Towards a Multi-theoretical Approach on the Board and Firm Performance Relationship
Main Article Content
Abstract
Recent reviews of research on company boards and firm performance relationship tend to criticise three of the main traditional theories on boards, namely Agency Theory (AT), Resource Dependence Theory (RDT), and Managerial Power Theory (MPT) for their narrow assumptions and focuses on a limited range of board tasks. This study provides a critical review on these above theories and promotes a direction towards an integrated approach with three important governance factors, namely board capability, board incentives, and CEO power for a better understanding of board-firm performance relationship.
Keywords:
Theoretical literature review, board, firm performance, multi-theoretical approach
References
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[62] H.L. Chen, “Board Capital, CEO Power and R&D Investment in Electronics Firms”, Corporate Governance: An International Review 22(5) (2014) 422-36.
[63] J. Pfeffer, G.R. Salancik, The external control of organizations: A resource dependence perspective: Stanford University Press, 2003.
[64] T. Casciaro, Piskorski MJ, “Power Imbalance, Mutual Dependence, and Constraint Absorption: A Closer Look at Resource Dependence Theory”, Administrative Science Quarterly 50(2) (2005) 167-99.
[65] J.R. Macey, Corporate Governance: Promises Kept, Promises Broken, USA: Princeton University Press, 2008.
[66] R. Adams, D. Ferreira, “A Theory of Friendly Boards”, The Journal of Finance 62(1) (2007) 50-217.
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[73] J.A. Pearce, S.A. Zahra, “The relative power of CEOs and boards of directors - Associations with corporate performance”, Strategic Management Journal 12(2) (1991) 53-135.
[74] L.A. Bebchuk, Fried JM, “Pay without Performance: The unfulfilled promise of executive compensation”, Harvard University Press, 2004.
[75] F.L. Schmidt, “The role of general cognitive ability and job performance: Why there cannot be a debate”, Human Performance 15(1-2) (2002) 187-210.
[2] J. Johnson, C. Daily, A.E. Ellstrand, “Boards of directors: A review and research agenda”, Journal of Management 22(3) (1996) 409-38.
[3] T.H.L. Tran, D. Holloway, “Developments in corporate governance: the case of Vietnam”, Corporate Ownership and Control 11(3) (2014) 219-30.
[4] N. Pham, K. Oh, R. Pech, “Mergers and acquisitions: CEO duality, operating performance and stock returns in Vietnam”, Pacific-Basin Finance Journal 35 (2015) 298-316.
[5] T. Pham Hanh Song, T. Nguyen Duy, “Debt financing and firm performance: The moderating role of board independence”, Journal of General Management 45(3) (2020) 51-141.
[6] D. Hung Ngoc, P. Cuong Duc, N. Thang Xuan, N. Hoa Thi Thanh, “Effects of Corporate Governance and Earning Quality on Listed Vietnamese Firm Value”, Journal of Asian Finance Economics and Business 7(4) (2020)
71-80.
[7] M.C. Vu, T.T. Phan, N.T. Le, “Relationship between board ownership structure and firm financial performance in transitional economy: The case of Vietnam”, Research in International Business and Finance 45 (2018) 28-512.
[8] A.D. Pham, A.T. Hoang (Editors), “Does female representation on board improve firm performance? A case study of non-financial corporations in Vietnam”, International Econometric Conference of Vietnam, Springer, 2019.
[9] T. Nguyen, A. Nguyen, S. Locke, K. Reddy, “Does the human capital of board directors add value to firms? Evidence from an Asian market”, Cogent Economics & Finance. 5(1) (2017) 1385439.
[10] M. Jensen, W. Meckling, “Theory of the firm: Managerial behavior, agency costs, and ownership structure”, Journal of Financial Economics 3 (1976) 60-305.
[11] N. My Tran, A. Jorissen, W. Nonneman, “Do OECD-type governance principles have economic value for Vietnamese firms at IPO?”, Corp Gov. 26(1) (2018) 58-79.
[12] H.S.T. Pham, D.T. Nguyen, “The effects of corporate governance mechanisms on the financial leverage-profitability relation Evidence from Vietnam”, Management Research Review 43(4) (2019) 387-409.
[13] T.T.M. Nguyen, E. Evans, M. Lu, “Independent directors, ownership concentration and firm performance in listed companies: Evidence from Vietnam”, Pacific Accounting Review 29(2) (2017) 204-26.
[14] D.H. Vo, T.M. Nguyen, “The impact of corporate governance on firm performance: Empirical study in Vietnam”, International Journal of Economics and Finance 6(6) (2014) 1-13.
[15] S.H. Do, J.W. Lee, “Corporate Governance and Bank Performance: Empirical Evidence from Vietnamese Listed Banks”, Journal of Economics Studies 38(1) (2020) 29-53.
[16] D. Vo, T. Phan, “Corporate governance and firm performance: Empirical evidence from Vietnam”, Journal of Economic Development 7(1) (2013) 62-78.
[17] P. Trang Thi Kieu, “Research on the relationship between corporate governance and firm performance: Empirical evidence from companies listed on the stock exchange in Vietnam”, International Journal of Management and Applied Research 3(4) (2016) 172-83.
