Access the full text.
Sign up today, get DeepDyve free for 14 days.
M. Bianco, P. Casavola (1999)
Italian corporate governance:: Effects on financial structure and firm performanceEuropean Economic Review, 43
Tirole Tirole (2001)
Corporate GovernanceEconometrica, 69
M. Alexander, G. Murray, J. Houghton (1994)
Business power in Australia: The concentration of company directorship holding among the top 250 corporatesAustralian Journal of Political Science, 29
(1992)
Report of the Committee on the Financial Aspects of Corporate Governance (Cadbury Report)
L. Donaldson, J. Davis (1994)
Boards and Company Performance ‐ Research Challenges the Conventional WisdomCorporate Governance: An International Review, 2
M. Alexander, G. Nicholson, Geoffrey Kiel (2000)
The Board of Directors - Firm Performance Nexus Revisited
T. Eisenberg, S. Sundgren, M. Wells (1998)
Larger board size and decreasing firm value in small firms 1 We wish to thank Asiakastieto Oy for fuJournal of Financial Economics
J. Pound (1995)
The promise of the governed corporationHarvard Business Review, 73
M. Useem (1986)
The Inner Circle: Large Corporations and the Rise of Business Political Activity in the U. S. and U.K.
D. Nichols, C. Subramaniam (2001)
Executive Compensation: Excessive or Equitable?Journal of Business Ethics, 29
E. Fama, M. Jensen (1983)
Separation of Ownership and ControlThe Journal of Law and Economics, 26
I. Kesner, Roy Johnson (1990)
An investigation of the relationship between board composition and stockholder suitsSouthern Medical Journal, 11
F. Eugene (1998)
FAMA, . Market efficiency, long-term returns, and behavioral finance, Journal of Financial Economics ., 49
(2000)
Report of the NACD Blue Ribbon Commission on the Role of the Board in Corporate Strategy. Washington: National Association of Corporate Directors
J. Pfeffer (1973)
Size, Composition, and Function of Hospital Boards of Directors: A Study of Organization-Environment LinkageAdministrative Science Quarterly, 18
M. Clarkson (1995)
A Stakeholder Framework for Analyzing and Evaluating Corporate Social PerformanceAcademy of Management Review, 20
Wernerfelt Wernerfelt (1984)
A Resource‐based View of the FirmStrategic Management Journal, 5
Geoffrey Kiel, G. Nicholson (2002)
Boards That Work: A New Guide for Directors
B. Boyd (1995)
CEO DUALITY AND FIRM PERFORMANCE: A CONTINGENCY MODELSouthern Medical Journal, 16
(1995)
Corporate Practices and Conduct
Sanjai Bhagat, Bernard Black (1997)
The Uncertain Relationship between Board Composition and Firm PerformanceBusiness Lawyer, 54
W. Grossman, R. Hoskisson (1998)
CEO pay at the crossroads of Wall Street and Main: Toward the strategic design of executive compensationAcademy of Management Perspectives, 12
J. Wagner, J. Stimpert, Edward Fubara (1998)
BOARD COMPOSITION AND ORGANIZATIONAL PERFORMANCE: TWO STUDIES OF INSIDER/OUTSIDER EFFECTSJournal of Management Studies, 35
Jerilyn Coles, Victoria McWilliams, Nilanjan Sen (2001)
An examination of the relationship of governance mechanisms to performanceJournal of Management, 27
Robert Hanson, M. Song (2000)
Managerial ownership, board structure, and the division of gains in divestituresJournal of Corporate Finance, 6
(1990)
Interlocking Directorships and the Law in Australia, Company and Securities
Fama Fama (1998)
Market Efficiency, Long‐term Returns, and Behavioral FinanceJournal of Financial Economics, 49
Scott Barnhart, M. Marr, Stuart Rosenstein (1994)
Firm performance and board composition: Some new evidenceManagerial and Decision Economics, 15
D. Knoke, M. Mizruchi (1992)
The Structure of Corporate Political Action: Interfirm Relations and Their Consequences.Social Forces, 73
C. Hall (1983)
Interlocking Directorates in Australia; The Significance for Competition PolicyAustralian Quarterly, 55
M. Zeitlin (1974)
Corporate Ownership and Control: The Large Corporation and the Capitalist ClassAmerican Journal of Sociology, 79
M. Jensen (1993)
The Modern Industrial Revolution, Exit, and the Failure of Internal Control SystemsCGA: Governance & Internal Control Systems (Topic)
