메뉴 건너뛰기




Volumn 5, Issue 4, 2009, Pages 407-423

The relationship among board of director characteristics, corporate social performance and corporate financial performance

Author keywords

Boards of Directors; Canada Paper type Research paper; Corporate social responsibility; Financial performance

Indexed keywords


EID: 70350280230     PISSN: 17439132     EISSN: None     Source Type: Journal    
DOI: 10.1108/17439130910987558     Document Type: Article
Times cited : (66)

References (49)
  • 1
    • 85005305538 scopus 로고
    • The market for 'lemons': Quality, uncertainty and the market mechanism
    • Akerlof, G. (1970), The market for 'lemons': quality, uncertainty and the market mechanism, Quarterly Journal of Economics, Vol. 84 No. 3, pp. 488-500.
    • (1970) Quarterly Journal of Economics , vol.84 , Issue.3 , pp. 488-500
    • Akerlof, G.1
  • 2
    • 0030305316 scopus 로고    scopus 로고
    • An empirical analysis of the relation between board of director composition and financial statement fraud
    • Beasley, M. (1996), An empirical analysis of the relation between board of director composition and financial statement fraud, The Accounting Review, Vol. 71 No. 4, pp. 443-65.
    • (1996) The Accounting Review , vol.71 , Issue.4 , pp. 443-65
    • Beasley, M.1
  • 3
    • 0031184823 scopus 로고    scopus 로고
    • Disclosure level and the cost of equity capital
    • Botosan, C. (1997), Disclosure level and the cost of equity capital, The Accounting Review, Vol. 72 No. 3, pp. 323-49.
    • (1997) The Accounting Review , vol.72 , Issue.3 , pp. 323-49
    • Botosan, C.1
  • 4
    • 15544368412 scopus 로고    scopus 로고
    • Corporate governance: Factors influencing voluntary disclosures by publicly traded Canadian firms
    • Bujaki, M. and McConomy, B. (2002), Corporate governance: factors influencing voluntary disclosures by publicly traded Canadian firms, Canadian Accounting Perspectives, Vol. 1 No. 2, pp. 105-39.
    • (2002) Canadian Accounting Perspectives , vol.1 , Issue.2 , pp. 105-39
    • Bujaki, M.1    McConomy, B.2
  • 5
    • 0347472948 scopus 로고
    • An empirical examination of the relationship between corporate social responsiveness and extent of disclosures
    • Cahan, S. and Malone, D. (1995), An empirical examination of the relationship between corporate social responsiveness and extent of disclosures, Business and Professional Ethics Journal, Vol. 14 No. 2, pp. 23-46.
    • (1995) Business and Professional Ethics Journal , vol.14 , Issue.2 , pp. 23-46
    • Cahan, S.1    Malone, D.2
  • 6
    • 0000908020 scopus 로고    scopus 로고
    • Corporate social responsibility: Evolution of a definitional construct
    • Carroll, A. (1999), Corporate social responsibility: evolution of a definitional construct, Business and Society, Vol. 38 No. 3, pp. 268-95.
    • (1999) Business and Society , vol.38 , Issue.3 , pp. 268-95
    • Carroll, A.1
  • 7
    • 0032325868 scopus 로고    scopus 로고
    • Board diversity and managerial control as predictors of corporate social performance
    • Coffey, B. and Wang, J. (1998), Board diversity and managerial control as predictors of corporate social performance, Journal of Business Ethics, Vol. 17 No. 14, pp. 1595-603.
    • (1998) Journal of Business Ethics , vol.17 , Issue.14 , pp. 1595-603
    • Coffey, B.1    Wang, J.2
  • 8
    • 0001650996 scopus 로고    scopus 로고
    • Corporate governance, chief executive officer compensation, and firm performance
    • Core, J., Holthausen, R. and Lacker, D. (1999), Corporate governance, chief executive officer compensation, and firm performance, Journal of Financial Economics, Vol. 51 No. 3, pp. 371-407.
    • (1999) Journal of Financial Economics , vol.51 , Issue.3 , pp. 371-407
    • Core, J.1    Holthausen, R.2    Lacker, D.3
  • 9
    • 4043057849 scopus 로고    scopus 로고
    • An empirical examination of institutional investor preferences for corporate social performance
    • Cox, P., Brammer, S. and Millington, A. (2004), An empirical examination of institutional investor preferences for corporate social performance, Journal of Business Ethics, Vol. 52 No. 1, pp. 27-43.
    • (2004) Journal of Business Ethics , vol.52 , Issue.1 , pp. 27-43