[18] N.T. Huyen, Boardroom gender diversity does it matter for firm performance? Evidence from VietNam listed companies: International University-HCMC, 2017.
[19] T. Nguyen, S. Locke, K. Reddy, “Does boardroom gender diversity matter? Evidence from a transitional economy”, International Review of Economics & Finance 37 (2015) 184-202.
[20] N. Korac-Kakabadse, A.K. Kakabadse, A. Kouzmin, “Board governance and company performance: any correlations?”, Corporate Governance 1(1) (2001) 24-30.
[21] P. Stiles, B. Taylor, Boards at work, New York: Oxford University Press Inc., 2001.
[22] D. Finegold, G.S. Benson, D. Hecht, “Corporate boards and company performance: review of research in light of recent reforms”, Corporate Governance: An International Review 15(5) (2007) 865-78.
[23] R. Adams, B. Hermalin, M. Weisbach, “The role of boards of directors in corporate governance:
A conceptual framework and survey”, Journal of Economic Literature 48(1) (2010) 58-107.
[24] B.K. Boyd, K.T. Haynes, F. Zona, “Dimensions of CEO-Board Relations”, Journal of Management Studies 48(8) (2011) 1892-923.
[25] S. Young, V. Thyil, “A holistic model of corporate governance: A new research framework”, Corporate Governance: The International Journal of Business in Society 8(1) (2008) 94-108.
[26] J. Pfeffer, G. Salancik, The external control of organization: A resource-dependence perspective: New York: Harper & Row, 1978.
[27] A. Hillman, M. Withers, B. Collins, “Resource Dependence Theory: A Review”, Journal of Management 35(6) (2009) 27-1404.
[28] K.G. Provan, J.M. Beyer, C. Kruytbosch, “Environmental linkages and power in
resource-dependence relations between organizations”, Administrative Science Quarterly, 1980, pp. 200-25.
[29] R.H. Lester, A. Hillman, A. Zardkoohi, Cannella AA, “Former government officials as outsider directors: The role of human and social capital”, Academy of Management Journal 51(5) (2008) 999-1013.
[30] G.S. Becker, Human Capital: A theoretical and empirical analysis, with special reference to education, New York: National Bureau of Economic Research, 1964.
[31] B. Piazza-Georgi, “The role of human and social capital in growth: Extending our understanding”, Cambridge Journal of Economics 26(4) (2002) 461-79.
[32] A. Hillman, T. Dalziel, “Boards of directors and firm performance: Integrating Agency and Resource Dependence Perspectives”, Academy of Management Review 28(3) (2003) 383-96.
[33] M.S. Mizruchi, “Galaskiewicz. Networks of Interorganizational relations”, Sociological Methods and Research 22(1) (1993) 46-70.
[34] J. Pfeffer, “Size and Composition of Corporate Boards of Directors: The Organization and its Environment”, Administrative Science Quarterly 17(2) (1972) 218-28.
[35] D.T. Dalton, C.M. Daily, A.E. Ellstrand, J.L. Johnson, “Meta-analytic reviews of board composition, leadership structure, and financial performance”, Strategic Management Journal 19(3) (1998) 269.
[36] S.T. Certo, C.M. Daily, C.M. Dalton, “Signaling firm value through board structure: An investigation of initial public of offerings”, Entrepreneurship Theory and Practice 26 (2001) 33-50.
[37] A. Hillman, A.A. Cannella, R.L. Paetzold, “The Resource Dependence Role of Corporate Directors: Strategic Adaptation of Board Composition in Response to Environmental Change”, Journal of Management Studies 37(2) (2000) 56-235.
[38] T. Dalziel, R.J. Gentry, M. Bowerman, “An Integrated Agency-Resource Dependence View of the Influence of Directors’ Human and Relational Capital on Firms' R&D Spending”, Journal of Management Studies 48(6) (2011) 42-1217.
[39] K. Eisenhardt, “Agency Theory: An Assessment and Review”, Academy of Management Review 14(1) (1989) 57-74.
[40] E. Fama, M. Jensen, “Separation of ownership and control”, Journal of Law and Economics 26 (1983) 301-25.
[41] ASX Corporate Governance Council. Corporate Governance Principles and Recommendations, In: Council ACG, editor, 3rd ed, Australia: Australian Securities Exchange, 2014.
[42] N. Minow, K. Bingham, The ideal board in corporate governance, Cambridge: Blackwell Publishers, 1995.
[43] R.C. Anderson, D.M. Reeb, “Board composition: Balancing family influence in S&P 500 firms”, Administrative Science Quarterly 49(2) (2004) 209-37.
[44] B.D. Baysinger, H.N. Butler, “Corporate Governance and the Board of Directors: Performance Effects of Changes in Board Composition”, Journal of Law, Economics and Organization 1(1) (1985) 101-24.
[45] P. Mallette, K.L. Fowler, “Effects of board composition and stock ownership on the adoption of “poison pills”, Academy of Management Journal 35(5) (1992) 35-1010.