(1999)
How big business performs: Private performance and public policy
Boyd Boyd (1995)
CEO Duality and Firm Performance: A Contingency ModelStrategic Management Journal, 16
M. Mizruchi (1996)
What Do Interlocks Do? An Analysis, Critique, and Assessment of Research on Interlocking DirectoratesReview of Sociology, 22
N. Arthur (2001)
Board composition as the outcome of an internal bargaining process: empirical evidenceJournal of Corporate Finance, 7
K. Eisenhardt (1989)
Agency Theory: An Assessment and ReviewAcademy of Management Review, 14
M. Zald (1969)
The Power and Functions of Boards of Directors: A Theoretical SynthesisAmerican Journal of Sociology, 75
C. Weir, D. Laing (2001)
Governance structures, director independence and corporate performance in the UKEuropean Business Review, 13
G. Nicholson, Geoffrey Kiel (2001)
A case based test of agency, stewardship and resource dependence theories of corporate governance
B. Baysinger, H. Butler (1985)
Corporate Governance and the Board of Directors: Performance Effects of Changes in Board CompositionJournal of Law Economics & Organization, 1
J. Pfeffer (1972)
Size and Composition of Corporate Boards of Directors: The Organization and its EnvironmentAdministrative Science Quarterly, 17
(2002)
Enron: How Governance Rules Failed
Philip Stiles, B. Taylor (1993)
Benchmarking corporate governance: The impact of the Cadbury CodeLong Range Planning, 26
(1997)
The Board of Directors Over Time: Composition and the Organizational Life Cycle
Kesner Kesner, Johnson Johnson (1990)
An Investigation of the Relationship Between Board Composition and Stockholder SuitsStrategic Management Journal, 11
L. Donaldson (1990)
The Ethereal Hand: Organizational Economics and Management TheoryAcademy of Management Review, 15
Margarita Tsoutsoura (2004)
Corporate Social Responsibility and Financial Performance
Jonathan Johnson, C. Daily, Alan Ellstrand (1996)
Boards of Directors: A Review and Research AgendaJournal of Management, 22
J. Lorsch, Jackie Young (1989)
Pawns or Potentates: The Reality of America's Corporate Boards
Stening Stening, Wai Wai (1984)
Interlocking Directorates Among Australia's Largest 250 Corporations 1959‐1979Australian and New Zealand Journal of Sociology, 20
R. Stobaugh, Warren Batts (2000)
The Role of the Board in Corporate Strategy: Report of the NACD Blue Ribbon Commission
N. O’Sullivan (2000)
Managers as Monitors: An Analysis of the Non-executive Role of Senior Executives in UK CompaniesBritish Journal of Management, 11
Pearce Pearce, Zahra Zahra (1991)
The Relative Power of CEOs and Boards of Directors: Associations with Corporate PerformanceStrategic Management Journal, 12
Z. Matolcsy, Donald Stokes, Anna Wright (2004)
Do Independent Directors Add ValueAustralian Accounting Review, 14
Benjamin Hermalin, M. Weisbach (2000)
Boards of Directors as an Endogenously Determined Institution: A Survey of the Economic LiteratureERN: Governance & Ownership (Topic)
F. Clarke, G. Dean (1997)
Corporate Collapse: Regulatory, Accounting and Ethical Failure
(1981)
The ownership and control of the top 50 companies listed on Australian stock exchanges
M. Muth, L. Donaldson (1998)
Stewardship Theory and Board Structure: a contingency approachCorporate Governance: An International Review, 6
Benjamin Hermalin, M. Weisbach (1991)
The Effects of Board Composition and Direct Incentives on Firm PerformanceFinancial Management, 20
(1996)
Corporate Governance in the Top 100: An Empirical Study of the Top 100 Companies’ Boards of Directors. Parkville, Vic.: Centre for Corporate Law and Securities Regulation, University of Melbourne
Paula Rechner, D. Dalton (1989)
The Impact of CEO as Board Chairperson on Corporate Performance: Evidence vs. RhetoricAcademy of Management Executive, 3
M. Conyon, Simon Peck (1998)
Board size and corporate performance: evidence from European countriesEuropean Journal of Finance, 4
R. Bowman, R. Ball, P. Brown, F. Finn, R. Officer (1990)
Share Markets and Portfolio Theory.Journal of Finance, 45
B. Wernerfelt (1984)
