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The effects of firm performance on corporate governance

机译:公司绩效对公司治理的影响

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Purpose - The purpose of this paper is to investigate the effects of prior firm performance on board composition and governance structure. Design/methodology/approach - A total of 90 companies listed on National Association of Securities Dealers Automated Quotations were used for this study. Hypotheses were tested using both general linear regression and logit regression analyses. Findings - The results showed that prior negative change in firm performance was significantly related to a decrease in the overall number of directors and a decrease in the number of outside directors. Research limitations/implications - The sample size used in this study was relatively small and the focus was on small to medium-sized firms, so the results found here may not apply to firms larger than those used in our sample. Practical implications - Directors may want to consider the implications for governance practices found in this study, specifically, whether smaller boards with fewer outsiders are appropriate following periods of performance decline. Originality/value - This study is one of the first to examine the effects of trends in prior firm performance on board composition and chief executive officer duality.
机译:目的-本文的目的是研究先前公司绩效对董事会组成和治理结构的影响。设计/方法/方法-这项研究使用了全国证券交易商协会自动报价协会上列出的90家公司。使用一般线性回归和对数回归分析对假设进行了检验。调查结果-结果显示,公司业绩先前的负面变化与减少董事总数和减少外部董事人数密切相关。研究的局限性/意义-本研究中使用的样本规模相对较小,并且重点放在中小型企业上,因此,此处发现的结果可能不适用于比本样本中所用规模更大的企业。实际意义-董事们可能要考虑对本研究中发现的治理实践的意义,特别是在业绩下降时期之后,规模较小,外部人较少的董事会是否合适。原创性/价值-这项研究是第一个研究先前公司绩效趋势对董事会组成和首席执行官双重性影响的研究之一。

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