中国A股上市公司中董事会多样性对企业绩效的影响 ————基于代理成本的视角
发布时间：2023-04-19 18:43
基于高阶梯对理论、代理理论以及资源基础理论,本文将检验中国上市公司董事会差异化对公司业绩的影响效果。尽管已有部分文献对不同维度的董事会差异化影响公司业绩的效果进行过检验,本文则更进一步地揭示了董事会差异化影响公司业绩的作用机理。给予有效监督假设,本文认为二者之间的作用路径为代理问题。此外,相关经济理论还认为外部治理机制在约束管理者行为方面同样发挥着重要的作用。因此,本文也将分析外部治理机制在董事会差异化和公司业绩二者关系间发挥的调节作用。本文的样本来自于2007-2016年中国上证180和深证100所包含公司。由于部分公司是在2007年之后上市交易的,因此本文的样本为非平衡样本。本文将使用固定效应模型以及基于动态面板的广义矩估计等方法来缓解内生性等问题。基于针对董事会差异化和公司业绩之间关系的理论讨论和实证检验,本文将讨论的第一个问题是不同维度的董事会差异化对公司会计业绩和市场业绩的影响效果。在控制了公司和董事会特征方面的相关因素后,本文发现性别差异化、教育程度差异化以及国籍差异化会显著地提高中国上市公司的会计业绩和市场业绩。年龄差异化和独立董事差异化对中国上市公司的业绩水平并没有产生...
【文章页数】：158 页
【学位级别】：博士
【文章目录】：
Acknowledgement
Abstract
摘要
1 Introduction
1.1 Background of the study
1.2 The Practical Value of the Study
1.3 Research Gap and Significance of the Study
1.4 Research Objectives and Contributions of the Study
1.4.1 Research Objectives
1.4.2 Contributions of the Study
1.5 Overview of the Corporate Governance System
1.5.1 Internal Governance Mechanism
1.5.2 External Governance Mechanism
1.5.3 Agency Conflict and Information Environment in China
1.6 Manuscript Structure
2 The Theoretical Backdrop and the Core Concepts
2.1 Board Diversity and the Agency Theory
2.2 Board Diversity and the Stewardship Theory
2.3 Board Diversity and the Resource Dependence Theory
2.4 Board Diversity and the Stakeholders Theory
2.5 Board Diversity and the Upper Echelons Theory
2.6 Integration of Different Theories
3 Literature Review and Hypothesis
3.1 Board Diversity and Firm Performance
3.2 Board Diversity, Agency Costs and Firm Performance
3.2.1 Effect of Board Diversity on Agency Costs
3.2.2 Impact of Agency Costs on the Firm Performance
3.3 External Governance Mechanism Effect on Board Diversity and Firm PerformanceRelationship
3.3.1 Moderating effect of Leverage on the Relationship between Diversity and FirmPerformance
3.3.2 Moderating effect of External Auditor on the Relationship between Diversityand Firm Performance
3.3.3 Moderating effect of Product Market Competition on the Relationship betweenDiversity and Firm Performance
3.4 Integrated Conceptual Framework:
4 Research Methodology
4.1 Sample Selection
4.2 Measurement of Variables
4.2.1 Board Diversity
4.2.2 Agency Costs
4.2.3 Firm Performance
4.2.4 External Governance Mechanism
4.2.5 Control Variables
4.3 Endogeneity and Causality Issues
4.4 Modeling Board Diversity and the Firm Performance
4.5 Modelling Mediating Effect of Agency Cost on Board Diversity and the FirmPerformance
4.5.1 Testing Mediation effect of Agency Cost on the Diversity-PerformanceRelationship
4.5.2 Testing Diversity effect on the Firm Performance
4.5.3 Testing Diversity effect on the Agency Cost
4.5.4 Testing Agency Cost effect on the Firm Performance
4.6 Modelling Moderating Effect of External Governance on Board Diversity and theFirm Performance
4.6.1 Testing Moderating effect of Leverage on the Diversity-PerformanceRelationship
4.6.2 Testing Moderating effect of Auditor Quality on the Diversity-PerformanceRelationship
4.6.3 Testing Moderating effect of Product Market Competition on the Diversity-Performance Relationship
5 Results and Discussion:Board Diversity and Firm Performance
5.1 Summary Statistics
5.2 Multicollinearity Diagnostic
5.3 Effect of Board Diversity on Firm Performance
5.4 Robustness Check
5.5 Summary of the Findings
6 Results and Discussion:Board Diversity, Agency Cost and FirmPerformance
6.1 Summary Statistics:
6.2 Multicollinearity Diagnostics:
6.3 Mediating Effects of Agency Cost on Diversity-Performance Relationship:
6.3.1 Effect of Board Diversity on Firm Performance
6.3.2 Effect of Board Diversity on Agency Cost
6.3.3 Effect of Agency Cost on Firm Performance
6.3.4 Mediating Effect of Agency Cost on Board Diversity and Firm Performance
6.4 Robustness Check
6.4.1 Effect of Board Diversity on Firm Performance
6.4.2 Effect of Board Diversity on Agency Cost
6.4.3 Effect of Agency Cost on Firm Performance
6.4.4 Mediating effect of Agency Cost on Board Diversity and Firm Performance
6.5 Summary of the Findings
7 Results and Discussion:Moderating Effect of External GovernanceMechanism on Diversity-Performance Relationship
7.1 Descriptive Statistics and Multicollinearity Diagnostic
7.2 Moderating Effect of External Governance Mechanism
7.2.1 Moderating Effect of Leverage on Diversity-Performance Relationship
7.2.2 Moderating Effect of Auditor Quality on Diversity-Performance Relationship
7.2.3 Moderating Effect of Product Market Competition on Diversity-Performance Relationship
7.3 Robustness Check
7.4 Summary of the findings
8 Concluding Remarks
8.1 Summary of the Study and Policy Implications
8.1.1 Board Diversity and Firm Performance
