基于多理论视角的董事会-CEO关系与公司绩效研究述评
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外国经济与管理 2011 年 第 33 卷第 07 期, 页码：49 - 57
摘要
参考文献
摘要
董事会和CEO是核心公司治理机制的两个关键要素,两者之间的关系会影响公司的战略选择,进而影响公司绩效。不同理论视角下的董事会-CEO关系及其对公司绩效的影响相异,基于此,本文首先梳理和归纳了有关董事会-CEO关系及其对公司绩效影响研究的理论渊源,然后构建了董事会-CEO关系与公司绩效研究的理论模型,并分析了现有研究存在的不足,最后指出了未来研究值得关注的方向,以期为后续研究提供借鉴和启示。
①Boyd、Haynes和Zona(2010)的研究样本主要是指《管理学会期刊》(Academy of Management Journal)、《管理科学季刊》(Admin-istrative Science Quarterly)、《管理学期刊》(Journal of Management)、《管理学研究期刊》(Journal of Management Studies)和《战略管理季刊》(Strategic Management Journal)。
②20世纪80年代,国际上几家引人注目的大型公司相继倒闭。为了分析其中原因,英国伦敦几家著名的从事审计和管理规范研究的机构成立了由艾德里.凯德伯瑞爵士为主席的委员会,该委员会于1992年提交了一份名为《公司治理结构的财务表征》(The Finan-cial Aspects of Corporate Governance)的报告,即凯德伯瑞(Cadbury)报告。该报告明确提出在公司治理结构中董事长和总经理应由两人担任。
[1]Pfeffer,J,and Salancik,G R.The external control of organizations:A resource dependence perspective[M].New York:Harper&Row,1978.
[2]Kor,Y Y,and Sundaramurthy,C.Experience-based human capital and social capital of outside directors[J].Journal of Manage-ment,2009,35(4):981-1 006.
[3]Boyd,B K,Haynes,K T,and Zona,F.Dimensions of CEO-board relations[J].Journal of Management Studies,2010,15(4):1 467-1 499.
[4]Hillman,A J,and Dalziel,T.Boards of directors and firm performance:Integrating agency and resource dependence perspectives[J].Academy of Management Review,2003,28(3):383-396.
[5]Donaldson,L,and Davis,J H.Stewardship theory or agency theory:CEO governance and shareholder returns[J].AustralianJournal of Management,1991,16(1):49-64.
[6]Wasserman,N.Stewards,agents,and the founder discount:Executive compensation in new ventures[J].Academy of Manage-ment Journal,2006,49(5):960-976.
[7]Davis,J H,Schoolman,D,and Donaldson,L.Toward a stewardship theory of management[J].Academy of Management Re-view,1997,22(1):20-47.
[8]Baysinger,B,and Hoskisson,R E.The composition of boards of directors and strategic control:Effects on corporate strategy[J].Academy of Management Journal,1990,15(1):72-87.
[9]Hermalin,B E,and Weisbach,M S.The determinants of board composition[J].Journal of Economics,1988,19(4):589-606.
[10]Mock,R.Behavioral finance in corporate governance—Independent directors,non-executive chairs,and the importance of thedevil’s advocate[R].Working Paper,National Bureau of Economic Research,2004.
[11]Hillman,A J,Withers,M,and Collins,B J.Resource dependence theory:A review[J].Journal of Management,2009,35(6):1 404-1 427.
[12]周建,金嫒嫒,刘小元.董事会资本研究综述[J].外国经济与管理,2010,32(12):27-35.
[13]Albanese,R,Dacin,M T,and Harris,I C.Agents as stewards[J].Academy of Management Reviews,1997,22(3):609-611.
[14]李维安,牛建波,宋笑扬.董事会治理研究的理论根源及研究脉络评析[J].南开管理评论,2009,12(1):130-145.
[15]周建,方刚,刘小元.制度环境、公司治理对公司绩效的影响研究[J].南开管理评论,2009,12(5):18-27.
[16]Wei,Shen.The dynamics of the CEO-board relationship:An evolutionary perspective[J].Academy of Management Review,2003,28(3):466-475.
[17]Rober,J,McNulty,T,and Stiles,P.Beyond agency conception of the work of the non-executive director:Creating accounta-bility in the boardroom[J].British Journal of Management,2005,16(special issue):5-26.