A Resource-Based View of the FirmSouthern Medical Journal, 5
Michael Useem (1984)
The Inner Circle: Large Corporations and the Rise of Business Political Activity in the U
Jr (1999) Shareholder By-laws Requiring Boards of Directors to Dismantle Rights Plans are Unlikely to Survive Scrutiny under Delaware Law
Carroll Carroll, Stening Stening, Stening Stening (1990)
Interlocking Directorships and the Law in AustraliaCompany and Securities Law Journal, 8
Barnhart Barnhart, Rosenstein Rosenstein (1998)
Board Composition, Managerial Ownership, and Firm Performance: An Empirical AnalysisFinancial Review, 33
OECD (1999) OECD Principles of Corporate Governance
D. Wheeler, Maria Sillanpa¨a¨ (1998)
Including the stakeholders: The business caseLong Range Planning, 31
Kenneth Kasa (1992)
Common stochastic trends in international stock marketsJournal of Monetary Economics, 29
D. Dalton, C. Daily, Alan Ellstrand, Jonathan Johnson (1998)
META-ANALYTIC REVIEWS OF BOARD COMPOSITION, LEADERSHIP STRUCTURE, AND FINANCIAL PERFORMANCEStrategic Management Journal, 19
Pettigrew Pettigrew (1992)
On Studying Managerial ElitesStrategic Management Journal, 13
E. Fama (1997)
Market Efficiency, Long-Term Returns, and Behavioral FinanceChicago Booth: Fama-Miller Working Paper Series
R. Hoskisson, Richard Johnson, Douglas Moesel (1994)
Corporate Divestiture Intensity in Restructuring Firms: Effects of Governance, Strategy, and PerformanceAcademy of Management Journal, 37
E. Lindenberg, S. Ross (1981)
Tobin's q Ratio and Industrial OrganizationThe Journal of Business, 54
(1998)
Board Independence and Long Term Firm Performance. Columbia Law School, The Center for Law and Economic Studies
L. Donaldson, J. Davis (1991)
Stewardship Theory or Agency Theory: CEO Governance and Shareholder ReturnsAustralian Journal of Management, 16
A. Hillman, Albert Cannella, Ramona Paetzold (2000)
The Resource Dependence Role of Corporate Directors: Strategic Adaptation of Board Composition in Response to Environmental ChangeJournal of Management Studies, 37
D. Dalton, C. Daily, Jonathan Johnson, Alan Ellstrand (1999)
Number of Directors and Financial Performance: A Meta-AnalysisAcademy of Management Journal, 42
Mahmud Hossain, Andrew Prevost, R. Rao (2001)
Corporate governance in New Zealand: The effect of the 1993 Companies Act on the relation between board composition and firm performancePacific-basin Finance Journal, 9
Geoffrey Kiel, G. Nicholson (2002)
Real world governance: Driving business success through effective corporate governance, 5
Kee Chung, Stephen Pruitt (1994)
A Simple Approximation of Tobin's QCorporate Finance: Valuation
D. Cameron, C. Cameron (1974)
The business who's who of Australia 1974
(1994)
Toronto Stock Exchange Committee on Corporate Governance in Canada
(2000)
Theory of the Firm : Managerial Behavior , Agency Costs and Ownership Structure
Rajeswararao Chaganti, V. Mahajan, Subhash Sharma (1985)
CORPORATE BOARD SIZE, COMPOSITION AND CORPORATE FAILURES IN RETAILING INDUSTRY[1]Journal of Management Studies, 22
James Westphal (1999)
Collaboration in the Boardroom: Behavioral and Performance Consequences of CEO-Board Social TiesAcademy of Management Journal, 42
(2000)
Huntley's financial database
C. Daily, D. Dalton (1992)
The relationship between governance structure and corporate performance in entrepreneurial firmsJournal of Business Venturing, 7
T. Donaldson, L. Preston (1995)
The Stakeholder Theory of the Corporation: Concepts, Evidence, and ImplicationsAcademy of Management Review, 20
Rumelt Rumelt (1982)
Diversification Strategy and ProfitabilityStrategic Management Journal, 3
Scott Barnhart, Stuart Rosenstein (1998)
Board Composition, Managerial Ownership, and Firm Performance: An Empirical AnalysisFinancial Accounting eJournal
Sanjai Bhagat, Bernard Black (1998)
The Non-Correlation between Board Independence And Long-Term Firm PerformanceSPGMI: Compustat Fundamentals (Topic)
R. Rumelt (1982)
Diversification strategy and profitabilitySouthern Medical Journal, 3
Robert Stern, J. Pfeffer, G. Salancik (1979)