    • Cox, P.1    Brammer, S.2    Millington, A.3
  • 10
    • 0037298037 scopus 로고    scopus 로고
    • Meta-analyses of financial performance and equity: Fusion or confusion?
    • Dalton, D., Daily, C., Certo, T. and Roengpitya, R. (2003), Meta-analyses of financial performance and equity: fusion or confusion?, Academy of Management Journal, Vol. 46 No. 1, pp. 13-26.
    • (2003) Academy of Management Journal , vol.46 , Issue.1 , pp. 13-26
    • Dalton, D.1    Daily, C.2    Certo, T.3    Roengpitya, R.4
  • 11
    • 14844303945 scopus 로고    scopus 로고
    • Do insiders manipulate earnings when they sell their shares in an initial public offering?
    • Darrough, M. and Rangan, S. (2005), Do insiders manipulate earnings when they sell their shares in an initial public offering?, Journal of Accounting Research, Vol. 43 No. 1, pp. 1-33.
    • (2005) Journal of Accounting Research , vol.43 , Issue.1 , pp. 1-33
    • Darrough, M.1    Rangan, S.2
  • 12
    • 0000628687 scopus 로고
    • Debt covenant violation and manipulation of accruals
    • DeFond, M. and Jiambalvo, J. (1994), Debt covenant violation and manipulation of accruals, Journal of Accounting and Economics, Vol. 17 No. 1, pp. 145-76.
    • (1994) Journal of Accounting and Economics , vol.17 , Issue.1 , pp. 145-76
    • Defond, M.1    Jiambalvo, J.2
  • 14
    • 33748803880 scopus 로고    scopus 로고
    • Executive compensation in socially responsible firms
    • Frye, M.B., Nelling, E. and Webb, E. (2006), Executive compensation in socially responsible firms, Corporate Governance, Vol. 14 No. 5, pp. 446-55.
    • (2006) Corporate Governance , vol.14 , Issue.5 , pp. 446-55
    • Frye, M.B.1    Nelling, E.2    Webb, E.3
  • 15
    • 0035457240 scopus 로고    scopus 로고
    • Corporate social responsibility and financial disclosures: An alternative explanation for increased disclosure
    • Gelb, D.S. and Strawser, J.A. (2001), Corporate social responsibility and financial disclosures: an alternative explanation for increased disclosure, Journal of Business Ethics, Vol. 33 No. 1, pp. 1-13.
    • (2001) Journal of Business Ethics , vol.33 , Issue.1 , pp. 1-13
    • Gelb, D.S.1    Strawser, J.A.2
  • 16
    • 26844435794 scopus 로고    scopus 로고
    • The relationship between corporate philanthropy and shareholder wealth: A risk management perspective
    • Godfrey, P. (2005), The relationship between corporate philanthropy and shareholder wealth: a risk management perspective, The Academy of Management Review, Vol. 30 No. 4, pp. 777-98.
    • (2005) The Academy of Management Review , vol.30 , Issue.4 , pp. 777-98
    • Godfrey, P.1
  • 17
    • 0041295400 scopus 로고
    • Institutional owners and corporate social performance
    • Graves, S.B. and Waddock, S.A. (1994), Institutional owners and corporate social performance, Academy of Management Journal, Vol. 37 No. 4, pp. 1034-46.
    • (1994) Academy of Management Journal , vol.37 , Issue.4 , pp. 1034-46
    • Graves, S.B.1    Waddock, S.A.2
  • 18
    • 0000171195 scopus 로고    scopus 로고
    • The corporate social performance and corporate financial performance debate: Twenty-five years of incomparable results
    • Griffin, J.J. and Mahon, J.F. (1997), The corporate social performance and corporate financial performance debate: twenty-five years of incomparable results, Business and Society, Vol. 36 No. 1, pp. 5-31.
    • (1997) Business and Society , vol.36 , Issue.1 , pp. 5-31
    • Griffin, J.J.1    Mahon, J.F.2
  • 19
    • 0000197425 scopus 로고
    • Corporate contributions as managerial masques: Reframing corporate contributions as strategies to influence society
    • Haley, U. (1991), Corporate contributions as managerial masques: reframing corporate contributions as strategies to influence society, The Journal of Management Studies, Vol. 28 No. 5, pp. 485-510.
    • (1991) The Journal of Management Studies , vol.28 , Issue.5 , pp. 485-510
    • Haley, U.1
  • 20
    • 0000388461 scopus 로고    scopus 로고
    • Stock performance and intermediation changes surrounding sustained increases in disclosure
    • Healy, P., Hutton, A. and Palepu, K. (1999), Stock performance and intermediation changes surrounding sustained increases in disclosure, Contemporary Accounting Research, Vol. 16 No. 3, pp. 485-520.
