2,267
Views
7
CrossRef citations to date
0
Altmetric
Research Article

Does the human capital of board directors add value to firms? Evidence from an Asian market

ORCID Icon, ORCID Icon, ORCID Icon & | (Reviewing editor)
Article: 1385439 | Received 04 May 2017, Accepted 18 Sep 2017, Published online: 16 Oct 2017

References

  • Abor, J., & Biekpe, N. (2007). Corporate governance, ownership structure and performance of SMEs in Ghana: Implications for financing opportunities. Corporate Governance, 7(3), 288–300.10.1108/14720700710756562
  • Adams, R., & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of Financial Economics, 94(2), 291–309.10.1016/j.jfineco.2008.10.007
  • Ammann, M., Oesch, D., & Schmid, M. M. (2011). Corporate governance and firm value: International evidence. Journal of Empirical Finance, 18(1), 36–55.10.1016/j.jempfin.2010.10.003
  • Audretsch, D. B., & Lehmann, E. (2006). Entrepreneurial access and absorption of knowledge spillovers: Strategic board and managerial composition for competitive advantage. Journal of Small Business Management, 44(2), 155–166.10.1111/jsbm.2006.44.issue-2
  • Bantel, K. A., & Jackson, S. E. (1989). Top management and innovations in banking—Does the composition of the top team make a difference? Strategic Management Journal, 10, 107–124.
  • Becker, G. S. (1962). Investment in human capital: A theoretical analysis. Journal of Political Economy, 70(5), 9–49.10.1086/258724
  • Becker, G. S. (1993). Human capital: A theoretical and empirical analysis, with special reference to education (3rd ed.). New York, NY: University of Chicago Press.10.7208/chicago/9780226041223.001.0001
  • Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115–143.10.1016/S0304-4076(98)00009-8
  • Bond, S. R. (2002). Dynamic panel data models: A guide to micro data methods and practice. Portuguese Economic Journal, 1(2), 141–162.10.1007/s10258-002-0009-9
  • Boyd, B. (1990). Corporate linkages and organizational environment: A test of the resource dependence model. Strategic Management Journal, 11(6), 419–430.10.1002/(ISSN)1097-0266
  • Carpenter, M. A., & Westphal, J. D. (2001). The strategic context of external network ties: Examining the impact of director appointments on board involvement in strategic decision making. Academy of Management Journal, 44(4), 639–660.10.2307/3069408
  • Certo, S. T. (2003). Influencing initial public offering investors with prestige: Signaling with board structures. The Academy of Management Review, 28(3), 432–446.
  • Coles, J. L., Lemmon, M. L., & Felix Meschke, J. (2012). Structural models and endogeneity in corporate finance: The link between managerial ownership and corporate performance. Journal of Financial Economics, 103(1), 149–168.10.1016/j.jfineco.2011.04.002
  • Crook, T. R., Todd, S. Y., Combs, J. G., Woehr, D. J., & Ketchen, Jr., D. J. (2011). Does human capital matter? A meta-analysis of the relationship between human capital and firm performance. Journal of Applied Psychology, 96(3), 443.10.1037/a0022147
  • Damodar, G. (2004). Basic econometrics (4th ed.). New York, NY: The McGraw-Hill Companies.
  • Defond, M. L., Hann, R. N., & Hu, X. (2005). Does the market value financial expertise on audit committees of boards of directors? Journal of Accounting Research, 43, 153–193.10.1111/joar.2005.43.issue-2
  • Dezsö, C. L., & Ross, D. G. (2012). Does female representation in top management improve firm performance? A panel data investigation. Strategic Management Journal, 33(9), 1072–1089.10.1002/smj.1955
  • Ehikioya, B. I. (2009). Corporate governance structure and firm performance in developing economies: Evidence from Nigeria. Corporate Governance, 9(3), 231–243.10.1108/14720700910964307
  • Fama, E. F., & Jensen, M. (1983). Separation of ownership and control. Journal of Law and Economics, 26(2), 301–325.10.1086/467037
  • Fich, E. M., & Shivdasani, A. (2005). Financial fraud, director reputation, and shareholder wealth (Unpublished). University of North Carolina.
