Effect of Board Diversity on Corporate Governance Structure and Operating Performance: Evidence from the UK Listed Firms
Effect of Board Diversity on Corporate Governance Structure and Operating Performance: Evidence from the UK Listed Firms
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董事会多元化对公司治理结构和经营绩效的影响：来自英国上市公司的证据
DOI：
10.17576/ajag-2016-07-06
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发表时间：
2016
期刊：
影响因子：
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通讯作者：
J. O. Alabede
中科院分区：
文献类型：
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作者：
J. O. Alabede
本研究将公司治理模式扩大至董事会成员多元化的调节效应。本文还研究了公司内部治理结构与公司绩效之间的关系，以及董事会多元化对这种关系的调节作用。本研究的数据，这是从英国富时350公司的年度报告中提取的，使用OLS -调节多元回归分析进行统计处理。外部董事比例、董事会规模、董事会成员多元化与经营业绩（罗阿）显著正相关。实证结果还表明，董事会成员多元化的调节作用加强了外部董事与经营业绩之间的关系，以及董事会规模与经营业绩之间的关系。这意味着，代理理论必须明确指出，董事会多元化在公司治理中起着重要的调节作用。
This study expands the model of corporate governance to incorporate moderating effect of board diversity. It also investigates the relationship between internal corporate governance structures and firm performance and how this relationship is moderated by the influence of board diversity. The data of the study, which were extracted from annual reports of the UK FTSE 350 firms, were treated statistically using OLS -moderating multiple regression analysis. The coefficients provide evidence that the proportion of outside directors, board size, board diversity are significantly positively related to operating performance ( ROA ). The empirical evidence also indicates that the moderating effect of board diversity strengthens the relationship between outside directors and operating performance as well as between board size and operating performance. By implication, the result suggests that Agency Theory must explicitly indicate that board diversity plays important moderating role in corporate governance.