Corporate Boards and Company Performance: review of research in light of recent reforms
AbstractRecent US corporate governance reforms introduced extensive regulations and guidelines for public corporations, particularly corporate boards. This article evaluates the extent to which empirical research on corporate boards and firm performance supports these reforms. Building on the meta-analysis conducted by Zahra and Pearce (1989 ), we review 105 studies published between 1989 and 2005. We find most of the practices mandated by the Sarbanes-Oxley Act of 2002, and the regulations issued by the New York Stock Exchange (NYSE) and the NASDAQ, had not been subject to prior study. Where board characteristics have been studied, we find limited guidance for policymakers on identifying governance practices that result in more effective firm performance. In an effort to increase the relevance of future research on boards and firm performance, we provide a framework on corporate boards. Copyright (c) 2007 The Authors; Journal compilation (c) 2007 Blackwell Publishing Ltd.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Corporate Governance: An International Review.
Volume (Year): 15 (2007)
Issue (Month): 5 (09)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0964-8410&site=1
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- Windsor, Duane, 2009. "Tightening corporate governance," Journal of International Management, Elsevier, vol. 15(3), pages 306-316, September.
- Yenpao Chen & Chien-Hsun Chen & Will C. Wu, 2011. "Is China's independent director system working? The case of the electronics industry," Journal of Economic Studies, Emerald Group Publishing, vol. 38(4), pages 360-383, September.
- Fidanoski, Filip & Mateska, Vesna & Simeonovski, Kiril, 2013. "Corporate Governance and Bank Performance: Evidence from Macedonia," MPRA Paper 46773, University Library of Munich, Germany, revised Mar 2013.
- Pieter-Jan Bezemer & Stefan Peij & Gregory Maassen & Han Halder, 2012. "The changing role of the supervisory board chairman: the case of the Netherlands (1997–2007)," Journal of Management and Governance, Springer, vol. 16(1), pages 37-55, February.
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