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Board Structure, Process and Performance: evidence from public‐listed companies in Singapore

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  • David Wan
  • C. H. Ong

Abstract

Past literature in board research has centred on board structure and company performance. Over the years, empirical studies do not reveal a conclusive relationship between these two variables (Dalton and Daily, 1999. Across the Board, March, 28–32). Until recently, the literature on board processes has been sparse. The reason for insufficient empirical work on board processes possibly is due to the difficulty of gaining access to boards. In this paper, we propose a conceptual model and tested the model on publicly listed companies in Singapore. Based on a sample of 212 company responses and 299 directors, we conclude that board structure does not affect board process while board process is related to board performance. In terms of individual parameters, effort norms, cognitive conflict and the presence and usage of skills are positively related to board roles and board transparency. Also, affective and process conflicts are negatively related to board roles and board transparency. Finally, board process does not mediate the relationship between board structure and board performance.

Suggested Citation

  • David Wan & C. H. Ong, 2005. "Board Structure, Process and Performance: evidence from public‐listed companies in Singapore," Corporate Governance: An International Review, Wiley Blackwell, vol. 13(2), pages 277-290, March.
    • Handle: RePEc:bla:corgov:v:13:y:2005:i:2:p:277-290
    DOI: 10.1111/j.1467-8683.2005.00422.x
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    References listed on IDEAS

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    1. Cadbury, Adrian, 2002. "Corporate Governance and Chairmanship: A Personal View," OUP Catalogue, Oxford University Press, number 9780199252008, Decembrie.
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    Cited by:

    1. Lee Siew Tee & Ismail Nizam, 2020. "The Influence of Corporate Governance on Financial Performance Mediated by Gender Diversity," Journal of Asian Business Strategy, Asian Economic and Social Society, vol. 10(1), pages 61-79, January.
    2. Kang, Eugene & Ding, David K. & Charoenwong, Charlie, 2010. "Investor reaction to women directors," Journal of Business Research, Elsevier, vol. 63(8), pages 888-894, August.
    3. Sofi Mohd Fikri & Mohamed Hisham Yahya & Taufiq Hassan, 2017. "A Review on Agency Cost of Shariah Governance in Mutual Fund," International Journal of Economics and Financial Issues, Econjournals, vol. 7(1), pages 530-538.
    4. Lippert, Inge, 2008. "Perspektivenverschiebungen in der Corporate Governance: Neuere Ansätze und Studien der Corporate-Governance-Forschung," Discussion Papers, Research Unit: Knowledge, Production Systems and Work SP III 2008-302, WZB Berlin Social Science Center.
    5. Lee, Janet, 2009. "Executive performance-based remuneration, performance change and board structures," The International Journal of Accounting, Elsevier, vol. 44(2), pages 138-162, June.
    6. Hongjin Zhu & Pengji Wang & Chris Bart, 2016. "Board Processes, Board Strategic Involvement, and Organizational Performance in For-profit and Non-profit Organizations," Journal of Business Ethics, Springer, vol. 136(2), pages 311-328, June.
    7. Gérard Hirigoyen & Radhoine Laouer, 2013. "Convergence of Corporate and Public Governance," SAGE Open, , vol. 3(2), pages 21582440134, June.
    8. Jerry X. Cao & Yuan Ding & Hua Zhang, 2016. "Social Capital, Informal Governance, and Post-IPO Firm Performance: A Study of Chinese Entrepreneurial Firms," Journal of Business Ethics, Springer, vol. 134(4), pages 529-551, April.
    9. Åberg, Carl & Bankewitz, Max & Knockaert, Mirjam, 2019. "Service tasks of board of directors: A literature review and research agenda in an era of new governance practices," European Management Journal, Elsevier, vol. 37(5), pages 648-663.
    10. Ines Chaabouni & Anis Jarboui, 2016. "Effect of board`s skills on stakeholder value," Asian Journal of Empirical Research, Asian Economic and Social Society, vol. 6(4), pages 84-100, April.
    11. Harakeh, Mostafa & Leventis, Stergios & El Masri, Tarek & Tsileponis, Nikolaos, 2023. "The moderating role of board gender diversity on the relationship between firm opacity and stock returns," The British Accounting Review, Elsevier, vol. 55(4).
    12. Forbes, Daniel P. & Korsgaard, M. Audrey & Sapienza, Harry J., 2010. "Financing decisions as a source of conflict in venture boards," Journal of Business Venturing, Elsevier, vol. 25(6), pages 579-592, November.
    13. Yahya Ali Al-Matari & Abdullah Kaid Al-Swidi & Faudziah Hanim Bt Fadzil & Ebrahim Mohammed Al-Matari, 2012. "Board of Directors, Audit Committee Characteristics and Performance of Saudi Arabia Listed Companies," International Review of Management and Marketing, Econjournals, vol. 2(4), pages 241-251.
    14. Al-Faryan, Mamdouh Abdulaziz Saleh, 2017. "The relationship between corporate governance mechanisms and the performance of Saudi listed firms," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 14(2-2), pages 338-349.
    15. Beate Elstad & Gro Ladegard, 2012. "Women on corporate boards: key influencers or tokens?," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 16(4), pages 595-615, November.
    16. Afzalur Rashid, 2013. "CEO duality and agency cost: evidence from Bangladesh," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 17(4), pages 989-1008, November.
    17. Marco Minciullo & Matteo Pedrini, 2020. "Antecedents of board involvement and its consequences on organisational effectiveness in non-profit organisations: a study on European corporate foundations," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 24(2), pages 531-555, June.
    18. Du, Yan & Deloof, Marc & Jorissen, Ann, 2015. "The Roles of Subsidiary Boards in Multinational Enterprises," Journal of International Management, Elsevier, vol. 21(3), pages 169-181.
    19. Dinithi Ranasinghe & Paul Mather & Suzanne Young, 2020. "Board structure and earnings persistence: The mediation effect of board processes," Australian Journal of Management, Australian School of Business, vol. 45(2), pages 266-293, May.
    20. Muhammad Hassan & Muhammad Rizwan, 2016. "Corporate Governance Under Multi- Theoretical Perspective," IBT Journal of Business Studies (JBS), Ilma University, Faculty of Management Science, vol. 12(2), pages 68-86.
    21. Irfan Raza & Fouzia Tariq, 2016. "Effect Of Hr Diversity Management Practices On Employee Knowledge Sharing: Examining The Mediating Role Of Trust On Leadership And Moderating Role Of Cooperative Norms," IBT Journal of Business Studies (JBS), Ilma University, Faculty of Management Science, vol. 12(2), pages 12-11.
    22. Albie Brooks & Judy Oliver & Angelo Veljanovski, 2009. "The Role of the Independent Director: Evidence from a Survey of Independent Directors in Australia," Australian Accounting Review, CPA Australia, vol. 19(3), pages 161-177, September.
    23. Yar Hamidi, Daniel & Machold, Silke, 2020. "Governance, boards and value co-creation: Changing perspectives towards a service dominant logic," European Management Journal, Elsevier, vol. 38(6), pages 956-966.
    24. Paolo Roffia & Virginia Simón-Moya & Javier Sendra García, 2022. "Board of director attributes: effects on financial performance in SMEs," International Entrepreneurship and Management Journal, Springer, vol. 18(3), pages 1141-1172, September.
    25. Tutun Mukherjee & Som Sankar Sen, 2022. "Impact of CEO attributes on corporate reputation, financial performance, and corporate sustainable growth: evidence from India," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-50, December.

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