Does board independence influence financial performance in IPO firms? The moderating role of the national business system

Zattoni, Alessandro, Witt, Michael, Judge, William Q., Talaulicar, Till, Chen, Jean Jinghan, Lewellyn, Krista, Wei Hu, Helen, Gabrielsson, Jonas, Luis Rivas, Jose, Puffer, Sheila, and others. (2017) Does board independence influence financial performance in IPO firms? The moderating role of the national business system. Journal of World Business, 52 (5). pp. 628-639. ISSN 1090-9516. (doi:10.1016/j.jwb.2017.04.002) (The full text of this publication is not currently available from this repository. You may be able to access a copy if URLs are provided) (KAR id:102117)

The full text of this publication is not currently available from this repository. You may be able to access a copy if URLs are provided.

Official URL: https://doi.org/10.1016/j.jwb.2017.04.002

Abstract

Prior evidence suggests that board independence may enhance financial performance, but this relationship has been tested almost exclusively for Anglo-American countries. To explore the boundary conditions of this prominent governance mechanism, we examine the impact of the formal and information institutions of 18 national business systems on the board independence-financial performance relationship. Our results show that while the direct effect of independence is weak, national-level institutions significantly moderate the independence-performance relationship. Our findings suggest that the efficacy of board structures is likely to be contingent on the specific national context, but the type of legal system is insignificant.

Item Type:	Article
DOI/Identification number:	10.1016/j.jwb.2017.04.002
Subjects:	H Social Sciences > HF Commerce > HF5351 Business H Social Sciences > HG Finance
Institutional Unit:	Schools > Kent Business School
Former Institutional Unit:	Divisions > Kent Business School - Division > Department of Accounting and Finance
Funders:	Prifysgol Lerpwl (https://ror.org/04xs57h96)
Depositing User:	Jean Chen
Date Deposited:	18 Jul 2023 10:32 UTC
Last Modified:	20 May 2025 11:58 UTC
Resource URI:	https://kar.kent.ac.uk/id/eprint/102117 (The current URI for this page, for reference purposes)

University of Kent Author Information

Chen, Jean Jinghan.

Creator's ORCID:	https://orcid.org/0009-0009-9607-9342
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