董事会结构是否影响公司的财务业绩?来自印度软件业的证据

IF 1.1 Q4 BUSINESS
Deepika Bansal, Shveta Singh
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引用次数: 8

摘要

本研究的目的是检验董事会结构对印度软件公司财务绩效的影响。这是对2011 - 2018年92家软件公司进行的实证研究。设计/方法/途径董事会规模、董事会独立性、董事会会议、CEO双重性、审计、薪酬和提名委员会被用作董事会结构变量。两个基于会计的指标,资产收益率(ROA),净资产收益率和一个基于市场的指标Tobin’s Q被用作软件公司财务绩效的代表。面板回归用于检验假设。结果表明,董事会规模、董事会会议、薪酬和提名委员会对不止一项绩效指标有正向影响,而审计委员会对任何一项绩效指标都没有任何关系。CEO二元性与公司绩效呈显著负相关,董事会独立性对公司总资产回报率呈显著负相关。本文的研究结果引起了公司决策者、股东对董事会结构在提高公司绩效中的重要性的关注。这项研究的结果对其他发展中经济体也具有相关性。研究结果可供政策制定者和规管机构参考,以制订良好的企业治理措施,以提高公司的盈利能力和市场价值。原创性/价值研究结果表明,在衡量公司财务绩效时,应特别注意企业管理质量,特别是董事会结构。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Does board structure impact a firm's financial performance? Evidence from the Indian software sector
PurposeThe purpose of this study is to examine the impact of board structure on financial performance of Indian software companies. It is an empirical study carried out on 92 software companies from 2011 to 2018.Design/methodology/approachThe board size, board independence, board meetings, CEO duality, audit, remuneration and nomination committee are used as board structure variables. Two accounting-based measures, return on assets (ROA), return on equity and one market-based measure Tobin's Q are used as a representative of financial performance of software companies. Panel regression is used to test the hypothesis.FindingsResults demonstrates that board size, board meetings, remuneration and nomination committee have positive impact on more than one performance measures, while audit committee do not have any relation with any of the performance measures. It is also found that CEO duality has negative but significant relation with firm's performance and board independence has negative influence on ROA.Practical implicationsThe findings of the study attract the attention of company's policymakers, shareholders to know the importance of board structure in increasing the firm's performance. The outcome of the study has relevance in other developing economies also. The results of the study can be utilised by policymakers and regulatory bodies in the formulation of good corporate government (CG) practices for the enhancement of profitability and market value of companies.Originality/valueThe findings suggest that special attention should be given to quality of CG, specifically board structure while measuring corporate financial performance.
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