Ownership concentration and firm performancethe moderating effect of the monitoring and provision of resources board roles

Referencias bibliográficas

• Aggarwal, R. K., & Samwick, A. A., (2003). Performance incentives within firms: The effect of managerial responsibility. Journal of Finance, 58, 1613–1649
• Aiken, L. S, & West, S. G., (1991). Multiple regression: Testing and interpreting interactions. Thousand Oaks, CA: Sage
• Amihud, Y., & Lev, B., (1981). Risk reduction as a managerial motive for merger. Bell Journal of Economics, 12, 605–617
• Amore, M. D., & Bennedsen, M., (2013). The value of local political connections in a low-corruption environment. Journal of Financial Economics, 110(2), 387–402
• Arellano, M., & Bond, S., (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277–297
• Arellano, M., & Bover, O., (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29–51
• Barroso, C., Villegas, M. M., & Pérez‐Calero, L., (2011). Board influence on a firm’s internationalization. Corporate Governance: An International Review, 19(4), 351–367
• Bauer, R., Guenster, N., & Otten, R., (2004). Empirical evidence on governance in Europe: The effect on stock returns, firm value and performance. Journal of Asset Management, 5, 91–104
• Baysinger, B., & Hoskisson, R. E., (1990). The composition of boards of directors and strategic control: Effects on corporate strategy. Academy of Management Review, 15, 72–87
• Baysinger, B. D., & Butler, H. N., (1985). Corporate governance and the board of directors: Performance effects of changes in board composition. Journal of Law, Economics, & Organization, 1, 101–124
• Baysinger, B. D., Kosnik, R. D., & Turk, T. A., (1991). Effects of board and ownership structure on corporate structure and strategy. Academy of Management Journal, 34, 205–214
• Bebchuk, L., Cohen, A., & Ferrell, A., (2009). What matters in corporate governance? The Review of Financial Studies, 22(2), 783–827
• Bebchuk, L., & Weisbach, M., (2010). The state of corporate governance research. Review of Financial Studies, 23(3), 939–961
• Bhagat, S., & Bolton, B., (2008). Corporate governance and firm performance. Journal of Corporate Finance, 14(3), 257–273
• Boubakri, N., Cosset, J. C., & Saffar, W., (2012). The impact of political connections on firms’ operating performance and financing decisions. Journal of Financial Research, 35(3), 397–423
• Boyd, B. K., (1990). CEO duality and firm performance: A contingency model. Strategic Management Journal, 16, 301–312
• Buchwald, A., (2017). Competition, outside directors and executive turnover: Implications for corporate governance in the EU. Managerial and Decision Economics, 38, 365–381
• Burns, N., McTier, B. C., & Minnick, K., (2015). Equity-incentive compensation and payout policy in Europe. Journal of Corporate Finance, 30, 85–97
• Campbell, J. T., Campbell, T. C., Sirmon, D. G., Bierman, L., & Tuggle, C. S., (2012). Shareholder influence over director nomination via proxy access: Implications for agency conflict and stakeholder value. Strategic Management Journal, 33, 1431–1451. doi:10.1002/smj.2012.33.issue-12
• Carpenter, M. A., & Westphal, J. D., (2001). The strategic context of external ties: Examining the impact of director appointments on board involvement in strategic decision making. Academy of Management Journal, 44, 639–660
• Collis, D., & Montgomery, C., (2005). Corporate strategy: A resource based approach. New York: McGraw-Hill
• Dahya, J., Orlin, D., & McConnell, J. J., (2008). Dominant shareholders, corporate boards, and corporate value: A cross-country analysis. Journal of Financial Economics, 87, 73–100
• Daily, C., & Dalton, D., (1994, December). Bankruptcy and corporate governance: The impact of board composition and structure. Academic Management Journal, 37(6), 1603–1617
• Daily, C., Dalton, D., & Cannella, A., (2003). Corporate governance: Decades of dialog and data. Academy of Management Review, Vol. 28, n. 3, 371–382
• Dalton, D., Daily, C. M., Certo, T., & Roengpitya, R., (2003). Meta-analyses of financial performance and equity: Fusion or confusion? The Academy of Management Journal, 46(1), 13–26
• Dalton, D., Daily, C. M., Johnson, J. L., & Ellstrand, A. E., (1999). Meta-analytic reviews of board composition, leadership structure and financial performance. Strategic Management Journal, 19, 269–290
• Dalton, D., & Dalton, C. M., (2011). Integration of micro and macro studies in governance research: CEO duality, board composition, and financial performance. Journal of Management, 37, 404–411
• Dalton, D., Hitt, M. A., Certo, T. S., & Dalton, C. M., (2007). The fundamental agency problem and its mitigation. The Academy of Management Annals, 1(1), 1–64
