Corporate Governance-An International Review最新文献

{"title":"Behind Closed Doors: How Boardroom Silence and Implicit Theories Shape Corporate Governance","authors":"Marilieke Engbers","doi":"10.1111/corg.70048","DOIUrl":"https://doi.org/10.1111/corg.70048","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>Why do directors, despite formal authority and oversight responsibilities, remain silent in the boardroom, and how does such silence shape governance outcomes?</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>Silence in boards is not a passive absence but a routinized governance practice. Drawing on a reflexive, abductive field study of 17 Dutch two-tier boards (113 directors), this study identifies three implicit silence logics—compliance, risk, and impact—which, when enacted in practice, function as theories-in-use guiding directors' decisions to withhold voice. These tacit “if–then” rules coexist and vary in salience depending on context, producing a recurring gap between espoused openness and enacted withholding. Awareness varies in degree, shaping whether silence remains taken for granted, is recognized in hindsight, or becomes reflexive. By comparing observed interaction with retrospective accounts, the study suggests that these theories combine into aligned or fragmented board-level climates.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>This study advances behavioral governance by theorizing silence as a performative, routinized practice and develops a multi-level account linking individual theories-in-use to collective boardroom climates, conditioned by varying levels of reflexive awareness.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>Boards can strengthen oversight by surfacing implicit rules, examining how procedural structures shape voice, and embedding reflexive practices that make silence discussable.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"34 5","pages":"1015-1035"},"PeriodicalIF":5.4,"publicationDate":"2026-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/corg.70048","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148904283","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Climate Contracting and Carbon Performance: Does Climate Governance Matter?","authors":"Hany Elbardan,&nbsp;Benjamin Awuah,&nbsp;Renata Konadu","doi":"10.1111/corg.70045","DOIUrl":"https://doi.org/10.1111/corg.70045","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>Despite the growing integration of environmental, social, and governance (ESG)-linked incentives in executive compensation contracts, empirical evidence on their effectiveness in driving substantive ESG outcomes remains inconclusive. This paper examines whether climate contracting leads to substantive improvements in corporate carbon performance and how climate governance moderates this relationship.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>Using actual firm-level carbon emissions, our findings reveal that climate contracting is associated with significant improvements in corporate carbon performance. This effect is more pronounced for direct (Scope 1) emissions, in carbon-intensive sectors, and among firms participating in emissions trading schemes (ETS). Moreover, the positive impact of climate contracting is amplified when supported by robust climate governance structures, underscoring the critical role of board oversight in ensuring the effectiveness of climate-linked incentives. These findings remain robust across alternative measurement and endogeneity tests.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>This paper reconciles the efficient contracting and managerial opportunism perspectives by showing that climate contracting can drive real environmental outcomes, particularly when reinforced by effective board-level climate oversight.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>Our findings offer practical insights for policymakers, boards, and investors, underscoring that both the design and governance of ESG-linked pay are critical for driving meaningful environmental outcomes. As global momentum builds around mandatory ESG-linked pay, this study highlights the value of outcome-specific climate metrics over broad, generic ESG targets in executive compensation arrangements.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"34 5","pages":"926-954"},"PeriodicalIF":5.4,"publicationDate":"2026-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/corg.70045","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148903704","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Managerial Ability Research: Mapping the Intellectual Structure and Journal Influence","authors":"Chandra S. Mishra","doi":"10.1111/corg.70047","DOIUrl":"https://doi.org/10.1111/corg.70047","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>The study examines how the rapidly expanding literature on managerial ability is intellectually structured and how governance mechanisms shape the value-creating versus discretionary effects of managerial ability. Despite extensive empirical work, managerial ability remains conceptually fragmented across efficiency, discretion, and agency-based perspectives, limiting cumulative theory development in corporate governance research.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>Using a comprehensive bibliometric analysis of Web of Science–indexed studies, we identify five dominant research clusters: foundations and measurement, corporate policies, risk and tail outcomes, governance and information environments, and strategic actions, innovation, and stakeholder orientation. The results show that governance-related research occupies a central bridging position in the literature, connecting performance- and risk-oriented streams. Collectively, the evidence reveals that managerial ability is associated with superior outcomes under strong monitoring and transparency, but with elevated discretion, risk, and opportunism under weak governance conditions.