Board composition, leadership structure and performance in Chinese shareholding companies

Asia Pacific Journal of Management

Volumn 18, Issue 2, 2001, Pages 245-263

  Tian, Jenny J ^a   Lau, Chung Ming ^a  

^a CHINESE UNIVERSITY OF HONG KONG   (Hong Kong)

Author keywords

Agency theory; Board of directors; Corporate governance; Stewardship theory

Indexed keywords

EID: 1942462673     PISSN: 02174561     EISSN: 15729958     Source Type: Journal    
DOI: 10.1023/A:1010628209918     Document Type: Article

References (76)

1. Aharony, J., C.J. Lee, and T.J. Wong (2000). "Financial Packaging of IPO Firms in China." Journal of Accounting Research 38(1), 103-126.
2. Anderson, C.A. and R.N. Anthony (1986). The New Corporate Directors. New York: John Wiley.
3. Baliga, B.R., R.C. Moyer, and R.S. Rao (1996). "CEO Duality and Firm Performance: What's the Fuss?" Strategic Management Journal 17(1), 41-53.
4. Barney, J.B. (1990). "The Debate Between Traditional Management Theory and Organizational Economics: Substantive Differences or Intergroup Conflict?" Academy of Management Review 15(3), 382-393.
5. Barnhart, S.W., M.W. Marr, and S. Rosenstein (1994). "Firm Performance and Board Composition: Some New Evidence." Managerial and Decision Economics 15, 329-340.
6. Baysinger, B.D. and H.N. Butler (1985). "Corporate Governance and the Board of Directors: Performance Effects of Changes in Board Composition." Journal of Law, Economics, and Organization 1, 101-124.
7. Blair, M.M. (1995). "Rethinking Assumptions Behind Corporate Governance." Challenge 38(6), 12-17.
8. Boeker, W. (1997). "Strategic Change: The Influence of Managerial Characteristics and Organizational Growth." Academy of Management Journal 40(1), 152-170.
9. Boyd, B.K. (1995). "CEO Duality and Firm Performance: A Contingency Model." Strategic Management Journal 16(4), 301-312.
10. Broadman, H.G. (1999). "The Chinese State as Corporate Shareholder." Finance & Development 33(3), 52-55.
11. Byrd, J.W. and K.A. Hickman (1992). "Do Outside Directors Monitor Managers?" Journal of Financial Economics 32, 195-221.
12. Chen, L. (1997). "The Models of Restructuring the Assets and Some Case Studies." Research on Economics and Management (Jingji yu Guanli Yanjiu) 18(6), 32-37.
13. China National Statistical Bureau (1996-1998). China Statistical Yearbook. Beijing: China Statistical Publishing House.
14. China Securities Regulatory Commission (ed.). (1997). China Securities and Futures Statistical Yearbook. Beijing: China Statistical Publishing House.
15. Cochran, P.L., R.A. Wood, and T.B. Jones (1985). "The Composition of Boards of Directors and Incidence of Golden Parachutes." Academy of Management Journal 28, 664-671.
16. Daft, R.L. and K.E. Weick (1984). "Toward a Model of Organizations as Interpretation Systems." Academy of Management Review 9(2), 284-295.
17. Daily, C.M. and D.R. Dalton (1992). "The Relationship Between Governance Structure and Corporate Performance in Entrepreneurial Firms." Journal of Business Venturing 7, 375-386.
18. Daily, C.M. and D.R. Dalton (1993). "Board of Directors Leadership and Structure: Control and Performance Implications." Entrepreneurship Theory and Practice 17(3), 65-81.
19. Daily, C.M. and C. Schwenk (1996). "Chief Executive Officers, Top Management Teams, and Boards of Directors: Congruent or Countervailing Forces?" Journal of Management 22(2), 185-208.
20. Daily, C.M., J.L. Johnson, and D.R. Dalton (1999). "On the Measurements of Board Composition: Poor Consistency and a Serious Mismatch of Theory and Operationalization." Decision Sciences 30(1), 83-106.
21. Dalton, D.R., C.M. Daily, A.E. Ellstrand, and J.L. Johnson (1998). "Meta-Analytic Reviews of Board Composition, Leadership Structure, and Financial Performance." Strategic Management Journal 19(3), 269-290.
22. Davis, G.F. and T.A. Thompson (1994). "A Social Movement Perspective on Corporate Control." Administrative Science Quarterly 39, 141-173.