• Dalziel, T., Gentry, R. J., & Bowerman, M., (2011). 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), 1217–1246
• Demb, A., & Neubauer, F. F., (1992). The corporate board: Confronting the paradoxes. Oxford; New York; Toronto and Melbourne: Oxford University Press
• Desender, K. A., Aguilera, R. V., Crespi, R., & Garcia-Cestona, M., (2013). When does ownership matter? Board characteristics and behaviour. Strategic Management Journal, 34, 823–842
• Devers, C. E., McNamara, G., Wiseman, R. M., & Arrfelt, M., (2008). Moving closer to the action: Examining compensation design effects on firm risk. Organization Science, 19(4), 548–566
• Durnev, A., & Kim, E. H. A. N., (2005). To steal or not to steal: Firm attributes, legal environment, and valuation. The Journal of Finance, 60(3), 1461–1493
• Eisenhardt, K. M., (1989). Agency theory: An assessment and review. Academy of Management Review, 14(1), 57–74
• Elsilä, A., Kallunki, J.-P., Nilsson, H., & Sahlström, P., (2013). CEO Personal wealth, equity incentives and firm performance. Corporate Governance: An International Review, 21, 26–41
• Fama, E. F., & Jensen, M. C., (1983). Separation of ownership and control. Journal of Law and Economics, 26, 301–325
• Fernández-Olmos, M., & Díez-Vial, I., (2013). Effect of firm’s resources on international diversification: An application in the Iberian Ham industry. European Management Journal, 31(2), 196–208
• Filatotchev, I., Jackson, G., & Nakajima, C., (2013). Corporate governance and national institutions: A review and emerging research agenda. Asia Pacific Journal of Management, 30(4), 965–986
• Finkelstein, S., & D’Aveni, R. A., (1994). CEO duality as a double-edged sword: How boards of directors balance entrenchment avoidance and unity of command. Academy of Management Journal, 37(5), 1079–1108
• Fox, M. A., & Hamilton, R. T., (1994). Ownership and diversification: Agency theory or stewardship theory. Journal of Management Studies, 31(1), 69–82
• Francis, J., Schipper, K., & Vincent, L., (2005). Earnings and dividend informativeness when cash flow rights are separated from voting rights. Journal of Accounting and Economics, 39, 329–360
• Francis, J., & Smith, A., (1995). Agency costs and innovation some empirical evidence. Journal of Accounting and Economics, 19(2−3), 383−409
• García-Meca, E., (2016). Political connections, gender diversity and compensation policy. Review of Managerial Science, 10(3), 553–576
• García-Ramos, R., & García-Olalla, M., (2011). Board characteristics and firm performance in public founder-and nonfounder-led family businesses. Journal of Family Business Strategy, 2(4), 220–231
• Hill, C. W., & Snell, S. A., (1988). External control, corporate strategy, and firm performance in research-intensive industries. Strategic Management Journal, 9(6), 577–590
• Hillman, A. J., Cannella, A., & Paetzold, R., (2000). The resource dependence role of corporate directors: Strategic adaptation of board composition in response to environmental change. Journal of Management Studies, 37, 235–256
• Hillman, A. J., & Dalziel, T., (2003). Boards of directors and firm performance: Integrating agency and resource dependence perspectives. Academy of Management Review, 28, 383–396
• Houston, R., & Ferris, S., (2015). Does the revolving door swing both ways? The value of political connections to US firms. Managerial Finance, 41(10), 1002–1031
• Jensen, M. C., & Meckling, W. H., (1976). Theory of the firm: Managerial behaviour, agency costs and ownership structure. Journal of Financial Economics, 3, 305–360
• Kang, H., Cheng, M., & Gray, S. J., (2007). Corporate governance and board composition: Diversity and independence of Australian boards. Corporate Governance and International Review, 15, 194–207
• Kathyayini, K. R. T., Carol, A., & Lester, L. H., (2012). Corporate governance and environmental reporting: An Australian study. Corporate Governance, 12(2), 143–163
• Kiel, G. C., & Nicholson, G. J., (2006). Multiple directorships and corporate performance in Australian listed companies. Corporate Governance: An International Review, 14(6), 530–546
• Kim, Y., (2005). Board network characteristics and firm performance in Korea. Corporate Governance: An International Review, 13(6), 800–808
• Klapper, L. F., & Love, I., (2004). Corporate governance, investor protection, and performance in emerging markets. Journal of Corporate Finance, 10(2004), 703–728
• Kor, Y. Y., & Misangyi, V. F., (2008). Outside directors’ industry‐specific experience and firms’ liability of newness. Strategic Management Journal, 29(12), 1345–1355
