Toward an alternative measure of board diversity: an exploratory study on board polarization in German stock exchange-listed companies

IF 2.4 4区 管理学 Q3 MANAGEMENT
Johann Valentowitsch, Michael Kindig, Wolfgang Burr
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引用次数: 0

Abstract

Purpose

The effects of board composition on performance have long been discussed in management research using fractionalization measures. In this study, we propose an alternative measurement approach based on board polarization.

Design/methodology/approach

Using an exploratory analysis and applying the polarization measure to German Deutscher Aktienindex (DAX)-, Midcap-DAX (MDAX)- and Small Cap-Index (SDAX)-listed companies, this paper applies the polarization index to examine the relationship between board diversity and performance.

Findings

The results show that the polarization concept is well suited to measure principal-agent problems between the members of the management and supervisory boards. We reveal that board polarization is negatively associated with firm performance, as measured by return on investment (ROI).

Originality/value

This exploratory study shows that the measurement of board polarization can be linked to performance differences between companies, which offers promising starting points for further research.

董事会多样性的另一种衡量标准:关于德国证券交易所上市公司董事会两极分化的探索性研究
目的长期以来,管理研究中一直在讨论董事会组成对业绩的影响,并使用了分化测量法。本文通过探索性分析,并将极化衡量标准应用于德国 DAX 指数(Deutscher Aktienindex,DAX)、Midcap-DAX 指数(MDAX)和 Small Cap-Index 指数(SDAX)上市公司,应用极化指数来研究董事会多样性与绩效之间的关系。我们发现,以投资回报率(ROI)衡量,董事会两极分化与公司业绩呈负相关。原创性/价值这项探索性研究表明,董事会两极分化的衡量标准可与公司之间的业绩差异挂钩,这为进一步研究提供了良好的起点。
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来源期刊
CiteScore
5.40
自引率
9.70%
发文量
38
期刊介绍: The Baltic region has experienced rapid political and economic change over recent years. The challenges to managers and management researchers operating within the area are often different to those experienced in other parts of the world. The Baltic Journal of Management contributes to an understanding of different management cultures and provides readers with a fresh look at emerging management practices and research in the countries of the Baltic region and beyond.
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