The External Control of Organizations: A Resource Dependence Perspective.Contemporary Sociology, 8
L. Stearns, M. Mizruchi (1993)
Board Composition and Corporate Financing: The Impact of Financial Institution Representation on BorrowingAcademy of Management Journal, 36
(2001)
Corporate Governance, Econometrica
D. Yermack (1996)
Higher market valuation of companies with a small board of directorsJournal of Financial Economics, 40
C. Daily, D. Dalton (1993)
Board of Directors Leadership and Structure: Control and Performance ImplicationsEntrepreneurship Theory and Practice, 17
J. Pearce, S. Zahra (1991)
The relative power of ceos and boards of directors: Associations with corporate performanceSouthern Medical Journal, 12
M. Conyon, Simon Peck (1998)
Board Control, Remuneration Committees, and Top Management CompensationAcademy of Management Journal, 41
G. Nicholson, Geoffrey Kiel (2001)
The missing links between boards of directors and firm performance: A case study investigation
John Scott (1991)
NETWORKS OF CORPORATE POWER: A Comparative AssessmentReview of Sociology, 17
B. Stening, Wan Wai (1984)
Interlocking Directorates Among Australia's Largest 250 Corporations 1959-1979Journal of Sociology, 20
E. Altman (1981)
Share Markets and Portfolio TheoryAustralian Journal of Management, 6
R. Morck, Andrei Shleifer, Robert Vishny (1988)
Management Ownership and Market Valuation: An Empirical AnalysisJournal of Financial Economics, 20
S. Finkelstein, Richard D'Aveni (1994)
CEO Duality as a Double-Edged Sword: How Boards of Directors Balance Entrenchment Avoidance and Unity of CommandAcademy of Management Journal, 37
A. Pettigrew (1992)
On studying managerial elitesSouthern Medical Journal, 13
J. Barney (1991)
Firm Resources and Sustained Competitive AdvantageJournal of Management, 17
M. Mizruchi, L. Stearns (1988)
A Longitudinal Study of the Formation of Interlocking DirectoratesAdministrative Science Quarterly, 33
(1993)
Independent Directors and the ALO Corporate Governance Project
(1997)
Huntley’s Shareholder: The Handbook of Australian Public Companies
Dawna Rhoades, Paula Rechner, C. Sundaramurthy (2000)
Board Composition and Financial Performance: A Meta-Analysis of the Influence of outside DirectorsJournal of Managerial Issues, 12
Geoffrey Kiel, G. Nicholson (2001)
How governance affects company performance: A new approach
E. Fama (1980)
Agency Problems and the Theory of the FirmJournal of Political Economy, 88
Eisenberg Eisenberg, Sundgren Sundgren, Wells Wells (1998)
Larger Board Size and Decreasing Firm Value in Small FirmsJournal of Financial Economics, 48
Chung Chung, Pruitt Pruitt (1994)
A Simple Approximation of Tobin's qFinancial Management, 23
In many respects, Australian boards more closely approach normative “best practice” guidelines for corporate governance than boards in other Western countries. Do Australian firms then demonstrate a board demographic‐organisational performance link that has not been found in other economies? We examine the relationships between board demographics and corporate performance in 348 of Australia's largest publicly listed companies and describe the attributes of these firms and their boards. We find that, after controlling for firm size, board size is positively correlated with firm value. We also find a positive relationship between the proportion of inside directors and the market‐based measure of firm performance. We discuss the implications of these findings and compare our findings to prevailing research in the US and the UK.
Corporate Governance – Wiley
Published: Jul 1, 2003
Read and print from thousands of top scholarly journals.
Already have an account? Log in
Bookmark this article. You can see your Bookmarks on your DeepDyve Library.
To save an article, log in first, or sign up for a DeepDyve account if you don’t already have one.
Copy and paste the desired citation format or use the link below to download a file formatted for EndNote
Access the full text.
Sign up today, get DeepDyve free for 14 days.
All DeepDyve websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.