Leverage in family firms: The moderating role of female directors and board quality

Poletti‐Hughes, Jannine; Garcia, Beatriz Martínez

doi:10.1002/ijfe.2147

Cited by 32 publications

(28 citation statements)

References 98 publications

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“…, 2018; Badu and Appiah, 2017; Maswadi and Amran, 2023; Oliveira et al. , 2022; Poletti-Hughes and Martínez Garcia, 2022; Pugliese et al. , 2014; Wongsinhirun et al.…”

Section: Literature Review and Hypothesis Developmentmentioning

confidence: 99%

Board diversity and systematic risk: evidence from emerging markets

Daniel‐Vasconcelos

Crisóstomo

Ribeiro

2023

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Purpose This study aims to investigate the association between board diversity and systematic risk. The theoretical framework used in this study is based on agency and resource dependency theories.Design/methodology/approach Using a panel data set of 788 firms listed in the Morgan Stanley Capital International (MSCI) Emerging Markets index from 2015 to 2020, the authors apply Panel-Corrected Standard Error estimation method to test the three proposed hypotheses and the two-stage least squares method is adopted for the endogenous test.Findings The results suggest that board-specific skills diversity (BSSD) and board independence (BIND) have a negative impact on systematic risk. On the other hand, board gender diversity does not affect systematic risk. The findings reinforce the relevance of board diversity for reducing systematic risk and offer valuable insights for policymakers and investors, suggesting that the presence of directors with specific skills and independent directors could reduce firms’ systematic risk.Research limitations/implications The study extends the scope of agency and resource dependency theories by suggesting that the BSSD and BIND reduce agency costs and bring critical resources to the firm’s survival.Practical implications The findings support policymakers and managers in reducing systematic risk. In addition, the results demonstrate the importance of policies that encourage board diversity and BIND.Social implications The study demonstrates how companies can reduce systematic risk through board diversity and BIND.Originality/value To the best of our knowledge, this is the first study to investigate the association between board diversity and systematic risk only in emerging markets.

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“…, 2018; Badu and Appiah, 2017; Maswadi and Amran, 2023; Oliveira et al. , 2022; Poletti-Hughes and Martínez Garcia, 2022; Pugliese et al. , 2014; Wongsinhirun et al.…”

Section: Literature Review and Hypothesis Developmentmentioning

confidence: 99%

Board diversity and systematic risk: evidence from emerging markets

Daniel‐Vasconcelos

Crisóstomo

Ribeiro

2023

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“…Beyond a potential theoretical explanation, whether the relationship is positive or negative typically depends on certain moderators (team size and gender diversity) (Dawson et al, 2022; Poletti‐Hughes and Martinez Garcia, 2022; Kabore et al, 2021; Lauring & Villesèche, 2019; Li, 2018; Ruiz‐Jiménez et al, 2016; Backes‐Gellner et al, 2015a; Vaccaro et al, 2012). Based on social identity theory, team size is viewed as a critical boundary condition for affecting team partnership (Sui et al, 2016; Levine & Crowther, 2008) and a pivotal characteristic shaping internal team dynamics (Stewart, 2006).…”

Section: Introductionmentioning

confidence: 99%

Does duration of team governance decrease corporate carbon emission intensity

Xia

Zhu

Cai

2022

Corp Soc Responsibility Env

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The study explores the effects of duration of team governance (DTG) on carbon emission intensity of 608 U.S. listed corporations merged three official datasets of Carbon Disclosure Project (CDP), Compuatat and BoardEx over the period 2009-2018, using unbalanced panel data analysis. It bridges three theoretical approaches: group development theory (GDT), social identity theory (SIT) and resource dependence theory (RDT) and applies econometric analysis techniques to investigate corporate carbon emission intensity. The result shows an inverted U-shaped relationship between DTG and carbon emission intensity. It is interesting that carbon emission intensity increased when the duration is less than 6.52 years, however, the duration exceeds 6.52 years decreases carbon emission intensity.We also find other factors of team size and gender diversity moderate the U-shaped relationship, further testing the optimal team of 8-11 members and 3-4 women members. Meanwhile, the finding shows that the low-carbon innovation is an effective mediator for DTG to decrease carbon emission intensity. The paper is important for managerial implication and policy making.

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“…Most previous research studied the CG of family-controlled companies (Alhebri et al, 2021;Amin et al, 2022;Poletti-Hughes & Martínez Garcia, 2022). There was insufficient research that studied on impact of CG among family-controlled companies with a globalized boardroom.…”

Section: Introductionmentioning

confidence: 99%

Globalizing the Boardroom among Family-Controlled Companies on Bursa Malaysia: The effects of corporate governance on firm performance

Chang

Cheng

et al. 2022

E-BPJ

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This paper aimed to determine the research gap between corporate governance and its effects on firm performance among family-controlled listed companies on Bursa Malaysia with a globalized boardroom after implementing MCCG 2012. The study focused on family-controlled companies listed on Bursa Malaysia from 2013 to 2018. The sample size includes 240 firm-year observations. Panel data analysis (fixed and random effect) model and Hausman tests were used. Results from panel data analysis (Eviews) found no significant effects between corporate governance and firm performance of family-controlled companies listed on Bursa Malaysia with a globalized boardroom. Keywords: Corporate Governance; Firm Performance; Family-Controlled Companies; Globalized Boardroom eISSN: 2398-4287 © 2022. The Authors. Published for AMER ABRA cE-Bs by e-International Publishing House, Ltd., UK. This is an open access article under the CC BYNC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/). Peer–review under responsibility of AMER (Association of Malaysian Environment-Behaviour Researchers), ABRA (Association of Behavioural Researchers on Asians) and cE-Bs (Centre for Environment-Behaviour Studies), Faculty of Architecture, Planning & Surveying, Universiti Teknologi MARA, Malaysia. DOI: https://doi.org/10.21834/ebpj.v7iSI8.3915

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Leverage in family firms: The moderating role of female directors and board quality

Cited by 32 publications

References 98 publications

Board diversity and systematic risk: evidence from emerging markets

Board diversity and systematic risk: evidence from emerging markets

Does duration of team governance decrease corporate carbon emission intensity

Globalizing the Boardroom among Family-Controlled Companies on Bursa Malaysia: The effects of corporate governance on firm performance

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