业务复杂度、股权特征与董事会结构
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财经研究 2008 年 第 34 卷第 03 期, 页码：133 - 144
摘要
参考文献
摘要
与大多数研究董事会结构是否影响以及如何影响公司业绩或管理层的行为等董事会结构运行效率的论文不同,文章关注的是董事会结构的决定因素,以及它是不是公司根据面临的经营环境所做的一种权衡?为此,文章从公司业务复杂度、股权特征等变量着手,研究它们对董事会结构的影响,同时,还通过主成分分析对研究结果做了进一步的检验。研究结果表明,公司业务复杂度与董事会规模、独立董事比例和独立董事声誉显著正相关;研究还发现股权性质和股东制衡能力也是影响董事会结构形成的重要因素。这些结果表明,公司会根据其经营特征和环境来选择合适的董事会结构。
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[3]刘芍佳,孙霈,刘乃全.终极产权论、股权结构及公司绩效[J].经济研究,2003,(3):51-62.
[4]Beasley,Mark.An empirical analysis of the relation between the board of director com-position and financial statement fraud[J].Accounting Review,1996,71:443-465.
[5]Bhagat,Black B.The uncertain relationship between board composition and firm per-formance[J].Business Lawyer,1999,54:921-963.
[6]Boone,Field L,J M Karpoff,et al.The determinants of corporate board size and inde-pendence:An empirical analysis[R].Alabama University Working Paper,2006.
[7]Bodnar,G Tang,J Weintrop,et al.Both sides of corporate diversification:The value i m-pacts of geographic and industrial diversification[R].University of Pennsylvania Work-ing Paper,1998.
[8]Bushman,Qi Chen,Euen Engel,et al.Financial accounting information,organizationalcomplexity and corporate governance systems[J].Journal of Accounting and Econom-ics,2004,37:167-201.
[9]Coles,J N Daniel,L Naveen.Boards:does one size fit all?[R].Arizona State Universi-ty Working Paper,2005.
[10]Cusatis,P J Miles,R Woolridge.Restructuring through spin-offs:The stock market ev-idence[J].Journal of Financial Economics,1993,33:293-311.
[11]Demsetz,Lehn.The structure of corporate ownership:Causes and consequences[J].Journal of Political Economy,1985,93:1155-1177.
[12]Denis,D K Denis,K Yost.Global diversification,industrial diversification,and firmval-ue[J].Journal of Finance,2002,57:1951-1980.
[13]Durnev,Han Ki m.To steal or not to steal:Firmattributes,legal environment,and valu-ation[J].Journal of Finance,2005,(6):458-486.
[14]Duru,A D Reeb.Geographic and industrial corporate diversification:The level andstructure of executive compensation[J].Journal of Accounting Auditing and Finance,2002,(8):122-165.
[15]Ferris,Stephen,Murali Jagannathan,et al.Too busy to mind the business?Monitoringby directors with multiple board appoint ments[J].Journal of Finance,2003,58:1087-1111.
[16]Hermalin B,Weisbach M.Endogenously chosen boards of directors and their monito-ring of the CEO[J].American Economic Review,1998a,88:96-118.
[17]Hermalin B,Weisbach M.The determinants of board composition[J].Rand Journal ofEconomics,1998b,12:589-606.
[18]Jensen,Michael C.The modern industrial revolution,exit,and the failure of internalcontrol systems[J].Journal of Finance,1993,48:831-880.
[19]Kaiser H.The application of electronic computers to factor analysis[J].Educationaland Psychological Measurement,1960,20:141-151.
[20]Lehn K,S Patro,Zhao.Determinants of the size and structure of corporate boards:1935-2000[R].University of Pittsburgh Working Paper,2004.
[21]Lubotsky D,M Wittenberg.Interpretation of regressions with multiple proxies[R].U-niversity of Illinois Working Paper,2005.
[22]Fama,Eugene,Jensen.The separation of ownership and control[J].Journal of Lawand Economics,1983,26:301-325.
[23]Raheja C G.Determinants of board size and composition:Atheory of corporate boards[J].Journal of Financial and Quantitative Analysis,2005,6:221-254.
[24]Shivdisani.Board composition,ownership structure,and hostile takeovers[J].Journalof Accounting and Economics,1993,16:167-198.
引用本文
储一昀, 谢香兵. 业务复杂度、股权特征与董事会结构[J]. 财经研究, 2008, 34(3): 133–144.
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