[46] S. Finkelstein, A.C. Mooney, “Not the usual suspects: How to use board process to make boards better”, Academy of Management Executive 17(2) (2003) 13-101.
[47] A. Capezio, J. Shields, M. O’Donnell, “Too Good to be True: Board Structural Independence as a Moderator of CEO Pay-for-Firm-Performance”, Journal of Management Studies 48(3) (2011) 487-513.
[48] C.M. Daily, D.R. Dalton, “CEO and Board Chair Roles Held Jointly or Separately: Much Ado About Nothing?”, Academy of Management Executive 11(3) (1997) 11-20.
[49] R. Krause, M. Semadeni, A.A. Cannella, “CEO Duality: A Review and Research Agenda”, Journal of Management 40(1) (2014) 86-256.
[50] J.D. Westphal, “Board games: How CEOs adapt to increases in structural board independence from management”, Administrative Science Quarterly, 1998, pp. 511-37.
[51] J. Lorsch, E. MacIver, Pawns or Potentates: The Reality of America’s Corporate Boards, Boston: Harvard Business School Press, 1989.
[52] M.L. Mace, Directors: Myth and Reality, Boston: Harvard Business School Press, 1971.
[53] L.A. Bebchuk, J.M. Fried, “Pay Without Performance: Overview of the Issues”, Journal of Applied Corporate Finance 17(4) (2005) 8-23.
[54] S. Finkelstein, “Power in top management teams: Dimensions, measurement, and validation”, Academy of Management Journal 35(3) (1992) 505-38.
[55] M. van Essen, J. Otten, E.J. Carberry, “Assessing Managerial Power Theory: A Meta-Analytic Approach to Understanding the Determinants of CEO Compensation”, Journal of Management, 2012.
[56] D. Nasaw, “Opening the board: The fight is on to determine who will guide the selection of directors in the future”, Wall Street Journal 2003 October 27.
[57] I.E. Brick, O. Palmon, J.K. Wald, “CEO compensation, director compensation, and firm performance: evidence of cronyism?”, Journal of Corporate Finance 12(3) (2006) 403-23.
[58] B.G. Main, C. O’Reilly, J. Wade, “The CEO, the board of directors and executive compensation: Economic and psychological perspectives”, Industrial and Corporate Change 4(2) (1995) 293-332.
[59] C.M. Daily, J.L. Johnson, “Sources of CEO Power and Firm Financial Performance: A Longitudinal Assessment”, Journal of Management 23(2) (1997) 97-117.
[60] G.L. Adams, Power plays: A longitudinal examination of CEO/BOD power circulation and its impact on organizational performance [3156052], United States - Florida: The Florida State University, 2004.
[61] K.T. Haynes, A. Hillman, “The effect of board capital and CEO power on strategic change”, Strategic Management Journal 31(11) (2010) 1145-63.
[62] H.L. Chen, “Board Capital, CEO Power and R&D Investment in Electronics Firms”, Corporate Governance: An International Review 22(5) (2014) 422-36.
[63] J. Pfeffer, G.R. Salancik, The external control of organizations: A resource dependence perspective: Stanford University Press, 2003.
[64] T. Casciaro, Piskorski MJ, “Power Imbalance, Mutual Dependence, and Constraint Absorption: A Closer Look at Resource Dependence Theory”, Administrative Science Quarterly 50(2) (2005) 167-99.
[65] J.R. Macey, Corporate Governance: Promises Kept, Promises Broken, USA: Princeton University Press, 2008.
[66] R. Adams, D. Ferreira, “A Theory of Friendly Boards”, The Journal of Finance 62(1) (2007) 50-217.
[67] F. Neubauer, A. Demb, Corporate Governance-A Burning Issue, The Legitimate Corporation Essential Readings in Business Ethics & Corporate Governance, Ed by B Sutton, Blackwell, Oxford, 1993.
[68] J. Gabrielsson, M. Huse, “Context, Behavior and Evolution”, International Studies of Management & Organization 34(2) (2004) 11-36.
[69] M.S. Mizruchi, “Who Controls Whom? An Examination of the Relation between Management and Boards of Directors in Large American Corporations”, Academy of Management Review 8(3) (1983) 35-426.
[70] M. Zeitlin, Corporate ownership and control: The large corporation and the capitalist class. Classes, Power, and Conflict: Springer, 1982, pp.196-223.
[71] J. Scott, Corporations, classes, and capitalism: Hutchinson Educational, 1985.
[72] C.M. Daily, D.R. Dalton, A.A. Cannella, “Introduction to special topic forum corporate governance: Decades of dialogue and data”, Academy of Management Review 28(3) (2003) 82-371.
[73] J.A. Pearce, S.A. Zahra, “The relative power of CEOs and boards of directors - Associations with corporate performance”, Strategic Management Journal 12(2) (1991) 53-135.
[74] L.A. Bebchuk, Fried JM, “Pay without Performance: The unfulfilled promise of executive compensation”, Harvard University Press, 2004.
[75] F.L. Schmidt, “The role of general cognitive ability and job performance: Why there cannot be a debate”, Human Performance 15(1-2) (2002) 187-210.