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

Nguyen, Tuan Van; Nguyen, An; Locke, Stuart; Reddy, Krishna

doi:10.1080/23322039.2017.1385439

Cited by 24 publications

(20 citation statements)

References 57 publications

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“…However, this study agrees with Garcia-Martin and Herrero (2018) on board size, board independence, and gender diversity. The finding on board size is also in line with Fernau (2013) and Nguyen et al (2017).…”

Section: Discussionsupporting

confidence: 88%

“…There are quite a number of empirical studies on board characteristics or attributes as influencer of firm performance (see Garcia-Martin & Herrero, 2018; Horvath & Spirollari, 2012; Imade, 2019; Nguyen et al, 2017;Pereira & Filipe, 2014). This strand of literature focuses on examination of board size, board gender diversity, board activity, independent or non-executive directors, insider ownership, board age, chief executive officer (CEO) duality, and audit committee on firm performance.…”

Section: Introductionmentioning

confidence: 99%

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Unobservable characteristics of board directors and the performance of financial services firms in Nigeria

Osazevbaru

Tarurhor

2020

Investment Management and Financial Innovations

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This paper examines the intricate link between unobservable characteristics of directors on the corporate board and firm performance. It aims to extend the literature on corporate governance and firm strategic performance from the perspective of emerging African economies. A mix of performance measures were used (Tobin Q, return on assets, and share price) and unobservable characteristics were captured as a stochastic element or heterogeneity of observable board characteristics (board activity, gender diversity, size, and independence). The study applied non-linear generalized auto-regressive conditional heteroscedasticity model to examine the data set consisting of 299 firm-year observations from 23 financial firms listed on the Nigerian Stock Exchange from 2006 to 2018. Positive skewness and leptokurtic distribution were found for all the variables. Correlation matrix revealed no multicollinearity, as the highest value was 0.2386. Empirical results suggest that unobservable characteristics significantly and positively influence firm performance as measured by return on assets and share price. This is because the coefficient of the lagged-value of the variance scaling parameter is positive and significant at the 1% level. However, with respect to Tobin Q measure, the result was positive but not significant at the 5% level. Implicitly, the result is sensitive to performance proxies. Accordingly, this study concludes that unobservable characteristics drive firm performance. It is recommended that boards and regulators should pay attention to unobservable characteristics.

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Section: Discussionsupporting

confidence: 88%

Section: Introductionmentioning

confidence: 99%

Unobservable characteristics of board directors and the performance of financial services firms in Nigeria

Osazevbaru

Tarurhor

2020

Investment Management and Financial Innovations

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“…Highly educated owners choose to inject lower proportions of personal debt and trade financing, whereas white owners inject lower proportions of personal equity and rely more on trade financing. Nguyen et al (2017) surveyed Vietnamese companies and found that director human capital has a positive impact on the company's performance.…”

Section: Human Capitals and Continuity Of Start-up Companiesmentioning

confidence: 99%

Factors Inﬂuencing the continuation of start-up companies

Konno

2021

Cogent Economics & Finance

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This study investigates the factors that influence the discontinuation of Japanese business start-ups using the resource-based view (RBV) framework. By conducting an empirical study using the binary logit model, this study reveals the factors that caused start-ups that began in 2006 to suspend operations by 2010. According to the results of the analysis, the better the company was prepared for potential threats before it opened, the higher the probability that the business would remain in operation. Moreover, it was found that business continuity is higher when the manager has business experience related to the current business. In terms of model fit, it was found that start-up preparation is more important to continuity than manager attributes.

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“…Using a unique cross-sectional dataset of Chinese industrial firms, Lan and Munro (2012) investigated the external and internal effects of human capital on firms' environmental performance [27]. The result showed that firms have better environmental compliance because they are pushed into making compliance decision by internal driver of human capital and pulled to be environmental friendly by external force of social human capital stock.…”

Section: Empirical Reviewmentioning

confidence: 99%

Effect of Human Capital Expenditures on Corporate Social Responsibility of Oil and Gas Firms in Nigeria

Cyril¹,

Amoge²,

Nkemdilim³

2019

AJTAB

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This study is to ascertain the effect of human capital expenditures on corporate social responsibility of oil and gas firms in Nigeria It spanned for the period of 10 years (2008-2017) and made use of secondary data extracted from the financial reports and accounts of the oil and gas firms selected for the period. The study adopted ex-post facto research design and employed the panel least squares multiple regression analysis. Findings of the study provided empirical evidence that human capital expenditures proxy by expenditure on salaries and wages, on education and training and expenditure on health have significant positive effect on Corporate Social Responsibility (CSR) of oil and gas firms in Nigeria. This implies that increases in volume of corporate social functions of the firms are associated with increases in spending on the human capital indices. Based on these findings, it was recommended among others that oil and gas firms should keep up in the corporate supports to the community since it helps in the growth of their firms and ensure good salary pay structure for their workers to motivate them in community supports.

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

Cited by 24 publications

References 57 publications

Unobservable characteristics of board directors and the performance of financial services firms in Nigeria

Unobservable characteristics of board directors and the performance of financial services firms in Nigeria

Factors Inﬂuencing the continuation of start-up companies

Effect of Human Capital Expenditures on Corporate Social Responsibility of Oil and Gas Firms in Nigeria

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