A Process Model of Board Characteristics and Firm Financial Performance: A Meta-Analytic Structural Equation Modeling Approach

IF 5.4 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review Pub Date : 2026-07-10 Epub Date: 2026-04-29 DOI:10.1111/corg.70043

Dinesh Hasija, Aten Zaandam, Tatiana R. Stettler, Alan Ellstrand, Orhun Guldiken

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引用次数: 0

Abstract

Research Question/Issue

It has been over three decades since Zahra and Pearce's (1989) seminal work examined the influence of board characteristics on firm financial performance (FFP). However, several meta-analyses and numerous empirical studies have yet to establish a systematic relationship between board characteristics and FFP. This study extends previous research by investigating how board characteristics influence FFP through examining intervening mechanisms. We theorize that the distal relationship between board characteristics and FFP is mediated by board roles and strategic risk taking. Using meta-analytic data from 139 studies spanning 45,889 firms and applying meta-analytical structural equation modeling, we test several models that help us establish this theorized relationship.

Research Findings/Insights

Our findings indicate that while some statistically significant correlations exist between board characteristics and FFP, the effect sizes are too small to suggest any meaningful relationships. Instead, our results reveal that the board's engagement in monitoring and resource provision roles, as well as higher levels of strategic risk taking, plays a mediating role in this distal relationship. Our findings differentiate the impact of board monitoring and resource provision roles on FFP, emphasizing that boards prioritizing the resource provision role over the monitoring role are more likely to foster strategic risk taking and enhance FFP, whereas boards focusing more on monitoring than the resource provision role may inadvertently constrain strategic risk taking and impede FFP.

Theoretical/Academic Implications

Our study helps reconcile the debate between agency and resource dependence researchers who have previously examined the relationship between board characteristics and FFP. Our study suggests that there is indeed a relationship between board characteristics and FFP, although it is distal. Future scholars interested in studying this relationship should consider the intervening mechanisms underlying this relationship.

查看原文本刊更多论文

董事会特征与企业财务绩效的过程模型：一种元分析结构方程建模方法

自Zahra和Pearce（1989）研究董事会特征对公司财务绩效（FFP）的影响以来，已经过去了30多年。然而，一些荟萃分析和大量实证研究尚未建立董事会特征与FFP之间的系统关系。本研究扩展了先前的研究，通过考察干预机制来探讨董事会特征如何影响FFP。我们认为董事会特征与FFP之间的远端关系是由董事会角色和战略风险承担介导的。利用来自45,889家公司的139项研究的元分析数据，并应用元分析结构方程模型，我们测试了几个模型，这些模型有助于我们建立这种理论化的关系。研究结果/见解我们的研究结果表明，虽然董事会特征和FFP之间存在一些统计上显著的相关性，但效应量太小，无法表明任何有意义的关系。相反，我们的研究结果表明，董事会在监督和资源提供角色中的参与，以及更高水平的战略风险承担，在这种远端关系中起着中介作用。我们的研究结果区分了董事会监督和资源提供角色对FFP的影响，强调优先考虑资源提供角色而不是监督角色的董事会更有可能促进战略风险承担并提高FFP，而更注重监督而不是资源提供角色的董事会可能会无意中限制战略风险承担并阻碍FFP。理论/学术意义我们的研究有助于调和代理和资源依赖研究者之间的争论，他们之前已经研究了董事会特征和FFP之间的关系。我们的研究表明，董事会特征和FFP之间确实存在关系，尽管这种关系是远端的。未来有兴趣研究这种关系的学者应该考虑这种关系背后的干预机制。

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来源期刊

Corporate Governance-An International Review Multiple-

CiteScore

7.00

自引率

11.30%

发文量

期刊介绍： The mission of Corporate Governance: An International Review is to publish cutting-edge international business research on the phenomena of comparative corporate governance throughout the global economy. Our ultimate goal is a rigorous and relevant global theory of corporate governance. We define corporate governance broadly as the exercise of power over corporate entities so as to increase the value provided to the organization"s various stakeholders, as well as making those stakeholders accountable for acting responsibly with regard to the protection, generation, and distribution of wealth invested in the firm. Because of this broad conceptualization, a wide variety of academic disciplines can contribute to our understanding.