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Boards that dare
\"Based on the authors' first-hand experiences, as well as interviews with board members and chairs of myriad international organizations, this highly practical and accessible book explores how boards can become more proactive and collaborative to thrive in modern business. THE CHALLENGE Corporate boards as fiduciaries are responsible for delivering maximum value and the highest standards of care. The persistent misconception that boards should be driven primarily by shareholder value will soon be an outdated one, and boards that continue to apply narrow interpretations of value and care are unlikely to survive. THE OPPORTUNITY This book reveals a future-proofing opportunity for courageous boards to redefine value and care for employees, consumers, communities, society, the environment, and shareholders. There is no point in trying to reframe value and care for a wider range of audiences if boards don't have the right capabilities and attitudes themselves. THE SOLUTION Boards that Dare invites boards to challenge shortcomings in their own ability, understanding and courage. The book shows how boards embracing this new kind of broadened fiduciary dynamism will become future-proof and realize sustained shareholder value as an output. THE RESEARCH Based on the authors' first-hand experiences, as well as their own research and interviews with board members and chairs of international private, public and not-for-profit organizations, this highly practical and cutting-edge book delivers the necessary solutions on how to future-proof today's boards.\"--Publisher description.
Book
Board gender diversity and firm performance: A complexity theory perspective
Over the years, researchers have used various theoretical frameworks and analytical tools to evaluate the relationship between board gender diversity and firm financial performance. The results, however, have remained largely inconclusive, perhaps because the role of board gender diversity has been studied separately from other board and firm characteristics. To address this issue, we examine the relationship between board gender diversity and firm financial performance through the theoretical framework of complexity theory, using qualitative comparative analysis (QCA). Our sample comprises 204 non-financial firms listed on the Bombay Stock Exchange (BSE). We find that board gender diversity does not affect firm financial performance in isolation, but rather in combination with other board and firm characteristics. In some combinations it is associated with both stronger firm financial performance and in other configurations with weaker firm financial performance. We also find that greater gender diversity on boards mitigates the negative effects of CEO duality on firm financial performance.
Journal Article
Independent directors' dissent on boards: Evidence from listed companies in China
Research summary: Although opinion conformity is believed to be commonly used by corporate elites to invoke reciprocity, it is hard to study in the context of corporate boards since boards are typically \"black boxes.\" Focusing on publicly traded companies in China, where disclosure of dissent is mandated, we show that dissent is associated with a breakdown of the social exchange relationship within boards. Specifically, dissent is more likely to occur when the board chair who appointed the independent director has left the board, or when the board \"game\" is reaching its last round, defined as a 60-day window before departure of the board chair or the director herself. Our findings lend considerable support to conceptualization of boards as a social exchange device. Managerial summary: With a novel datasetfrom China we ask the question of whether the social norm of reciprocity compromises independent directors' decisions. Our results lend considerable support to the hypothesis that independent directors would generally defer to top management as they feel indebted for being offered a director position and in exchange independent directors provide support. We identified two instances in which independent directors are more likely to dissent due to a breakdown of social exchange relationships: (1) when the board chair who appointed the independent director has left the board, and (2) when the board \"game\" was reaching its last round, that is, either the board chair or the director herself is leaving the board.
Journal Article
NIH POISED FOR MASSIVE REFORM UNDER TRUMP
Atthisweek's meeting of the NIH's advisory committee, called the Scientific Management Review Board (SMRB), panel members met for the first time since 2015 to review the agency's structure and research portfolio and to providerecommendations to the NIHdirectorand the HHS. [...]several committee members noted their trepidation during the 12 November meeting that Congress would act before the group delivers its report. [...]the McMorris Rodgers white paper says that \"decades of nonstrategic and uncoordinated growth created a system ripe for stagnant leadership, research duplication, gaps, misconduct and undue influence\" at the NIH.James Hildreth, president of Meharry Medical College in Nashville, Tennessee, called this language \"almost offensive\".
Journal Article
Do board characteristics drive firm performance? An international perspective
The aim of our research is to analyze how board characteristics influence firm performance. In this paper, we specifically examine how board size, board independence, CEO duality, female directors and board compensation affect firm performance in a sample of international firms. The final panel data sample is composed of 10,314 firm-year observations belonging to 34 countries that have been grouped into six geographic zones: Africa, Asia, Europe, Latin America, North America and Oceania. Drawing on agency theory and dependence resource theory, we posit five hypotheses. The results show that some board characteristics, such as board size, board independence and having a female director, are positively associated with firm performance, whereas CEO duality, contrary to our expectations, also impacts positively on firm performance. Moreover, board compensation is not associated with firm performance. Tobin’s Q was used to measure firm performance, although an accounting measure was also employed for robustness analyses and to provide more validity to our results.
Journal Article
Driven to the Brink : why corporate governance, board leadership and culture matter
'Driven to the Brink' is a collection of short stories about corporate disasters and how inadequate governance and flawed culture caused a massive destruction of shareholder value. Look at any major corporate meltdown and two factors emerge: a failure of corporate governance and a culture where short-termism and greed are rewarded and risk is encouraged to flourish unchecked.
Book
The Effects and the Mechanisms of Board Gender Diversity: Evidence from Financial Manipulation
This study examines the impact of board gender diversity on financial misconduct. The findings suggest firms with genderdiverse boards commit fewer financial reporting mistakes and engage in less fraud. The findings hold after accounting for the potentially endogenous nature of board demographic characteristics via instrumental variable approach. Furthermore, the findings are consistent in pre- and post-regulation (Sarbanes-Oxley) periods and hold for firms with good and bad governance. The findings do not seem driven by differences in effort or quality, in terms of independence and expertise, of female and male directors. The benefit derived from increasing the number of female directors on corporate boards seems to diminish at higher levels of gender diversity, indicating that impact of gender diversity on decreasing the likelihood of financial misconduct may be a result of a change to board group dynamics.
Journal Article