23. Davis, J.H., F.D. Schoorman, and L. Donaldson (1997). "Toward a Stewardship Theory of Management." Academy of Management Review 22(1), 20-47.
24. Dess, G.G. and D.W. Beard (1984). "Dimensions of Organizational Task Environment." Administrative Science Quarterly 29(1), 52-73.
25. Donaldson, L. (1989). "CEO Governance and Shareholder Returns: Agency Theory or Stewardship Theory." Paper presented at the Annual Meeting of Academy of Management, Washington, DC.
26. Donaldson, L. (1990). "The Ethereal Hand: Organizational Economics and Management Theory." Academy of Management Review 15(3), 369-381.
27. Donaldson, L. and J.H. Davis (1994). "Boards and Company Performance: Research Challenges the Conventional Wisdom." Corporate Governance 2(3), 151-160.
28. Eisenhardt, K.M. (1989). "Agency Theory: An assessment and Review." Academy of Management Review 14(1), 57-74.
29. Fama, E.F. (1980). "Agency Problems and the Theory of the Firm." Journal of Political Economy 88(2), 288-307.
30. Fama, E.F. and M.C. Jensen. (1983). "Agency Problems and Residual Claims." Journal of Law and Economics 26(2), 327-349.
31. Finkelstein, S. and R.A. D'Aveni (1994). "CEO Duality as a Double-edged Sword: How Boards of Directors Balance Entrenchment: Avoidance and Unity of Command." Academy of Management Journal 37(5), 1079-1108.
32. Finkelstein, S. and D.C. Hambrick (1996). Strategic Leadership: Top Executives And Their Effects On Organizations. St. Paul, MN: West Publishing Company.
33. Forbes, D.P. and F.J. Milliken (1999). "Cognition and Corporate Governance: Understanding Boards of Directors as Strategic Decision-Making Groups." Academy of Management Review 24(3), 489-505.
34. Fox, M.A. and R.T. Hamilton (1994). "Ownership and Diversification: Agency Theory or Stewardship Theory?" Journal of Management 31(1), 69-81.
35. Goodstein, J., K. Gautam, andW. Boeker (1994). "The Effects of Board Size and Diversity on Strategic Change." Strategic Management Journal 15, 241-250.
36. Gray, C.W. (1996). "In Search of Owners: Privatization and Corporate Governance in Transition Economies." The World Bank Research Observer 11(2), 179-197.
37. Hannan, M.T. and J. Freeman (1989). Organizational Ecology. Cambridge, MA: Harvard University Press.
38. Hofstede, G.H. (1980). Culture's Consequences: International Differences in Work-Related Values. Beverly Hills, CA: Sage.
39. Hoskisson, R.E., L. Eden, C.M. Lau, and M. Wright (2000). "Strategy in Emerging Economies." Academy of Management Journal 43(3), 249-267.
40. Hoskisson, R.E., R.A. Johnson, and D.D. Moesel (1994). "Corporate Divestiture Intensity in Restructuring Firms: Effects of Governance, Strategy, and Performance." Academy of Management Journal 37(5), 1207-1251.
41. Huse, M. (1994). "Board-Management Relations in Small Firms: The Paradox of Simultaneous Independence and Interdependence." Small Business Economics 6, 55-72.
42. Jackson, C.N. and D.C. King (1983). "The Effects of Representatives' Own Power Within Their Own Organization on the Outcome of a Negotiation." Academy of Management Journal 26(1), 178-185.
43. Jensen, M.C. andW.H. Meckling (1976). "Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure." Journal of Financial Economics 3, 305-350.
44. John, K. and L.W. Senbet (1998). "Corporate Governance and Board Effectiveness." Journal of Banking and Finance 22(4), 371-403.
45. Johnson, G., S. Smith, and B. Codling (2000). "Microprocesses of Institutional Change in the Context of Privatization." Academy of Management Review 25(3), 572-580.
46. Kesner, I.F. (1987). "'Directors' Stock Ownership and Organizational Performance: An Investigation of Fortune 500 Companies." Journal of Management 13, 499-508.
47. Liu, W. (1998). A Study on State-Owned Holding Companies. Beijing: Economic Science Press.
48. Lorsch, J.W. and E. MacIver. (1989). Pawns and Potentates: The Reality of America's Corporate Boards. Boston, MA: Harvard Business School Press.
49. Muth, M.M. and L. Donaldson (1998). "Stewardship Theory and Board Structure: A Contingency Approach." Corporate Governance 6(1), 5-28.
