Meta-analytic reviews of board composition, leadership structure, and financial performance

• 成果类型: Review
• 署名作者: Dalton, DR; Daily, CM; Ellstrand, AE; Johnson, JL
• 署名单位: Indiana University System; Indiana University Bloomington; California State University System; California State University Long Beach; University of Arkansas System; University of Arkansas Fayetteville
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/(SICI)1097-0266(199803)19:3<269::AID-SMJ950>3.0.CO;2-K
• 发表日期: 1998
• 页码: 269-290
• 关键词: board composition; board leadership structure; firm performance; Meta-analysis

摘要

Careful review of extant research addressing the relationships between board composition, board leadership structure, and firm financial performance demonstrates little consistency in results. In general, neither board composition nor board leadership structure has been consistently linked to firm financial performance. In response to these findings, we provide meta-analyses of 54 empirical studies of board composition (159 samples, n=40,160) and 31 empirical studies of board leadership structure (69 samples, n=12,915) and their relationships to firm financial performance. These-and moderator analyses relying on firm size, the nature of the financial performance indicator and various operationalizations of board composition-provide little evidence of systematic governance structure/financial performance relationships. (C) 1998 John Wiley & Sons, Ltd.