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>This study advances corporate governance theory by reconceptualizing managerial ability as a contingent, governance-sensitive resource rather than an unconditionally value-enhancing attribute. By integrating fragmented streams, the findings reconcile conflicting empirical results and highlight governance and information environments as critical boundary conditions. The study also demonstrates how bibliometric methods can inform theory building by uncovering latent structures and tensions within complex governance literatures.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>For boards, investors, and regulators, the findings suggest that hiring or retaining high-ability managers is insufficient without complementary governance mechanisms. Effective monitoring, incentive alignment, and disclosure regimes are essential to channel managerial ability toward long-term value creation and to mitigate downside risk. Policymakers should therefore consider governance quality and institutional context when evaluating the broader economic and social consequences of managerial talent.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"34 5","pages":"980-1014"},"PeriodicalIF":5.4,"publicationDate":"2026-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148904388","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Too Few to Fail? Customer Concentration and Digital Innovation","authors":"Wanyi Chen,&nbsp;Ying Wang,&nbsp;Xunan Feng,&nbsp;Hao Ren","doi":"10.1111/corg.70046","DOIUrl":"https://doi.org/10.1111/corg.70046","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>This study examines the impact of customer concentration on corporate digital innovation. It further investigates the underlying mechanisms and the conditions under which this effect varies.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>Using a panel of Chinese listed firms from 2015 to 2022, we find that higher customer concentration is associated with greater digital innovation. Mechanism analyses reveal three reinforcing channels: enhanced information transparency, stronger supply-chain management capabilities, and improved corporate governance, consistent with synergy effects. The positive association is more pronounced under higher economic policy uncertainty, greater customer switching costs, and stronger relational investments.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>This study extends the literature on customer concentration by identifying digital innovation as a distinct outcome shaped by buyer–supplier relationships. It further clarifies how relational dependence can be transformed into digital innovation through governance and coordination mechanisms, thereby advancing understanding of the supply chain's role in digital innovation.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>The findings suggest that firms can leverage concentrated customer relationships to support digital innovation by strengthening data sharing, coordination, and governance practices. For policymakers, improving customer disclosure systems and fostering collaborative supply-chain environments may help promote firm-level digital innovation and broader digital development.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"34 5","pages":"955-979"},"PeriodicalIF":5.4,"publicationDate":"2026-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148904342","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Effect of CEO Risk Tolerance on Pay Adjustment Decisions: Evidence From a Natural Experiment","authors":"Shuhui Wang,&nbsp;Mirko H. Benischke,&nbsp;Tazeeb Rajwani","doi":"10.1111/corg.70039","DOIUrl":"https://doi.org/10.1111/corg.70039","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>This study investigates how boards' preferences for CEO risk taking evolve over time. We examine how boards recalibrate CEO equity incentives in response to external shocks, using the recognition of the inevitable disclosure doctrine (IDD) as a natural experiment. Drawing on agency theory and the five-factor model of personality, we argue that compensation adjustments depend on the interaction between CEOs' dispositional risk preferences—proxied by extraversion—and prior firm performance.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>Analyzing a panel of US firms from 1992 to 2019, we find that boards are more likely to increase equity-based incentives for extravert CEOs following the recognition of the IDD. This effect is particularly pronounced in underperforming firms, suggesting that boards weigh the risks and rewards of incentivizing strategic risk taking differently based on firm context and CEO personality. These findings indicate that boards re-evaluate the cost–benefit calculus of equity incentives over time.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>Our findings challenge the static assumptions of traditional agency theory by demonstrating that boards dynamically update their compensation strategies in response to external shocks and CEO traits. This contributes to research at the intersection of agency theory and upper echelons theory, advancing a more nuanced view of CEO incentive alignment.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner Implications</h3>\u0000 \u0000 <p>Boards may improve incentive alignment by tailoring compensation not only to firm performance but also to CEO personality. Equity incentives may be especially effective for extravert CEOs in underperforming firms, where the potential upside of strategic risk taking is greater.