Substitution or Symbolic Effects? A Reexamination of Corporate Governance and Firm Performance

• المؤلفون الرئيسيون: GENG, Xuesong, Hennessy, Dean, Bates, Kimberly
• التنسيق: text
• اللغة: English
• منشور في: Institutional Knowledge at Singapore Management University 2006
• الموضوعات: Business Law, Public Responsibility, and Ethics; Strategic Management Policy
• الوصول للمادة أونلاين: https://ink.library.smu.edu.sg/lkcsb_research/1753; https://ink.library.smu.edu.sg/context/lkcsb_research/article/2752/viewcontent/GengX2006SUBSTITUTIONorSYMBOLICASAC.pdf
• المؤسسة: Singapore Management University

In this paper, we use a sample of large Canadian corporations to test the substitution hypothesis and the symbolic hypothesis. We find that the positive effect of board independence on firm performance declines as managerial ownership increases. This effect becomes non-positive when highly concentra...