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

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...

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Main Authors:	GENG, Xuesong, Hennessy, Dean, Bates, Kimberly
Format:	text
Language:	English
Published:	Institutional Knowledge at Singapore Management University 2006
Subjects:	Business Law, Public Responsibility, and Ethics Strategic Management Policy
Online Access:	https://ink.library.smu.edu.sg/lkcsb_research/1753 https://ink.library.smu.edu.sg/context/lkcsb_research/article/2752/viewcontent/GengX2006SUBSTITUTIONorSYMBOLICASAC.pdf
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Institution:	Singapore Management University
Language:	English

id	sg-smu-ink.lkcsb_research-2752
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spelling	sg-smu-ink.lkcsb_research-27522018-07-09T07:24:32Z Substitution or Symbolic Effects? A Reexamination of Corporate Governance and Firm Performance GENG, Xuesong Hennessy, Dean Bates, Kimberly 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 concentrated managerial ownership makes independent board more symbolic than effective. 2006-06-01T07:00:00Z text application/pdf https://ink.library.smu.edu.sg/lkcsb_research/1753 https://ink.library.smu.edu.sg/context/lkcsb_research/article/2752/viewcontent/GengX2006SUBSTITUTIONorSYMBOLICASAC.pdf http://creativecommons.org/licenses/by-nc-nd/4.0/ Research Collection Lee Kong Chian School Of Business eng Institutional Knowledge at Singapore Management University Business Law, Public Responsibility, and Ethics Strategic Management Policy
institution	Singapore Management University
building	SMU Libraries
continent	Asia
country	Singapore Singapore
content_provider	SMU Libraries
collection	InK@SMU
language	English
topic	Business Law, Public Responsibility, and Ethics Strategic Management Policy
spellingShingle	Business Law, Public Responsibility, and Ethics Strategic Management Policy GENG, Xuesong Hennessy, Dean Bates, Kimberly Substitution or Symbolic Effects? A Reexamination of Corporate Governance and Firm Performance
description	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 concentrated managerial ownership makes independent board more symbolic than effective.
format	text
author	GENG, Xuesong Hennessy, Dean Bates, Kimberly
author_facet	GENG, Xuesong Hennessy, Dean Bates, Kimberly
author_sort	GENG, Xuesong
title	Substitution or Symbolic Effects? A Reexamination of Corporate Governance and Firm Performance
title_short	Substitution or Symbolic Effects? A Reexamination of Corporate Governance and Firm Performance
title_full	Substitution or Symbolic Effects? A Reexamination of Corporate Governance and Firm Performance
title_fullStr	Substitution or Symbolic Effects? A Reexamination of Corporate Governance and Firm Performance
title_full_unstemmed	Substitution or Symbolic Effects? A Reexamination of Corporate Governance and Firm Performance
title_sort	substitution or symbolic effects? a reexamination of corporate governance and firm performance
publisher	Institutional Knowledge at Singapore Management University
publishDate	2006
url	https://ink.library.smu.edu.sg/lkcsb_research/1753 https://ink.library.smu.edu.sg/context/lkcsb_research/article/2752/viewcontent/GengX2006SUBSTITUTIONorSYMBOLICASAC.pdf
_version_	1770570014845304832

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

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