连接正确的结:董事会委员会联锁对印度公司业绩的影响

IF 4.6 3区 管理学 Q1 BUSINESS
Saneesh Edacherian, Ansgar Richter, Amit Karna, Balagopal Gopalakrishnan
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引用次数: 0

摘要

研究问题/议题 信息处理、代理和资源依赖观点对董事会互锁与公司业绩之间的关系提出了不同的预测,这些预测源于对董事会作用的不同看法。本研究认为,在考虑互锁董事被指派到的董事会委员会的性质时,这些不同的方法是可以调和的。 研究结果/启示 我们以印度 5133 个公司年度观察样本为基础检验了我们的假设。我们的分析支持我们的假设。结果表明,审计委员会的主要职能是提供财务监督和确保合规性,而审计委员会之间的互锁与公司业绩呈负相关。与此相反,印度公司提名委员会和薪酬委员会之间的相互牵制与公司业绩呈正相关,提名委员会和薪酬委员会为印度公司提供了获取人力资本等资源的渠道,以及有关适当激励结构的信息。 理论/学术启示 我们的研究从多元理论的角度阐明了董事会委员会互锁与公司业绩之间的关系。我们的分析表明,信息处理、代理和资源依赖理论在解释互锁对公司业绩的影响时是相辅相成的。 实践者/政策启示 我们的研究结果表明,不利于公司业绩的并不是董事会互锁本身;事实上,任命具有在其他董事会任职经验、人脉广泛的董事可能对公司有利。然而,公司不应将审计等具体的监督密集型任务分配给同时在其他公司审计委员会任职的董事。我们的研究结果表明,这些董事应该更加独立和专注。
本文章由计算机程序翻译,如有差异,请以英文原文为准。

Connecting the right knots: The impact of board committee interlocks on the performance of Indian firms

Connecting the right knots: The impact of board committee interlocks on the performance of Indian firms

Research Question/Issue

Information processing, agency, and resource dependence perspectives provide diverging predictions regarding the relationship between board interlocks and firm performance, which are rooted in different perspectives on the roles of boards of directors. This study argues that these various approaches are reconcilable when considering the nature of board committees to which the interlocked directors are assigned.

Research Findings/Insights

We test our hypotheses on a sample of 5133 firm-year observations in India. Our analyses support our hypotheses. The results show that interlocks between audit committees, whose primary function relates to providing financial oversight and ensuring compliance, are negatively related to firm performance. In contrast, interlocks between nomination and remuneration committees of Indian firms, which provide them with access to resources such as human capital and information on appropriate incentive structures, are positively related to performance.

Theoretical/Academic Implications

Our study clarifies the relationship between board committee interlocks and firm performance by taking a multi-theoretical perspective. Our analysis suggests that information processing, agency, and resource dependence theories complement one another in explaining the effect of interlocks on firm performance.

Practitioner/Policy Implications

Our results show that it is not board interlocks per se that are detrimental to firm performance; in fact, appointing well-connected directors with experience in serving on other boards might be beneficial for firms. However, firms should not assign specific monitoring-intensive tasks such as auditing to directors who also serve on other firms' audit committees. Our findings suggest that these directors should have greater independence and focus.

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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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