全要素生产率的影响。结果显示:董事会断裂带在提升企业全要素生产率方面具有显著正向作用。然而,当董事长兼任公司总经理时,董事会断裂带对企业全要素生产率的促进作用会受到抑制。从内部环境角度来看,董事会断裂带对企业全要素生产率的影响在内部控制质量较高以及在国有企业中更显著。从外部环境来看,董事会断裂带对企业全要素生产率的影响在市场化程度较高地区的企业中更显著。

政府作为外部利益相关者的治理参与提升董事会监督有效性了吗——来自两类代理成本的证据

作为公司治理机制设计的核心,有效的董事会监督能够抑制代理成本。董事会监督的有效性很大程度上取决于其独立性,并且外部利益相关者的治理参与也有着重要影响。以2012—2020年间沪深股市非金融类公司为样本,关注董事会监督与两类代理成本之间的关系,重点考察政府作为公司最重要的外部利益相关者,其治理参与对董事会监督与代理成本间关系的影响。结果发现,随着董事会监督的加强,两类代理成本趋于降低,政府作为外部利益相关者的治理参与,进一步强化了董事会监督的有效性并降低了代理成本。

董事高管责任保险对数字化转型影响的实证分析

数字经济在国民经济中的地位不断增强,其微观着力点主要在于企业数字化转型。为探究董事高管责任保险的引入对数字化转型的影响,以2007—2021年我国4515家A股上市公司36052个观测值为样本,进行了实证检验,研究表明董事高管责任保险的引入促进了企业数字化转型程度。进一步分析发现,董事高管责任保险对数字化转型的促进作用在内部治理水平高、外部监督水平高以及市场化程度高时更为显著。研究结论为董事高管的激励监督说提供了实验证据,为企业如何在微观层面上采取措施促进数字化转型提供了经验证据。

我国国有企业外部董事制度研究

外部董事制度是我国国有企业规范董事会建设的关键性制度安排,也是完善国有企业法人治理结构的重要组成部分。用好、用活外部董事制度,直接关系着国有企业董事会能否有效发挥积极作用。文章围绕国有企业外部董事制度在实践探索中的必要性,分析总结当前国有企业外部董事制度在运行过程中存在的不足,并结合国有企业改革实际,从拓宽外部董事来源途径,强化外部董事日常监督管理,畅通外部董事信息渠道,优化外部董事薪酬制度和健全外部董事法律法规等提出一些切实可行的优化对策。

管理层过度自信、董事会治理与公司绩效——沪深A股4212家上市公司的经验研究

本文以过度自信理论为研究视角,收集沪深A股上市公司2010—2019年的数据作为研究样本,在文献综述的基础上提出假设,并用统计数据进行验证,探究管理层过度自信对公司绩效会产生何种影响,以及董事会治理在其中如何起调节作用。结果表明,管理层过度自信与公司绩效呈现负相关关系;从董事长和总经理两职合一以及管理层规模扩大两个方面来看,管理层过度自信对公司绩效的负面影响程度可能加深;独立董事比重的增加并不能显著削弱管理层过度自信对公司绩效的负面作用。最后,依据相关变量的回归结果,本文得出总体结论并提出有关建议。

自愿性信息披露与公司治理：董事会功能与大股东行为

董事会功能发挥对于自愿性信息披露具有重要的作用。根据我国上市公司2004年数据,独立董事规模、财会专业背景独立董事比例、金额最高的前3名高管薪酬对自愿性信息披露产生正向影响;董事会越稳定,公司自愿性信息披露水平越高。股权集中度越高,自愿性信息披露水平越低。这一结论说明我国上市公司有必要加强董事会建设,制衡大股东的控制权,以提高信息透明度和董事会治理效率。

公司治理、董事会行为与经营绩效

本文对 1 996年 1 2月 3 1日以前上市的 3 66家A股公司 (包括同时发行B股 )进行了实证研究 ,结果表明 ,在企业绩效下降之后董事会的活动通常会增加。我们还发现在具有董事会非正常活动频率较高的年度及其以后年度 ,企业的经营绩效会得到微弱的改进 ,这在一定程度上表明了董事会会议对于公司治理的涵义。但是 ,这一实证结果却未能有力地证明Nikos(1 999)的结论 ,即董事会的活动 (通过董事会的会议频率加以计量 )是董事会参与公司治理的一个重要方面 ,从而间接地说明了我国上市公司董事会行为的低效率。