• Kor, Y. Y., & Sundaramurthy, C., (2009). Experience-based human capital and social capital of outside directors. Journal of Management, 35(4), 981–1006
• Kosnik, R. D., (1990). Effects of board demography and directors’ incentives on corporate greenmail decisions. Academy of Management Journal, 33(1), 129–150
• Kroll, M., Walters, B. A., & Wright, P., (2008). Board vigilance, director experience, and corporate outcomes. Strategic Management Journal, 29(4), 363–382
• Kula, V., & Tatoglu, E., (2006). Board process attributes and company performance of family-owned business in Turkey. Corporate Governance: The International Journal of Effective Board Performance, 6, 624–634
• Kumar, P., & Zattoni, A., (2013). Corporate governance, board of directors, and firm performance. Corporate Governance: An International Review, 21(4), 311–313
• La Porta, R., Lopez de Silanes, F., & Shleifer, A., (1999). Corporate ownership around the world. The Journal of Finance, LIV, 471–517
• La Porta, R., Lopez de Silanes, F., Shleifer, A., & Vishny, R. W., (2002). Investor protection and corporate valuation. Journal of Finance, 57, 1147–1170
• Li, Q., Luo, W., Wang, Y., & Wu, L., (2013). Firms performance, corporate ownership, and corporate social responsibility disclosure in China. Business Ethics: A European Review, 22(2), 159–173
• López Iturriaga, F.J, & Morrós Rodríguez, I. (2014). Boards of directors and firm performance: the effect of multiple directorships. Spanish Journal of Finance and Accounting, 43(2), 177-192
• Lorca, P., Andrées, J. D., & Martínez, A. B., (2012). Size and culture as determinants of the web policy of listed firms: The case of web accessibility in Western European countries. Journal of the Association for Information Science and Technology, 63(2), 392–405
• Lorsch, J. W., & MacIver, E., (1989). Pawns or potentates: The reality of America’s corporate boards. Boston, MA: Harvard University Graduate School of Business Administration
• Mangena, M., Tauringana, V., & Chamisa, E., (2012). Corporate boards, ownership structure and firm performance in an environment of severe political and economic crisis. British Journal of Management, 23(S1), S23–S41
• Méndez, C. F., García, R. A., & Rodríguez, E. F., (2012). Incidencia de las comisiones de nombramientos y retribuciones sobre las remuneraciones de los consejeros ejecutivos. Cuadernos De Economía Y Dirección De La Empresa, 15(1), 33–41
• Miller, D., Le Breton-Miller, I., Lester, R. H., & Cannella, A. A., (2007). Are family firms really superior performers? Journal of Corporate Finance, 13, 829–858
• Milliken, F. J., & Martins, L. L., (1996). Searching for common threads: Understanding the multiple effects of diversity in organizational groups. Academy of Management Review, 21(2), 402–433
• Minichilli, A., Zattoni, A., Nielsen, S., & Huse, M., (2012). Board task performance: An exploration of micro- and macro-level determinants of board effectiveness. Journal of Organizational Behavior, 33, 193–215
• Mizruchi, M. S., & Stearns, L. B., (1994). A longitudinal study of borrowing by large American corporations. Administrative Science Quarterly, 39, 118–140
• Morck, R., Shleifer, A., & Vishny, R. W., (1988). Management ownership and market valuation: An empirical analysis. Journal of Financial Economics, 20, 293–315
• Munisi, G., Hermes, N., & Randøy, T., (2014). Corporate boards and ownership structure: Evidence from Sub-Saharan Africa. International Business Review, 23, 785–796
• Nicholson, G. J., & Kiel, G. C., (2004). Breakthrough board performance: How to harness your board’s intellectual capital. Corporate Governance: An International Review, 4(1), 5–23
• Ong, C. H., & Lee, S. H., (2000). Board functions and firm performance: A review and directions for future research. Journal of Comparative International Management, 3, 3–24
• Oxelheim, L., & Randøy, T., (2013). Globalization of monitoring practices: The case of American influences on the dismissal risk of European CEOs. Journal of Economics and Business, 70, 3–15
• Palmer, T. M., & Varner, I. I., (2007). A comparison of the international diversity on top management teams of multinational firms based in the United States, Europe, and Asia: Status and implications. Singapore Management Review, 29(1), 1-30
• Pearce, J. A., & Zahra, S. A., (1992). Board composition from a strategic contingency perspective. Journal of Management Studies, 29(4), 411–438
• Peng, M. W., (2004). Outside directors and firm performance during transitions. Strategic Management Journal, 25, 433–451
• Pérez-Calero Sánchez, L., Villegas Perinan, M. D. M., & Barroso Castro, C., (2016). A framework for board capital. Corporate Governance, 16(3), 452–475