  • Fich, E. M., & Shivdasani, A. (2006). Are busy boards effective monitors? Journal of Finance, 61(2), 689–724.
  • Finkelstein, S., & Hambrick, D. C. (1996). Strategic leadership: Top executives and their effects on organizations. New York, NY: West.
  • Flannery, M. J., & Hankins, K. W. (2013). Estimating dynamic panel models in corporate finance. Journal of Corporate Finance, 19(C), 1–19. 10.1016/j.jcorpfin.2012.09.004
  • Francis, B., Hasan, I., & Wu, Q. (2015). Professors in the boardroom and their impact on corporate governance and firm performance. Financial Managment, 44, 547–581.10.1111/fima.2015.44.issue-3
  • Harris, D., & Helfat, C. (1997). Specificity of CEO human capital and compensation. Strategic Management Journal, 18, 895–920.10.1002/(SICI)1097-0266(199712)18:11<895::AID-SMJ931>3.0.CO;2-R
  • Hillman, A. J., Cannella, A. A., & Paetzold, R. L. (2000). The resource dependence role of corporate directors: Strategic adaptation of board composition in response to environmental change. Journal of Management Studies, 37(2), 235–256.10.1111/joms.2000.37.issue-2
  • Hillman, A. J., & Dalziel, T. (2003). Boards of directors and firm performance: Integrating agency and resource dependence perspectives. Academy of Management Review, 28(3), 383–396.
  • Huselid, M. A. (1995). The impact of human resource management practices on turnover, productivity, and corporate financial performance. Academy of Management Journal, 38, 635–672.10.2307/256741
  • International Finance Corporation. (2011). The 2010 orporate governance scorecard for Vietnam. Washington, DC: Author.
  • Jensen, M. (1993). The modern industrial revolution, exit, and the failure of internal control systems. The Journal of Finance, 48(3), 831–880.10.1111/j.1540-6261.1993.tb04022.x
  • Jensen, M., & Meckling, W. (1976). Theory of the firm: Managerial behaviour, agency cost, and ownership structure. Journal of Financial Economics, 3(4), 305–360.10.1016/0304-405X(76)90026-X
  • Khanna, P., Jones, C. D., & Boivie, S. (2014). Director human capital, information processing demands, and board effectiveness. Journal of Management, 40(2), 557–585. doi:10.1177/0149206313515523
  • Lynall, M. D., Golden, B. R., & Hillman, A. J. (2003). Board composition from adolescence to maturity: A multitheoretic view. Academy of Management Review, 28(3), 416–431.
  • Nakano, M., & Nguyen, P. (2012). Foreign ownership and firm performance: Evidence from Japan’s electronics industry. Applied Financial Economics, 23(1), 41–50.
  • Nguyen, T., Locke, S., & Reddy, K. (2014). A dynamic estimation of governance structures and financial performance for Singaporean companies. Economic Modelling, 40(C), 1–11.10.1016/j.econmod.2014.03.013
  • Nguyen, T., Locke, S., & Reddy, K. (2015a). Does boardroom gender diversity matter? Evidence from a transitional economy. International Review of Economics and Finance, 37(C), 184–202.10.1016/j.iref.2014.11.022
  • Nguyen, T., Locke, S., & Reddy, K. (2015b). Ownership concentration and corporate performance from a dynamic perspective: Does national governance quality matter? International Review of Financial Analysis, 41, 148–161.10.1016/j.irfa.2015.06.005
  • Nguyen, T., & Nguyen, T. (2016). Corporate governance structures and performance of firms in Asian markets: A comparative analysis between Singapore and Vietnam. Organizations and Markets in Emerging Economies, 7(2), 112–140.