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"34 4","pages":"782-802"},"PeriodicalIF":5.4,"publicationDate":"2026-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/corg.70039","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148522750","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Role of Governance and Delegation in Climate Change Transparency by European Pension Funds","authors":"Jesper Lindgaard Christensen,&nbsp;Konstantinos Eleftheriou,&nbsp;Paul John Marcel Klumpes","doi":"10.1111/corg.70041","DOIUrl":"https://doi.org/10.1111/corg.70041","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>We examine the key governance and delegated management factors that incentivize 50 large European pension fund organizations to align their climate reporting with the Task Force for Climate-Related Financial Disclosures (TCFD) guidelines. We also investigate whether variations in their climate risk transparency are further influenced by external pressures.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>We find that the degree of public climate change transparency is associated with a combination of (i) internal governance norm factors—especially the extent of delegation of key investment management and monitoring functions to outside professional organizations, and (ii) the governance structure of nonoccupational-based pension funds. Moreover, we find an impact from external pressures related to country/regulatory characteristics in which the pension funds are based.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>In contrast with standard corporate-focused legitimacy and stewardship explanations of socio-environmental accountability issues, trusteeship theory implies that pension fund organization managers care primarily about societal-wide issues concerning environmental accountability. We propose that trustee accountability for climate change involves a trade-off between the strength of internal governance norms and external pressures. Consistent with this prediction, we find that corporate governance structure norms of pension fund organizations have a critical impact on their propensity to engage with climate risk transparency.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>The findings provide unique insight into the mix of internal governance norms and external pressure incentives facing asset management organizations that support the operation of trust-based legal entities such as pension funds in providing public transparency on how they deal with risks and opportunities associated with climate change. The findings also inform the developing global public policy debate on whether pension funds should be subject to voluntary versus mandatory disclosure rules concerning their climate-related risks and opportunities.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"34 4","pages":"825-849"},"PeriodicalIF":5.4,"publicationDate":"2026-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/corg.70041","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148522942","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A Process Model of Board Characteristics and Firm Financial Performance: A Meta-Analytic Structural Equation Modeling Approach","authors":"Dinesh Hasija,&nbsp;Aten Zaandam,&nbsp;Tatiana R. Stettler,&nbsp;Alan Ellstrand,&nbsp;Orhun Guldiken","doi":"10.1111/corg.70043","DOIUrl":"https://doi.org/10.1111/corg.70043","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>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 <i>how</i> 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.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>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.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>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.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"34 4","pages":"874-896"},"PeriodicalIF":5.4,"publicationDate":"2026-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148522902","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Mitigating the Effects of CEO Overconfidence: A Group Information Processing Perspective","authors":"Jun Xu,&nbsp;Lin Li,&nbsp;Haibo Liu,&nbsp;Wanrong Hou,&nbsp;Qi Zhu","doi":"10.1111/corg.70044","DOIUrl":"https://doi.org/10.1111/corg.70044","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>This study explores the moderating effects of board network centrality on the relationship between CEO overconfidence and acquisition intensity.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>Using a panel of S&amp;P 1500 firms from 2002 to 2018, we find that CEO overconfidence is positively associated with acquisition intensity. This relationship is weakened when boards occupy more central positions in the interlocking director network. Furthermore, this mitigating effect is stronger when (1) connected firms exhibit greater variability in acquisition intensity, (2) directors maintain stronger internal social connections, and (3) boards have greater female representation.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>We conceptualize board network centrality as enhancing information access by exposing directors to non-redundant external experiences. However, access alone does not ensure effective oversight. The governance effect of centrality depends on internal processing conditions that facilitate information sharing, elaboration, and critical evaluation. By distinguishing information access from information-processing capacity, we provide a more precise explanation of how board networks shape responses to CEO overconfidence.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>Our findings indicate that effective oversight by the board of directors over overconfident CEOs requires both access to diverse external information and strong internal deliberation processes. Firms may benefit from constructing boards that combine strategic network positions with internal conditions that facilitate thorough evaluation of strategic decisions.