Outside directors, board interlocks and firm performance: Empirical evidence from Colombian business groups

Journal of Economics and Business - Tập 63 - Trang 251-277 - 2011
Carlos Pombo1, Luis H. Gutiérrez2
1School of Management, Universidad de los Andes, Bogotá, Colombia
2Department of Economics, Universidad del Rosario, Bogotá, Colombia

Tài liệu tham khảo

Adam, 2008, The investment opportunity set and its proxy variables, Journal of Financial Research, 31, 41, 10.1111/j.1475-6803.2008.00231.x Baltagi, 2008 2001 Barnhart, 1994, Firm performance and board composition: Some new evidence, Managerial and Decision Economics, 15, 329, 10.1002/mde.4090150407 Berkman, H., Cole, R., Lee, A., & Veeraraghavan, M. (2003). The effect of board composition and ownership structure on firm performance: Evidence from India. Working paper, Department of Accounting and Finance, The University of Auckland, Auckland. Bhagat, 2002, The non-correlation between board independence and long term firm performance, Journal of Corporate Law, 30, 232 Black, 2006, Predicting firms’ corporate governance choices: Evidence from Korea, Journal of Corporate Finance, 12, 660, 10.1016/j.jcorpfin.2005.08.001 Black, B., & Kim, W. (2010). The effect of board structure on firm value: A multiple identification strategies approach using Korean data. KDI School of Public Policy and Management. Available from: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=968287. Cameron, 2010 Chhaochharia, 2007, The changing structure of US Corporate Boards: 1997–2003, Corporate Governance: An International Review, 15, 1215, 10.1111/j.1467-8683.2007.00642.x Choi, 2007, The value of outside directors: Evidence from corporate governance reform in Korea, Journal of Financial and Quantitative Analysis, 42, 941, 10.1017/S0022109000003458 Chong, 2007, Corporate governance in Latin America, 1 Dahya, 2008, Dominant shareholders, corporate boards, and corporate value: A cross country analysis, Journal of Financial Economics, 87, 73, 10.1016/j.jfineco.2006.10.005 Dahya, 2007, Board composition, corporate performance and the Cadbury Committee recommendation, Journal of Financial and Quantitative Analysis, 42, 535, 10.1017/S0022109000004099 2002 Denis, 2003, International corporate governance, Journal of Financial and Quantitative Analysis, 38, 1, 10.2307/4126762 Devos, 2009, Are interlocked directors effective monitors?, Financial Management, Winter, 861, 10.1111/j.1755-053X.2009.01059.x Dooley, 1969, The interlocking directorate, American Economic Review, 56, 314 Erickson, 2005, Board composition and firm value under concentrated ownership: The Canadian evidence, Pacific Basin Finance Journal, 13, 387, 10.1016/j.pacfin.2004.11.002 Ferris, 2001, The incidence and determinants of multiple corporate directorships, Applied Economics Letters, 8, 31, 10.1080/135048501750041259 Ferris, 2003, Too busy to mind the business? Monitoring by directors with multiple board appointments, Journal of Finance, 58, 1087, 10.1111/1540-6261.00559 Fich, 2006, Are busy boards effective monitors?, Journal of Finance, 61, 689, 10.1111/j.1540-6261.2006.00852.x Fich, 2005, Why do CEOs reciprocally sit on each other's boards?, Journal of Corporate Finance, 11, 175, 10.1016/j.jcorpfin.2003.06.002 Garay, 2007, CEO and director turnover in Venezuela, 483 Gutiérrez, 2007, Corporate governance and firm valuation in Colombia, 353 Gutiérrez, 2009, Corporate ownership and control contestability in emerging markets: The case of Colombia, Journal of Economics and Business, 61, 112, 10.1016/j.jeconbus.2008.01.002 Gutiérrez, 2009, Capital markets and corporate governance in Colombia Gutiérrez, 2008, Corporate ownership and control in Colombian corporations, Quarterly Review of Economics and Finance, 48, 22, 10.1016/j.qref.2006.01.002 Hermalin, 1991, The effects of board composition and direct incentives on firm performance, Financial Management, 20, 101, 10.2307/3665716 Hyland, 2002, Examining gender on corporate boards: A regional study, Corporate Governance: An international Review, 2, 24, 10.1108/14720700210447669 Jara-Bertin, 2008, The contest to the control in European family firms: How other shareholders affect firm value, Corporate Governance: An International Review, 16, 146, 10.1111/j.1467-8683.2008.00677.x Kang, 2007, Corporate Governance and board composition: Diversity and independence of Australian boards, Corporate Governance: An international Review, 15, 194, 10.1111/j.1467-8683.2007.00554.x Khanna, 2007, Business groups in emerging markets: Paragons or parasites, Journal of Economic Literature, 331, 10.1257/jel.45.2.331 Kiel, 2006, Multiple directorships and corporate performance in Australian listed companies, Corporate Governance: An International Review, 14, 530, 10.1111/j.1467-8683.2006.00528.x Lefort, 2007, Board independence, firm performance and ownership concentration: Evidence from Chile, Journal of Business Research, 61, 587 Loderer, 2002, Board overlap, seat accumulation and share prices, European Financial Management, 8, 165, 10.1111/1468-036X.00183 Maury, 2005, Multiple large shareholders and firm value, Journal of Banking and Finance, 29, 1813, 10.1016/j.jbankfin.2004.07.002 Miwa, 2005, Who appoints them, What do they do? Evidence from outside directors from Japan, Journal of Economics and Management Strategy, 14, 299, 10.1111/j.1530-9134.2005.00043.x Mizruchi, 1996, What do interlocks do? An analysis, critique, and assessment of research on interlocking directorates, Annual Review of Sociology, 22, 271, 10.1146/annurev.soc.22.1.271 Mizruchi, 1988, A longitudinal study of the formation of interlocking directorates, Administrative Science Quarterly, 33, 194, 10.2307/2393055 Park, 2004, Board composition and earnings management in Canada, Journal of Corporate Finance, 10, 431, 10.1016/S0929-1199(03)00025-7 Perry, 2005, Board seat accumulation by executives: A shareholder's perspective, Journal of Finance, 60, 2083, 10.1111/j.1540-6261.2005.00788.x Roy, 1994, Board size and potential corporate and director interlocks in Australasia 1984–1993, Australian Journal of Management, 19, 201, 10.1177/031289629401900205 Santiago-Castro, 2009, Overview of Latin American Corporate Governance Mechanisms, Academia, 43, 26 Santos, L.R., Micheli, D., & De-Barros, L.A. (2009). Board interlocking in Brazil: Directors’ participation in multiple companies and its effect on firm value. Mimeo University of Sao Paulo. Available from: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1018796 Vafeas, 1998, The relationship between board structure and firm performance in the UK, British Accounting Review, 30, 383, 10.1006/bare.1998.0075 Wagner, 2011, Board Independence and competence, Journal of Financial Intermediation, 20, 71, 10.1016/j.jfi.2010.06.002 Wooldridge, 2002 Yeo, 2003, CEO Reciprocal Interlocks in French Corporations, Journal of Management and Governance, 7, 425, 10.1023/A:1022442602193 Zajac, 1988, Interlocking directorates as an inter-organizational strategy: A test of critical assumptions, The Academy of Management Journal, 31, 428, 10.2307/256558