50. Pearce, J.A., II. and S.A. Zahra (1991). "The Relative Power of CEOs and Boards of Directors: Associations with Corporate Performance." Strategic Management Journal 12(2), 135-153.
51. Pearce, J.A., II. and S.A. Zahra (1992). "Board Composition from a Strategic Contingency Perspective." Journal of Management Studies 29(4), 411-438.
52. Perrow, C. (1986). Complex Organizations: A Critical Essay. New York: McGraw-Hill.
53. Pfeffer, J. and G.R. Salancik (1978). The External Control of Organizations: A Resource Dependence Perspective. New York: Harper and Row.
54. Putterman, L. (1996). "The Role of Ownership and Property Rights in China's Economic Transition." In A.G. Walder (ed.), China's Transitional Economy. Oxford, New York: Oxford University Press, 85-102.
55. Ramamurti, R. (2000). "A Multilevel Model of Privatization in Emerging Economies." Academy of Management Review 25(3), 525-550.
56. Rosenstein, S. and J.G. Wyatt (1990). "Outside Directors, Board Independence, and Shareholder Wealth." Journal of Financial Economics 26, 175-191.
57. Saving, J.L. (1998). "Privatization and the Transition to a Market Economy." Economic Review-Federal Reserve Bank of Dallas, 17(4th quarter) 17-25.
58. Shanghai Stock Exchange. 1997. Shanghai Stock Exchange Statistical Annual. Shanghai: Shanghai University of Finance and Economics Press.
59. Shenzhen Stock Exchange. 1997. Shenzhen Stock Exchange Fact Book. Beijing: China Statistical Publishing House.
60. Tam, O.K. (1999). The Development of Corporate Governance in China. Northampton, MA: Edward Elgar.
61. The World Bank (ed.). 1997. China's Management of Enterprise Assets: The State as Shareholder. Washington, D. C.: The World Bank.
62. Tokuchi, T. and W. Wang. (1994). From State-Owned Enterprises to Foreign Listed Companies: Theory and Practice. Beijing: China Social Science Press.
63. Tsui, A.S. and J.L. Farh (1997). "Where Gunaxi Matters: Relational Demography and Gunaxi in the Chinese Context." Work and Occupations 24(1), 56-79.
64. Turnbull, S. (1997). "Corporate Governance: Its Scope, Concerns and Theories." Corporate Governance 5(4), 180-205.
65. Vance, S.C. (1964). Boards of Directors: Structures and Performance. Eugene, OR: University of Oregon Press.
66. Wagner, J.A., III., J.L. Stimpert, and E.I. Fubara (1998). "Board Composition and Organizational Performance: Two Studies of Insider/Outsider Effects." Journal of Management Studies 35(5), 655-677.
67. Walsh, J.P. and J.K. Seward (1990). "On the Efficiency of Internal and External Corporate Control Mechanisms." Academy of Management Review 15(3), 421-458.
68. Westphal, J.D. (1999). "Collaboration in the Boardroom: Behavioral and Performance Consequences of CEO-Board Social Ties." Academy of Management Journal 42(1), 7-24.
69. Williams, K.Y. and C.A. O'Reilly, III. (1998). "Demography and Diversity in Organizations: A Review of 40 years of Research." Research in Organizational Behavior 20, 77-140.
70. Williamson, O.E. (1984). "Corporate Governance." Yale Law Journal 93, 1197-1230.
71. Wu, J., J. Zhang, S. Liu, X. Chen, Y. Wang, and Y. Ge. (1998). Strategic Restructuring of the State-Owned Economy (Guoyou Jingji de Zhanluexing Gaizu). Beijing: China Development Press.
72. Xiang, B. (1998). "Institutional Factors Influencing China's Accounting Reforms and Standards." Accounting Horizons 12(2), 105-119.
73. Xiao, Z. (1999). "Corporate Disclosures Made by Chinese Listed Companies." The International Journal of Accounting 34(3), 349-373.
74. Zahra, S.A. and J.A. Pearce, II. (1989). "Boards of Directors and Corporate Financial Performance: A Review and Integrated Model." Journal of Management 15(2), 291-334.
75. Zajac, E.J. and J.D. Westphal (1996). "Director Reputation, CEO-Board Power, and the Dynamics of Board Interlocks." Administrative Science Quarterly 41(3), 507-529.
76. Zhang, J. (1999). "The Key to Successful Enterprise Reform: Effective Corporate Governance." Economic System Reform (Jingji Tizhi Gaige) 17(2), 47-51.