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The Effect of Board Composition on Corporate Financial Performance: Evidence from Listed Firms in Ghana

机译：董事会组成对公司财务绩效的影响：来自加纳上市公司的证据

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摘要

This study adds to the literature on corporate governance and corporate financial performance by assessing theeffect of board composition on the financial performance of listed firms in Ghana. Using a static panel regressionmodel, the results show that contrary to the agency theory, inside directors tend to have a positive and significanteffect on corporate financial performance whilst outside directors have a negative but statistically insignificanteffect on corporate financial performance of the listed firms in Ghana. In addition, it was found that the existenceof nomination committees tend to have a negative effect on corporate financial performance of listed firms inGhana. The study recommends that listed firms in Ghana should look at how to continuously empower insidedirectors to be able to perform their work well instead of bringing in more outside directors to check them.Moreover, the nomination process of board members must be made transparent to achieve the objective ofrecruiting competent and ethical minded executives to the board. Guidelines for executive recruitment to theboard must be established and if possible the nomination committee must employ the services ofexecutive-hunting agency which would assist the committee in the recruitment process.
机译：通过评估董事会组成对加纳上市公司财务绩效的影响，本研究增加了有关公司治理和公司财务绩效的文献。使用静态面板回归模型，结果表明，与代理理论相反，内部董事对公司财务绩效具有积极和显着的影响，而外部董事对加纳上市公司的公司财务绩效具有负面但在统计上不显着的影响。此外，还发现提名委员会的存在往往会对加纳上市公司的公司财务业绩产生负面影响。该研究建议加纳的上市公司应研究如何继续赋予内部董事能力以使其能够更好地执行其工作，而不是请更多的外部董事来检查他们。此外，必须使董事会成员的提名过程透明化以实现目标是招聘有能力和有道德意识的高管加入董事会。必须制定向董事会招募高管人员的指导方针，如果可能的话，提名委员会必须聘用执行猎头机构的服务，这将有助于委员会的招聘过程。

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