[18]Gillette,A B,Rebello,M J,and Noe,T H.Corporate board composition,protocols,and voting behavior:Experimental evi-dence[J].The Journal of Finance,2003,58(5):1 997-2 031.
[19]Huse,M.Accountability and creating accountability:A framework for exploring behavioural perspectives of corporate govern-ance[J].British Journal of Management,2005,16(S.I.):65-80.
②20世纪80年代,国际上几家引人注目的大型公司相继倒闭。为了分析其中原因,英国伦敦几家著名的从事审计和管理规范研究的机构成立了由艾德里.凯德伯瑞爵士为主席的委员会,该委员会于1992年提交了一份名为《公司治理结构的财务表征》(The Finan-cial Aspects of Corporate Governance)的报告,即凯德伯瑞(Cadbury)报告。该报告明确提出在公司治理结构中董事长和总经理应由两人担任。
[1]Pfeffer,J,and Salancik,G R.The external control of organizations:A resource dependence perspective[M].New York:Harper&Row,1978.
[2]Kor,Y Y,and Sundaramurthy,C.Experience-based human capital and social capital of outside directors[J].Journal of Manage-ment,2009,35(4):981-1 006.
[3]Boyd,B K,Haynes,K T,and Zona,F.Dimensions of CEO-board relations[J].Journal of Management Studies,2010,15(4):1 467-1 499.
[4]Hillman,A J,and Dalziel,T.Boards of directors and firm performance:Integrating agency and resource dependence perspectives[J].Academy of Management Review,2003,28(3):383-396.
[5]Donaldson,L,and Davis,J H.Stewardship theory or agency theory:CEO governance and shareholder returns[J].AustralianJournal of Management,1991,16(1):49-64.
[6]Wasserman,N.Stewards,agents,and the founder discount:Executive compensation in new ventures[J].Academy of Manage-ment Journal,2006,49(5):960-976.
[7]Davis,J H,Schoolman,D,and Donaldson,L.Toward a stewardship theory of management[J].Academy of Management Re-view,1997,22(1):20-47.
[8]Baysinger,B,and Hoskisson,R E.The composition of boards of directors and strategic control:Effects on corporate strategy[J].Academy of Management Journal,1990,15(1):72-87.
[9]Hermalin,B E,and Weisbach,M S.The determinants of board composition[J].Journal of Economics,1988,19(4):589-606.
[10]Mock,R.Behavioral finance in corporate governance—Independent directors,non-executive chairs,and the importance of thedevil’s advocate[R].Working Paper,National Bureau of Economic Research,2004.
[11]Hillman,A J,Withers,M,and Collins,B J.Resource dependence theory:A review[J].Journal of Management,2009,35(6):1 404-1 427.
[12]周建,金嫒嫒,刘小元.董事会资本研究综述[J].外国经济与管理,2010,32(12):27-35.
[13]Albanese,R,Dacin,M T,and Harris,I C.Agents as stewards[J].Academy of Management Reviews,1997,22(3):609-611.
[14]李维安,牛建波,宋笑扬.董事会治理研究的理论根源及研究脉络评析[J].南开管理评论,2009,12(1):130-145.
[15]周建,方刚,刘小元.制度环境、公司治理对公司绩效的影响研究[J].南开管理评论,2009,12(5):18-27.
[16]Wei,Shen.The dynamics of the CEO-board relationship:An evolutionary perspective[J].Academy of Management Review,2003,28(3):466-475.
[17]Rober,J,McNulty,T,and Stiles,P.Beyond agency conception of the work of the non-executive director:Creating accounta-bility in the boardroom[J].British Journal of Management,2005,16(special issue):5-26.
[18]Gillette,A B,Rebello,M J,and Noe,T H.Corporate board composition,protocols,and voting behavior:Experimental evi-dence[J].The Journal of Finance,2003,58(5):1 997-2 031.
[19]Huse,M.Accountability and creating accountability:A framework for exploring behavioural perspectives of corporate govern-ance[J].British Journal of Management,2005,16(S.I.):65-80.
引用本文
周建, 李小青, 金媛媛, 等. 基于多理论视角的董事会-CEO关系与公司绩效研究述评[J]. 外国经济与管理, 2011, 33(7): 49–57.
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