首席独立董事和内部信息环境

IF 4.6 3区 管理学 Q1 BUSINESS
Mansoor Afzali, Vasiliki Athanasakou, Siri Terjesen
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引用次数: 0

摘要

研究问题 本研究探讨首席独立董事(LID)的存在与公司内部信息环境之间的关系。首席独立董事是董事会中当选的独立成员,他们为独立董事和董事会履行重要职责,包括审查和批准董事会会议议程、主持非执行董事会会议,以及充当首席执行官和其他独立董事之间的联络人。我们假设,独立董事的存在降低了首席执行官与董事会其他成员之间的信息壁垒,从而能够更迅速地获取和整合信息,并改善公司的内部信息环境。研究结果/见解利用 2001 年至 2019 年的美国上市公司样本,我们记录了独立董事在董事会中的存在与反映更好的信息获取和信息整合的内部信息质量代用指标正相关:管理层盈利预测的准确性和精确性、盈利公布的速度以及内部控制中不存在重大缺陷。这些结果对其他模型规格是稳健的,包括熵平衡、Heckman 两步自我选择偏差校正、公司固定效应和安慰剂测试。进一步的分析表明,具有财务专业知识和审计委员会成员资格的 LID 在积极影响内部信息质量方面更为有效。理论/学术启示我们以代理理论为基础,认为 LID 通过加强统一领导对信息质量的益处,同时减轻因固化而对信息质量造成的潜在损害,从而提高了内部信息质量。同样,我们利用新颖的战略领导系统理论提出的论点,认为LID的任命有利于CEO和董事会的工作,提高两个群体在各自角色中的效率:CEO负责制定运营和投资决策,董事会负责加强监督,同时在战略构想和实施的共同角色中发挥凝聚力。政策制定者在通过监管指南推广公司治理最佳实践时,也可以鼓励在董事会中任命 LID。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Lead Independent Directors and Internal Information Environment
Research Question/IssueThis study explores the relationship between the presence of a lead independent director (LID) and firms' internal information environment. LIDs are elected independent members of the board who perform key duties for the independent directors and the board, including reviewing and approving board meeting agendas, chairing non‐executive board meetings, and acting as a liaison between the CEO and other independent directors. We hypothesize that LID presence lowers information barriers between the CEO and the rest of the board members, enabling more rapid information acquisition and integration and enhancing the internal information environment of the firm.Research Findings/InsightsUsing a sample of US publicly listed companies from 2001 to 2019, we document that LID presence on the board is positively associated with proxies of internal information quality that reflect better information acquisition and information integration: accuracy and precision of management earnings forecasts, speed of earnings announcement, and absence of material weaknesses in internal controls. These results are robust to alternative model specifications, including entropy balancing, Heckman two‐step correction for self‐selection bias, firm fixed effects, and placebo tests. Further analyses suggest that LIDs with financial expertise and audit committee memberships are more effective in positively influencing internal information quality. We also show that LID presence is positively associated with several proxies of external information quality.Theoretical/Academic ImplicationsWe build on agency theory to argue that LIDs improve internal information quality by reinforcing the information quality benefits of unified leadership while mitigating potential compromises in information quality arising from entrenchment. Similarly, we use arguments emanating from the novel strategic leadership systems theory to posit that a LID appointment facilitates the tasks of the CEO and the board, enhancing the effectiveness of both groups in their respective roles: the CEO in making operating and investment decisions and the board in strengthening oversight while bringing cohesion in their shared role of strategy visioning and implementation.Practitioner/Policy ImplicationsOur findings suggest that there is scope for shareholders to consider LID appointments as an addition to their firms' corporate governance structures to enhance the internal information environment and decision‐making efficiency. Policymakers can also encourage LID appointments on the board when promoting best practices in corporate governance through regulatory guidelines.
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来源期刊
CiteScore
7.00
自引率
11.30%
发文量
79
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.
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