8.1.2 Mediating Effect of Agency cost on Diversity-Performance Relationship
8.1.3 Moderating Effect of External Governance on the Diversity-PerformanceRelationship
8.2 Limitations of the Study and Area for Further Research
Appendix
References
本文编号：3794007
【文章页数】：158 页
【学位级别】：博士
【文章目录】：
Acknowledgement
Abstract
摘要
1 Introduction
1.1 Background of the study
1.2 The Practical Value of the Study
1.3 Research Gap and Significance of the Study
1.4 Research Objectives and Contributions of the Study
1.4.1 Research Objectives
1.4.2 Contributions of the Study
1.5 Overview of the Corporate Governance System
1.5.1 Internal Governance Mechanism
1.5.2 External Governance Mechanism
1.5.3 Agency Conflict and Information Environment in China
1.6 Manuscript Structure
2 The Theoretical Backdrop and the Core Concepts
2.1 Board Diversity and the Agency Theory
2.2 Board Diversity and the Stewardship Theory
2.3 Board Diversity and the Resource Dependence Theory
2.4 Board Diversity and the Stakeholders Theory
2.5 Board Diversity and the Upper Echelons Theory
2.6 Integration of Different Theories
3 Literature Review and Hypothesis
3.1 Board Diversity and Firm Performance
3.2 Board Diversity, Agency Costs and Firm Performance
3.2.1 Effect of Board Diversity on Agency Costs
3.2.2 Impact of Agency Costs on the Firm Performance
3.3 External Governance Mechanism Effect on Board Diversity and Firm PerformanceRelationship
3.3.1 Moderating effect of Leverage on the Relationship between Diversity and FirmPerformance
3.3.2 Moderating effect of External Auditor on the Relationship between Diversityand Firm Performance
3.3.3 Moderating effect of Product Market Competition on the Relationship betweenDiversity and Firm Performance
3.4 Integrated Conceptual Framework:
4 Research Methodology
4.1 Sample Selection
4.2 Measurement of Variables
4.2.1 Board Diversity
4.2.2 Agency Costs
4.2.3 Firm Performance
4.2.4 External Governance Mechanism
4.2.5 Control Variables
4.3 Endogeneity and Causality Issues
4.4 Modeling Board Diversity and the Firm Performance
4.5 Modelling Mediating Effect of Agency Cost on Board Diversity and the FirmPerformance
4.5.1 Testing Mediation effect of Agency Cost on the Diversity-PerformanceRelationship
4.5.2 Testing Diversity effect on the Firm Performance
4.5.3 Testing Diversity effect on the Agency Cost
4.5.4 Testing Agency Cost effect on the Firm Performance
4.6 Modelling Moderating Effect of External Governance on Board Diversity and theFirm Performance
4.6.1 Testing Moderating effect of Leverage on the Diversity-PerformanceRelationship
4.6.2 Testing Moderating effect of Auditor Quality on the Diversity-PerformanceRelationship
4.6.3 Testing Moderating effect of Product Market Competition on the Diversity-Performance Relationship
5 Results and Discussion:Board Diversity and Firm Performance
5.1 Summary Statistics
5.2 Multicollinearity Diagnostic
5.3 Effect of Board Diversity on Firm Performance
5.4 Robustness Check
5.5 Summary of the Findings
6 Results and Discussion:Board Diversity, Agency Cost and FirmPerformance
6.1 Summary Statistics:
6.2 Multicollinearity Diagnostics:
6.3 Mediating Effects of Agency Cost on Diversity-Performance Relationship:
6.3.1 Effect of Board Diversity on Firm Performance
6.3.2 Effect of Board Diversity on Agency Cost
6.3.3 Effect of Agency Cost on Firm Performance
6.3.4 Mediating Effect of Agency Cost on Board Diversity and Firm Performance
6.4 Robustness Check
6.4.1 Effect of Board Diversity on Firm Performance
6.4.2 Effect of Board Diversity on Agency Cost
6.4.3 Effect of Agency Cost on Firm Performance
6.4.4 Mediating effect of Agency Cost on Board Diversity and Firm Performance
6.5 Summary of the Findings
7 Results and Discussion:Moderating Effect of External GovernanceMechanism on Diversity-Performance Relationship
7.1 Descriptive Statistics and Multicollinearity Diagnostic
7.2 Moderating Effect of External Governance Mechanism
7.2.1 Moderating Effect of Leverage on Diversity-Performance Relationship
7.2.2 Moderating Effect of Auditor Quality on Diversity-Performance Relationship
7.2.3 Moderating Effect of Product Market Competition on Diversity-Performance Relationship
7.3 Robustness Check
7.4 Summary of the findings
8 Concluding Remarks
8.1 Summary of the Study and Policy Implications
8.1.1 Board Diversity and Firm Performance
8.1.2 Mediating Effect of Agency cost on Diversity-Performance Relationship
8.1.3 Moderating Effect of External Governance on the Diversity-PerformanceRelationship
8.2 Limitations of the Study and Area for Further Research
Appendix
References
本文编号：3794007
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