The composition of board of directors and performance: Impact of the political experience after the Tunisian revolution

Bouaine, Wided; Hrichi, Yosr

doi:10.5897/jat2020.0432

Cited by 4 publications

(5 citation statements)

References 120 publications

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“…Contrarily, Salem et al (2019) find that board size exhibits a negative but insignificant link with the quality of risk disclosure. Bouaine and Hrichi (2022) find that board size is negatively and significantly linked to Tunisian firm performance.…”

Section: Board Sizementioning

confidence: 77%

“…With reference to the Tunisian context, according to Salem et al (2019), women on boards contribute to the disclosure of risk information, suggesting that the presence of women on the board of directors may improve decision-making because they are perceived to be less selfinterested. Furthermore, Bouaine and Hrichi (2022) find that the presence of women is positively tied to Tunisian firm performance.…”

Section: Gender Diversitymentioning

confidence: 86%

“…For instance, Fathi (2013) argues that duality adversely affects Tunisian companies' level of financial disclosure. Bouaine and Hrichi (2022) advance that duality adversely affects Tunisian firm performance. However, Kouki and Bouchareb (2020) find that duality exhibits a positive and significant link with information disclosure, thereby suggesting that if a director also chairs the board of directors, he or she will be less opportunistic and will make the best decisions for shareholders.…”

Section: Ceo Dualitymentioning

confidence: 99%

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Board of directors and target price performance: evidence from Tunisia

Fredj

Gana

2022

EMJB

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PurposeThis article examines the link between the structure of the board of directors and target price accuracy using a sample of 51 listed firms on the Tunisian Stock Exchange over the period of 2011–2017.Design/methodology/approachIn this study, the authors used the generalised method of moments (GMM) model to control the endogeneity problem.FindingsAs a result, that model can serve as a signal in the forecasting process. The authors' results suggest that target price accuracy is negatively related to board independence, and dual Chief Executive officer (CEO). In addition, CEO compensation tends to exert a negative impact on target price error.Practical implicationsThe authors' findings are valuable for common investors because the findings can be useful in enhancing their capital allocation decisions by assigning higher weights to forecasts issued by firms with strong corporate governance systems. The authors' study also has practical implications for managers and policymakers. Specifically, the evidence provided herein suggests that firms with strong corporate governance mechanisms enhance the accuracy of market expectations, alleviate information asymmetry, and limit market surprises, especially in a context characterised by weak investor protection. The authors' results highlight the advantages of strong corporate governance in improving a firm's information environment and, therefore, are useful for the cost–benefit analysis of improving internal governance mechanisms. Additionally, the authors' results may prove useful to investors who can rely on the information provided by analysts for well-governed companies.Social implicationsThe authors' study contributes to the literature in both corporate governance and analysts' forecasts fields. The study provides additional evidence of the benefit of board quality attributes on target price accuracy in an emerging market characterised by high information asymmetry and weak investor protection. The authors' findings exhibit the effectiveness of board attributes in producing better financial information quality in Tunisia. This is useful for investors who may improve their capital allocation decisions by assigning greater weights to target price forecasts of companies with good governance quality, suggesting that good corporate governance is a credible signal of better financial information quality. These results have important implications for capital market regulators and corporate management in encouraging the implementation of good governance practices.Originality/valueThe authors attempted to assess whether corporate governance of listed firms are priced in the Tunisian context characterised by weak governance control and to highlight which mechanism is highly considered by independent financial analysts to build their forecasts.

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Section: Board Sizementioning

confidence: 77%

Section: Gender Diversitymentioning

confidence: 86%

Section: Ceo Dualitymentioning

confidence: 99%

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Board of directors and target price performance: evidence from Tunisia

Fredj

Gana

2022

EMJB

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“…In Tunisia, Maaloul et al (2018) found that political connections improve firm performance for a sample of Tunisian firms listed during the period 2012–2014. However, Bouaine and Hrichi (2022) found that the presence of PCDs in Tunisian firms’ boardrooms is not significantly associated with ROE, but it is negatively associated with Tobin’s q. In the GCC context, Hassan et al (2019) investigated the effect of the presence of ruling family members in boardrooms on the performance of Qatari listed firms during 2014–2016.…”

Section: Hypotheses Developmentmentioning

confidence: 99%

Political connections, media coverage and firm performance: evidence from an emerging market

Hassan

Lahyani²,

Elgharbawy³

2022

MEDAR

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Purpose The purpose of this study is to investigate the effect of politically connected directors (PCDs), media coverage and their interaction on firm performance in an emerging market economy (UAE). Design/methodology/approach This study relies on the agency theory and the resource dependency theory and uses a panel data set of a sample of non-financial firms listed in the UAE stock market from 2009 to 2016. Data were analyzed using fixed-effects regression. Instrumental variable regression was used to address potential endogeneity. Findings PCDs and media are positively associated with firm performance (ROE and Tobin’s q). Media moderates the PCDs–performance relationship, as the interaction between PCDs and media coverage is negatively associated with firm performance. Under growing media attention, reputational concerns prevent PCDs from using their connections to gain particular advantages to their firms to avoid damaging their image. Practical implications Regulators need to acknowledge and define the roles of PCDs and media in business governance. Originality/value To the best of authors’ knowledge, this study is the first empirical examination testing the effect of the interplay between PCDs and media on firm performance in an emerging market economy such as UAE.

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“…Ada pendapat bahwa ukuran papan memiliki pengaruh pada dewan karena banyak yang dibutuhkan untuk mitigasi konflik, pemantauan yang lebih efektif dan dapat menghasilkan pertimbangan kualitas yang lebih tinggi (Ezeani et al, 2023;Tahir et al, 2023). Frekuensi rapat dewan menghasilkan komunikasi yang lebih baik antara dewan perusahaan dan manajer (Wided & Yosr, 2022). Beberapa struktur kepemilikan dewan seperti kepemilikan asing, kepemilikan keluarga, kepemilikan konsentrasi, kepemilikan institusional, kepemilikan manajerial, juga dikenal sebagai kepemilikan dewan, dan kepemilikan CEO, dapat memiliki pengaruh faktor penentu utama pada leverage (Ibrahim et al, 2023).…”

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Penelitian Empiris Menyelidiki Dampak Dewan Perusahaan Terhadap Keputusan Leverage di Bank-Bank Indonesia

Marji Uliansyah,

Indra Maulana,

Christy Yanwar Yosapat

et al. 2024

JMPIS

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Tujuan dari penelitian ini adalah untuk menganalisis pengaruh jenis kelamin dewan direksi, ukuran dewan direksi, rapat dewan direksi, profitabilitas, kepemilikan dewan direksi, ukuran perusahaan, big4, dan pertumbuhan ekonomi terhadap tingkat leverage bank. Metode yang digunakan adalah metode regresi data panel yang terdiri dari common effect (pooled less square), fixed effect dan random effect. Hasil penelitian menunjukkan bahwa Board Female Gender, Board Meeting, Board Ownership, Profitability, Big4, Inflation berpengaruh terhadap Leverage. Board Size, Firm Size, Economic Growth tidak berpengaruh terhadap Leverage.

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The composition of board of directors and performance: Impact of the political experience after the Tunisian revolution

Cited by 4 publications

References 120 publications

Board of directors and target price performance: evidence from Tunisia

Board of directors and target price performance: evidence from Tunisia

Political connections, media coverage and firm performance: evidence from an emerging market

Penelitian Empiris Menyelidiki Dampak Dewan Perusahaan Terhadap Keputusan Leverage di Bank-Bank Indonesia

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