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Board independence, investment opportunity set and performance of South African firms

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  • Muniandy, Balachandran
  • Hillier, John

Abstract

This study examines the association of firm performance and board independence, in concert with growth options for South African firms. It is motivated by the recent reform of the King regime of corporate governance, King III, in 2010. Archival data for firms listed on the Johannesburg Stock Exchange in both the pre-King III (2008–2009) and post-King III (2011–2012) eras are used. Cross-sectional levels and difference analyses are employed to determine whether change in board independence conjoint with growth status has a performance effect for firms. Transition from pre-to post-King III has had a positive impact on the relationship of independent non-executive directorship jointly with growth potential for firms' performance. The current study implies board independence is important. It is relevant for the attraction of foreign investment in economies such as those in the Asia-Pacific, worthy of stressing by corporate regulators and of cognizance by investors. Prior studies relating board independence to firm performance have had mixed and compromised results. This study overcomes limitations of earlier literature and addresses a key feature of corporate governance reform in a developing country.

Suggested Citation

  • Muniandy, Balachandran & Hillier, John, 2015. "Board independence, investment opportunity set and performance of South African firms," Pacific-Basin Finance Journal, Elsevier, vol. 35(PA), pages 108-124.
    • Handle: RePEc:eee:pacfin:v:35:y:2015:i:pa:p:108-124
    DOI: 10.1016/j.pacfin.2014.11.003
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    4. Alipour, Ali & Yaprak, Attila, 2022. "Indulgence and risk-taking behavior of firms: Direct and interactive influences," Journal of International Management, Elsevier, vol. 28(2).
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    6. Ayman Hassan Bazhair & Mohammed Naif Alshareef, 2022. "Dynamic relationship between ownership structure and financial performance: a Saudi experience," Cogent Business & Management, Taylor & Francis Journals, vol. 9(1), pages 2098636-209, December.
    7. Blanche Steyn & Farai Kwenda & Lesley Stainbank, 2020. "Do board-level controls matter? – An agency perspective on socially responsible investment (SRI) company boards in South Africa," South African Journal of Accounting Research, Taylor & Francis Journals, vol. 34(3), pages 205-235, September.
    8. Balachandran, Balasingham & Faff, Robert, 2015. "Corporate governance, firm value and risk: Past, present, and future," Pacific-Basin Finance Journal, Elsevier, vol. 35(PA), pages 1-12.
    9. Detthamrong, Umawadee & Chancharat, Nongnit & Vithessonthi, Chaiporn, 2017. "Corporate governance, capital structure and firm performance: Evidence from Thailand," Research in International Business and Finance, Elsevier, vol. 42(C), pages 689-709.
    10. Ha Thanh Nguyen & Balachandran Muniandy, 2021. "Gender, ethnicity and stock liquidity: evidence from South Africa," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(S1), pages 2337-2377, April.
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    12. Shakri, Irfan Haider & Yong, Jaime & Xiang, Erwei, 2022. "Does compliance with corporate governance increase profitability? Evidence from an emerging economy: Pakistan," Global Finance Journal, Elsevier, vol. 53(C).

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    More about this item

    Keywords

    Board independence; Firm performance; South Africa; Investment opportunity set; Endogeneity;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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