董事会构成安排:组织因素驱动的应变机制
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外国经济与管理 2005 年 第 27 卷第 06 期, 页码：24 - 29
摘要
参考文献
摘要
财务经济学界试图通过检验董事会构成的绩效后果来寻求最优的董事会成员安排方式,但研究结果表明构成变量仅能解释公司财务绩效方差的微小部分。借鉴组织合因理论的逻辑,通过对董事会构成的决定因素和经济后果进行重新审视,本文进一步分析了公司组织在长期发展过程中对内部董事和外部董事治理依赖的相机抉择性,因此认为董事会作为一项应变机制,在构成上无须遵循达尔文式的单向演进。
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[3]Fama,EFandJensen,MC.Separationofownershipandcontrol.[J].JournalofLawandEconomics,1983,(26):316-320.
[4]Cadbury,A.Reportofthecommitteeonthefinancialaspectofcorporategovernance[R].London:TheCommitteeand Gee,1992:2-3.
[5]Donaldson,LandDavis,JH.Boardsandcompanyperformance researchchallengestheconventionalwisdom[J].Corpo rateGovernanceInternationalReview,1994,(2):152-154.
[6]Davis,JH,Schoorman,FDandDonaldson,L.Towardastewardshiptheoryofmanagement[J].TheAcademyof ManagementReview,1997,(22):39-41.
[7]Adams,RB.Fouressaysincorporategovernance[D].Dissertation,UniversityofChicago,2001:168-176.
[8]Hamilton,RTandShergill,GS.Therelationshipbetweenstrategy structurefitandfinancialperformanceinNewZeal and:evidenceofgeneralityandvaliditywithenhancedcontrols[J].JournalofManagementStudies,1992,29(1):95-113.
[9]Cibin,RandGrant,RM.Restructuringamongtheworld’sleadingoilcompanies,1980-1992[J].BritishJournalof Management,1996,7(4):283-307.
[10]Eisenhardt,KM.Control:organizationalandeconomicapproaches[J].ManagementScience,1985,31(2):142-146.
[11]Baysinger,BandEhoskissonR.Thecompositionofboardsofdirectorsandstrategiccontrol:effectsoncorporatestrat egy[J].AcademyofManagementReview,1990,15,(1):72-87.
[12]Heslin,PAandDonaldson,L.Anorganizationalportfoliotheoryofboardcomposition[J].CorporateGovernance,1999,7(1):86.
[13]Hill,CWLandSnell,SA.Externalcontrol,corporatestrategy,andfirmperformanceinresearch intensiveindustries[J].StrategicManagementJournal,1988,9(6):577-590.
[14]Baysinger,BD,Kosnik,RDandTurkTA.EffectsofboardandownershipstructureoncorporateR&Dstrategy[J].AcademyofManagementJournal,1991,34(1):205-214.
[15]Rediker,KJandSeth,A.Boardsofdirectorsandsubstitutioneffectsofalternativegovernancemechanisms[J].Stra tegicManagementJournal,1995,(16):85-99.
[16]Hermalin,BEandWeisbach,MS.Thedeterminantsofboardcomposition[J].RandJournalofEconomics,1988,19(4):589-605.
[17]李维安和张俊喜.公司治理前沿[M].北京:中国财政经济出版社,2003:36-51.
[18]王跃堂,赵子夜.独立董事会影响公司绩效吗?来自沪深股市的经验证据[R].工作文稿,2004.
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赵子夜. 董事会构成安排:组织因素驱动的应变机制[J]. 外国经济与管理, 2005, 27(6): 24–29.
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