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Managerial ownership, board independence and firm performance

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  • Yuan George Shan

Abstract

Purpose - The extant literature reports mixed and inconclusive findings concerning the relationship between corporate governance mechanisms and firm performance. To provide incremental insight, this paper aims to investigate whether the bi-directional relationships among managerial ownership, board independence and firm performance are determined. Design/methodology/approach - This paper uses a data set consisting of 9,302 firm-year observations of Australian listed companies during 2005-2015 and a three-stage least squares simultaneous equation model to test the bi-directional relationships. Findings - The results indicate that both managerial ownership and board independence inversely affect firm performance and vice versa. In addition, board independence is negatively correlated with managerial ownership and vice versa. Practical implications - The convergence-of-interests hypothesis can be achieved by manipulating managerial ownership through making contingent payments. Board independence, as a voluntary regime in Australia, can provide additional flexibility to corporate decision makers. Originality/value - This study provides additional evidence by using the convergence-of-interests hypothesisvis-à-visthe entrenchment hypothesis to examine the relationship between managerial ownership and firm performance, and tests the association of board independence and firm performance using the explanation of agency theoryvis-à-visstewardship theory.

Suggested Citation

  • Yuan George Shan, 2019. "Managerial ownership, board independence and firm performance," Accounting Research Journal, Emerald Group Publishing Limited, vol. 32(2), pages 203-220, July.
    • Handle: RePEc:eme:arjpps:arj-09-2017-0149
    DOI: 10.1108/ARJ-09-2017-0149
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    3. Le, Quyen & Vafaei, Alireza & Ahmed, Kamran & Kutubi, Shawgat, 2022. "Independent directors' reputation incentives and firm performance – an Australian perspective," Pacific-Basin Finance Journal, Elsevier, vol. 72(C).
    4. Bogdan Aurelian MIHAIL & Dalina DUMITRESCU, 2021. "Comparative Analysis Between Two-Tier Boards And Unitary Boards In The Case Of The Companies Listed On The Bucharest Stock Exchange," Proceedings of the INTERNATIONAL MANAGEMENT CONFERENCE, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 15(1), pages 4-10, November.
    5. Helmi A. Boshnak, 2024. "Ownership concentration, managerial ownership, and firm performance in Saudi listed firms," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 21(3), pages 462-475, September.
    6. Pompei Mititean, 2022. "The Impact Of Corporate Governance Characteristics On Companies’ Financial Performance: Evidence From Romania," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 67(233), pages 113-134, April – J.
    7. Qiao, Penghua & Chang, Ming & Zeng, Yuping, 2024. "The influence of digitalization on SMEs’ OFDI in emerging countries," Journal of Business Research, Elsevier, vol. 177(C).
    8. Pompei Mititean, 2022. "Is The Financial Performance Affected By Board Characteristics During Covid-19? Evidence From The Energy Industry," Oradea Journal of Business and Economics, University of Oradea, Faculty of Economics, vol. 7(special), pages 100-110, June.
    9. Mukesh Nepal & Rajat Deb, 2022. "Board Characteristics and Firm Performance: Indian Textiles Sector Panorama," Management and Labour Studies, XLRI Jamshedpur, School of Business Management & Human Resources, vol. 47(1), pages 74-96, February.
    10. Majid Jamal Khan & Faiza Saleem & Shahab Ud Din & Muhammad Yar Khan, 2024. "Nexus between boardroom independence and firm financial performance: evidence from South Asian emerging market," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-10, December.
    11. Narula, Radhika & Rao, Purnima & Kumar, Satish & Matta, Rahul, 2024. "ESG scores and firm performance- evidence from emerging market," International Review of Economics & Finance, Elsevier, vol. 89(PA), pages 1170-1184.
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    More about this item

    Keywords

    Australia; Firm performance; Corporate governance; Board independence; Managerial ownership; G32; G34; G38; M41;
    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
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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