  • Nickell, S. (1981). Biases in dynamic models with fixed effects. Econometrica, 49(6), 1417–1426.10.2307/1911408
  • Pfeffer, J. (1973). Size, composition, and function of hospital boards of directors: A study of organization-environment linkage. Administrative Science Quarterly, 18(3), 349–364.10.2307/2391668
  • Pham, P. K., Suchard, J. A., & Zein, J. (2011). Corporate governance and alternative performance measures: Evidence from Australian firms. Australian Journal of Management, 36(3), 371–386.10.1177/0312896211413035
  • Roodman, D. (2009a). How to do xtabond2: An introduction to difference and system GMM in Stata. Stata Journal, 9(1), 86–136.
  • Roodman, D. (2009b). A note on the theme of too many instruments. Oxford Bulletin of Economics and Statistics, 71(1), 135–158.10.1111/obes.2009.71.issue-1
  • Rosenstein, S., & Wyatt, J. G. (1990). Outside directors, board independence, and shareholder wealth. Journal of Financial Economics, 26, 175–191.10.1016/0304-405X(90)90002-H
  • Schultz, E. L., Tan, D. T., & Walsh, K. D. (2010). Endogeneity and the corporate governance–performance relation. Australian Journal of Management, 35(2), 145–163.10.1177/0312896210370079
  • Shivadasani, A., & Yermack, D. (1999). CEO involvement in the selection of new board members: an empirical analysis. Journal of Finance, 54, 1829–1853.10.1111/0022-1082.00168
  • Shrader, R., & Siegel, D. S. (2007). Assessing the relationship between human capital and firm performance: Evidence from technology-based new ventures. Entrepreneurship Theory and Practice, 31(6), 893–908.10.1111/etap.2007.31.issue-6
  • Storey, D. J. (2002). Education, training and development policies and practices in medium-sized companies in the UK: Do they really influence firm performance? Omega, 30(4), 249–264.10.1016/S0305-0483(02)00035-X
  • The Korn/Ferry Institute. (2012). The diversity scorecard measuring board composition in Asia Pacific. Singapore: The Korn/Ferry Institute.
  • Ujunwa, A. (2012). Board characteristics and the financial performance of Nigerian quoted firms. Corporate Governance, 12(5), 5–5.
  • Unger, J. M., Rauch, A., Frese, M., & Rosenbusch, N. (2011). Human capital and entrepreneurial success: A meta-analytical review. Journal of Business Venturing, 26(3), 341–358.10.1016/j.jbusvent.2009.09.004
  • Valenti, M. A., Luce, R., & Mayfield, C. (2011). The effects of firm performance on corporate governance. Management Research Review, 34(3), 266–283.10.1108/01409171111116295
  • van der Sluis, J., van Praag, M., & Vijverberg, W. (2008). Education and entrepreneurship selection and performance: A review of the empirical literature. Journal of Economic Surveys, 22(5), 795–841.10.1111/j.1467-6419.2008.00550.x
  • Victoria, K. (2006). Ownership, board structure, and performance in continental Europe. International Journal of Accounting, 41(2), 176–197.
  • Vu, H., Tran, T., Nguyen, T., & Lim, S. (2016). Corruption, types of corruption and firm financial performance: New evidence from a transitional economy. Journal of Business Ethics, 1–12. (In press). doi:10.1007/s10551-016-3016-y
  • Windmeijer, F. (2005). A finite sample correction for the variance of linear efficient two-step GMM estimators. Journal of Econometrics, 126(1), 25–51.10.1016/j.jeconom.2004.02.005
  • Wintoki, M. B., Linck, J. S., & Netter, J. M. (2012). Endogeneity and the dynamics of internal corporate governance. Journal of Financial Economics, 105(3), 581–606.10.1016/j.jfineco.2012.03.005
  • Wooldridge, J. M. (2009). Introductory econometrics: A modern approach (4th ed.). Mason: South-Western Cengage Learning.
  • Yermack, D. (2006). Board members and company value. Financial Markets and Portfolio Management, 20(1), 33–47.10.1007/s11408-006-0003-9