基于动态内生视角的董事会与公司绩效关系研究综述
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外国经济与管理 2009 年 第 31 卷第 12 期, 页码：58 - 64
摘要
参考文献
摘要
目前有关董事会与公司绩效关系的研究大多先验地把董事会视为外生变量,认为它与公司绩效之间只是一种单向静态关系。然而,基于这种假设前提得出的结论往往难以完美解释一些现实情况。于是,动态内生假说便应运而生。该假说认为,董事会不是一个独立的外生变量,而是包括绩效在内的多种因素共同作用的均衡结果,研究董事会与公司绩效之间的关系必须考虑时间因素。本文基于动态内生视角,分别从理论和实证角度系统梳理了相关研究成果,然后对未来研究进行了展望,以期为国内学者提供些许启示。
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[3]Coles,J L,Daniel,N D,and Naveen,L.Boards:Does one size fit all?[J].Journal of Financial Economics,2008,87(2):329-356.
[4]Lehn,K,Patro,S,and Zhao,Mengxin.Determinants of the size and structure of corporate boards:1935-2000[R].Working Pa-per,Hitotsubashi University,2008.
[5]Levrau,A,and Van Den Berghe,L A A.Corporate governance and board effectiveness:Beyond formalism[J].The Icfai Journal ofCorporate Governance,2007,6(4):58-85.
[6]Hermalin,B E,and Weisbach,M S.Boards of directors as an endogenously determined institution:A survey of the economic litera-ture[J].FRBNY Economic Policy Review,2003,9(4):7-26.
[7]Wintoki,M B,Lincka,J S,and Netter,J M.Endogeneity and the dynamics of corporate governance[EB/OL].CELS 2009 4th An-nual Conference on Empirical Legal Studies Paper,Available at SSRN:http://ssrn.com/abstract=970986,2008.
[8]McIntyre,M L,and Murphy,S A.Board of director performance reporting[J].Corporate Governance,2008,8(2):165-178.
[9]Warner,J B,Watts,R L,and Wruck,K H.Stock prices and top-management changes[J].Journal of Financial Economics,1988,20(2):461-492.
[10]Linck,J S,Netter,J M,and Yang,T.The determinants of board structure[J].Journal of Financial Economics,2008,87(2):308-328.
[11]Adams,R,Almeida,H,and Ferreira,D.Understanding the relationship between founder-CEOs and firm performance[J].Journalof Empirical Finance,2009,16(1):136-150.
[12]Weisbach,M.Outside directors and CEO turnover[J].Journal of Financial Economics,1988,20(2):431-460.
[13]Bhagat,S,and Black,B.The non-correlation between board independence and long term firm performance[J].Journal of Corpora-tion Law,2002,27(2):231-273.
[14]Prevost,A K,Rao,R P,and Hossain,M.Determinants of board composition in New Zealand:A simultaneous equations approach[J].Journal of Empirical Finance,2002,9(4):373-397.
[15]Beiner,S,Schmid,M M,Drobetz,W,and Zimmermann,H.An integrated framework of corporate governance and firm valuation[J].European Financial Management,2006,12(2):249-283.
[16]Djankov,S,and Murrell,P.Enterprise restructuring in transition:A quantitative survey[J].Journal of Economic Literature,2002,40(3):739-792.
[17]Biswas,P K,and Hamid Ullah Bhuiyan,Md.Corporate governance and firm performance:Theory and evidence from literature[EB/OL].Working Paper,Available at SSRN:http://ssrn.com/abstract=1257617,2008.
[18]Bilyk,O,Grechaniuk,B,and Muravyev,A.Firm performance and managerial turnover:The case of Ukraine[EB/OL].WorkingPaper,Available at SSRN:http://ssrn.com.abstract=1350938,2009.
[19]Mak,Y T,and Li,Y.Determinants of corporate ownership and board structure:Evidence from Singapore[J].Journal of CorporateFinance,2001,7(3):235-256.
引用本文
郝云宏, 周翼翔. 基于动态内生视角的董事会与公司绩效关系研究综述[J]. 外国经济与管理, 2009, 31(12): 58–64.
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