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"34 4","pages":"897-921"},"PeriodicalIF":5.4,"publicationDate":"2026-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/corg.70044","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148522754","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Women's Representation on Boards and Board Processes: Curvilinear Relationships, Moderated by Board Chair Authentic Leadership","authors":"Claude Francoeur,&nbsp;Corinne Post,&nbsp;Samuel Sponem,&nbsp;Caroline Aubé","doi":"10.1111/corg.70040","DOIUrl":"https://doi.org/10.1111/corg.70040","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>We examine how women's representation on boards (WRB) shapes board processes (effort norms, cognitive conflict, and use of knowledge and skills) and how board chairs' leadership moderates those relationships. Our theory integrates insights from information processing theory with intergroup threat theory.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>Our survey of 731 directors across 95 boards shows that WRB helps board processes up to a point, after which the effect reverses. The inverted U-shaped relationships peak below gender parity, meaning benefits diminish before WRB reaches 50%. Boards led by more authentic chairs demonstrate better board processes <i>and</i> less variance in processes at different levels of WRB, likely because their directors perceive less threat and more psychological safety.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>This study (1) expands our understanding of how WRB shapes board processes, complementing prior research focused on firm-level outcomes and women's critical mass; (2) highlights unintended negative dynamics in upper-echelon teams as WRB tends toward parity; (3) identifies board chairs' authentic leadership as an explanation for variance in boards' ability to convert WRB into higher effort norms and better use of directors' knowledge and skills, contributing to research on leadership in diverse boards; (4) contributes to information processing theory by suggesting that high conflict-avoidance may represent an important boundary for the effectiveness of diversity in upper echelons; and (5) contributes to status threat theory by showing that the precise majority–minority tipping point may depend on what is at stake.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implication</h3>\u0000 \u0000 <p>Directors should remain vigilant to subtle biases and resistance as board diversity increases. Board chairs can enhance authentic leadership by embracing self-awareness, transparency, and consistency. Policymakers promoting gender equity on boards must anticipate and address challenges linked to increasing diversity.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"34 4","pages":"803-824"},"PeriodicalIF":5.4,"publicationDate":"2026-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/corg.70040","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148522943","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Climate Disaster Risk and Independent Director Turnover: Evidence From Hurricanes","authors":"Jamie Yixing Tong,&nbsp;Feida Zhang,&nbsp;Xiaoqiao Zhu","doi":"10.1111/corg.70042","DOIUrl":"https://doi.org/10.1111/corg.70042","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Research Question/Issue</h3>\u0000 \u0000 <p>How do independent directors respond when firms face climate-related disasters? While natural disasters expose firms to substantial operational and reputational risks, little is known about how board members react to such shocks. This study examines whether hurricanes influence independent directors' decisions to resign from corporate boards and explores the conditions under which these responses vary, as well as the consequences for firms and directors when they remain.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Research Findings/Insights</h3>\u0000 \u0000 <p>Drawing on 16,714 firm-year observations of US-listed firms from 2003 to 2020, we find that climate disaster risk is associated with lower independent director turnover. Rather than distancing themselves from affected firms, independent directors appear more likely to remain, consistent with reputational incentives and director labor market considerations. This effect is more pronounced for directors at earlier career stages, when board positions are more prestigious, when the director labor market is more competitive and when firms exhibit stronger environmental performance. The effect also increases with hurricane severity. Moreover, firms with lower independent-director turnover after hurricanes subsequently exhibit improved governance effectiveness and ESG performance, and directors who remain during these crises are more likely to receive additional board appointments.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Theoretical/Academic Implications</h3>\u0000 \u0000 <p>This study contributes to the literature on climate risk and corporate governance by showing that climate disasters shape board-level behavioral responses. It also extends the literature on director turnover by identifying natural disasters as a distinct, non-human–driven exogenous shock that influences directors' career decisions.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Practitioner/Policy Implications</h3>\u0000 \u0000 <p>As climate-related disasters become more frequent and severe, understanding how key governance actors respond to such events is increasingly important. Our findings suggest that independent directors often remain engaged with affected firms following crises, highlighting their potential role in supporting organizational resilience and governance continuity in the face of climate risk.</p>\u0000 </section>\u0000 </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"34 4","pages":"850-873"},"PeriodicalIF":5.4,"publicationDate":"2026-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148522851","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}