Corporate boards and the performance of Asian firms: A meta-analysis

By Marc van Essen, J. V. van Oosterhout, M. Carney. 2012

191 citations recorded by the source corpus.

The prevalence of ownership concentration in Asian firms presents a challenge to the influential agency theory-based understanding of the role of corporate boards. In this paper we develop and test hypotheses about board attributes and firm performance that reflect Asian institutional conditions. We present the first meta-analysis of the relationship between board attributes and performance of Asian firms using a varied set of meta-analytical techniques on a database of 86 studies covering nine Asian countries. First, we find that board structure and composition preferences are influenced by the identity of the concentrated owner. Second, consistent with US data, we find very limited evidence of a direct relationship between board attributes and firm financial performance in the Asian context. Third, we find that the relationship between board structure and composition and firm performance is mediated by the revealed strategic preferences of Asian firms specifically by the level of R&D investment.

Subfields: Accounting, Organizational Behavior and Human Resource Management

View Paper: https://www.semanticscholar.org/paper/b2514b1c046ce2533da8087f8adbb5469380109b

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In Accounting

In Organizational Behavior and Human Resource Management

Citations in the corpus

Human Capital and CEO Compensation during Institutional Transitions (2015, unknown): “…the voluminous literature on CEO compensation in developed economies (Devers et al., 2007; Finkelstein et al., 2009; Gomez-Mejia et al., 2010; Tosi et al., 2000; Van Essen et al., 2012a, 2014), the literature on CEO compensation in the world's second largest economy is sparse (Sun et al., 2010b).”
Corporate Governance in China: A Meta‐Analysis (2018, background): “Previous metaanalyses either deal with developed economies (primarily the United States) (Dalton et al., 1998) or Asia in general (Heugens et al., 2009; Van Essen et al., 2012b).”
Does “Good” Corporate Governance Help in a Crisis? The Impact of Country‐ and Firm‐Level Governance Mechanisms in the European Financial Crisis (2013, background): “Specific legal protection for financial stakeholders can increase investor confidence in their ability to realize a return on their investment (Engelen & Van Essen, 2010).”