• Petrovic, J., (2008). Unlocking the role of a board director: A review of the literature. Management Decision, 46, 1373–1392
• Pfeffer, J., (1972). Size and composition of corporate board of directors. Administrative Science Quarterly, 21, 218–228
• Pfeffer, J., & Salancik, G. R., (1978). The external control of organizations: A resource dependence perspective. New York: Harper & Row
• Piekkari, R., Oxelheim, L., & Randøy, T., (2015). The silent board: How language diversity may influence the work processes of corporate boards. Corporate Governance: An International Review, 23(1), 25–41
• Pucheta‐Martínez, M. C., & García‐Meca, E., (2014). Institutional investors on boards and audit committees and their effects on financial reporting quality. Corporate Governance: An International Review, 22(4), 347–363
• Pugliese, A., & Wenstøp, P. Z., (2007). Board members’ contribution to strategic decision-making in small firms. Journal of Management & Governance, 11(4), 383–404
• Rechner, P. L., & Dalton, D. R., (1991). CEO duality and organizational performance: A longitudinal analysis. Strategic Management Journal, 12, 155–160
• Sambharya, R. B., (1996). Foreign experience of top management teams and international diversi- cation strategies of U.S. multinational corporations. Strategic Management Journal, 17(9), 739–746
• Shleifer, A., & Vishny, R. W., (1986). Large shareholder and corporate control. Journal of Political Economy, 94, 461–488
• Shleifer, A., & Vishny, R. W., (1988). Value maximization and the acquisition process. Journal of Economic Perspectives, 2, 7–20
• Shleifer, A., & Vishny, R. W., (1997). A survey of corporate governance. Journal of Finance, 52, 737–783
• Sorescu, A. B., Chandy, R. K., & Prabhu, J. C., (2008). Sources and financial consequences of radical innovation: Insights from pharmaceuticals. Journal of Marketing, 87(October), 82–101
• Staples, C. L., (2007). Board globalisation in the world’s largest TNCs 1993–2005. Corporate Governance: An International Review, 15(2), 311–321
• Stearns, L. B., & Mizruchi, M. S., (1993). Board composition and corporate nancing: The impact of nancial institution representation on borrowing. Academy of Management Journal, 36(3), 603–618
• Stiles, P., & Taylor, B., (2001). Boards at work: How directors view their roles and responsibilities. Oxford: Oxford University Press
• Sundaramurthy, C., Pukthuanthong, K., & Kor, Y., (2014). Positive and negative synergies between the CEO’s and the corporate board’s human and social capital: A study of biotechnology firms. Strategic Management Journal, 35(6), 845–868
• Thomsen, S., & Pedersen, T., (2000). Ownership structure and economic performance in the largest European Companies. Strategic Management Journal, 21, 689–705
• Tuschke, A., & Sanders, W., (2003). Antecedents and consequences of corporate governance reform: The case of Germany. Strategic Management Journal, 24, 631–649
• Van Essen, M., Engelen, P. J., & Carney, M., (2013). Does “good” corporate governance help in a crisis? The impact of country- and firm-level governance mechanisms in the European financial crisis. Corporate Governance: An International Review, 21, 201–224
• Van Veen, K., Sahib, P. R., & Aangeenbrug, E., (2014). Where do international board members come from? Country-level antecedents of international board member selection in European boards. International Business Review, 23(2), 407–417
• Wang, K., & Shailer, G., (2015). Ownership concentration and firm performance in emerging markets: A meta-analysis. Journal of Economic Surveys, 29(2), 199–229
• Westphal, J. D., (1999). Collaboration in the boardroom: Behavioral and performance consequences of CEO-Board social ties. Academy of Management Journal, 42, 7–24
• Westphal, J. D., & Fredrickson, J. W., (2001). Who directs strategic change? Director experience, the selection of new CEOs, and change in corporate strategy. Strategic Management Journal, 22(12), 1113–1137
• Wintoki, M. B., Linck, J. S., & Netter, J. M., (2012). Endogeneity and the dynamics of internal corporate governance. Journal of Financial Economics, 105, 581–606. doi:10.1016/j.jfineco.2012.03.005
• Yammeesri, J., & Kanthi Herath, S., (2010). Board characteristics and corporate value: Evidence from Thailand. Corporate Governance: The International Journal of Business in Society, 10(3), 279–292
• Young, M. N., Peng, M. W., Ahlstrom, D., Bruton, G. D., & Jiang, Y., (2008). Corporate governance in emerging economies: A review of the principal–principal perspective. Journal of Management Studies, 45(1), 196–220
• Zahra, S. A., Neubaum, D. O., & Naldi, L., (2007). The effects of ownership and governance on SMEs’ international knowledge-based resources. Small Business Economics, 29(3), 309–327