    • (1999) Contemporary Accounting Research , vol.16 , Issue.3 , pp. 485-520
    • Healy, P.1    Hutton, A.2    Palepu, K.3
  • 21
    • 0037697347 scopus 로고    scopus 로고
    • Boards of directors and firm performance: Integrating agency and resource dependence perspectives
    • Hillman, A. and Dalziel, T. (2003), Boards of directors and firm performance: integrating agency and resource dependence perspectives, Academy of Management Review, Vol. 28 No. 3, pp. 383-96.
    • (2003) Academy of Management Review , vol.28 , Issue.3 , pp. 383-96
    • Hillman, A.1    Dalziel, T.2
  • 22
    • 24144455674 scopus 로고    scopus 로고
    • Risk management, real options, and corporate social responsibility
    • Husted, B.W. (2005), Risk management, real options, and corporate social responsibility, Journal of Business Ethics, Vol. 60 No. 2, pp. 175-83.
    • (2005) Journal of Business Ethics , vol.60 , Issue.2 , pp. 175-83
    • Husted, B.W.1
  • 23
    • 0000109982 scopus 로고
    • The corporate social responsiveness orientation of board members: Are there differences between inside and outside directors?
    • Ibrahim, N. and Angelidis, J. (1995), The corporate social responsiveness orientation of board members: are there differences between inside and outside directors?, Journal of Business Ethics, Vol. 14 No. 5, pp. 405-10.
    • (1995) Journal of Business Ethics , vol.14 , Issue.5 , pp. 405-10
    • Ibrahim, N.1    Angelidis, J.2
  • 24
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs and ownership structure
    • Jensen, M. and Meckling, W. (1976), Theory of the firm: managerial behavior, agency costs and ownership structure, Journal of Financial Economics, Vol. 3 No. 4, pp. 305-60.
    • (1976) Journal of Financial Economics , vol.3 , Issue.4 , pp. 305-60
    • Jensen, M.1    Meckling, W.2
  • 25
    • 0033247298 scopus 로고    scopus 로고
    • The effects of corporate governance and institutional ownership types on corporate social performance
    • Johnson, R.A. and Greening, D.W. (1999), The effects of corporate governance and institutional ownership types on corporate social performance, Academy of Management Journal, Vol. 42 No. 5, pp. 564-76.
    • (1999) Academy of Management Journal , vol.42 , Issue.5 , pp. 564-76
    • Johnson, R.A.1    Greening, D.W.2
  • 26
    • 2442556820 scopus 로고    scopus 로고
    • Disclosure practices of foreign companies interacting with US markets
    • Khanna, T., Palepu, K. and Srinivasan, S. (2004), Disclosure practices of foreign companies interacting with US markets, Journal of Accounting Research, Vol. 42 No. 2, pp. 475-508.
    • (2004) Journal of Accounting Research , vol.42 , Issue.2 , pp. 475-508
    • Khanna, T.1    Palepu, K.2    Srinivasan, S.3
  • 27
    • 70350273768 scopus 로고    scopus 로고
    • (KLD), available at: (retrieved February 17, 2007)
    • Kinder, Lydenberg, Domini (KLD) (2006), Independent Research and Indexes since 1988, available at: www.kld.com/research/stats/index.html (retrieved February 17, 2007).
    • (2006) Independent Research and Indexes since 1988
    • Kinder, L.D.1
  • 28
    • 0000055398 scopus 로고
    • Earnings innovations, earnings persistence, and stock returns
    • Kormendi, R.C. and Lipe, R. (1987), Earnings innovations, earnings persistence, and stock returns, Journal of Business, Vol. 60 No. 3, pp. 323-46.
    • (1987) Journal of Business , vol.60 , Issue.3 , pp. 323-46
    • Kormendi, R.C.1    Lipe, R.2
  • 29
    • 84934561624 scopus 로고
    • Greenmail: A study of board performance in corporate governance
    • Kosnik, R. (1987), Greenmail: a study of board performance in corporate governance, Administrative Science Quarterly, Vol. 32 No. 2, pp. 163-85.
    • (1987) Administrative Science Quarterly , vol.32 , Issue.2 , pp. 163-85
    • Kosnik, R.1
  • 30
    • 0346671057 scopus 로고    scopus 로고
    • CEO incentives and corporate social performance
    • McGuire, J., Dow, S. and Argheyd, K. (2003), CEO incentives and corporate social performance, Journal of Business Ethics, Vol. 45 No. 4, pp. 341-59.
    • (2003) Journal of Business Ethics , vol.45 , Issue.4 , pp. 341-59
    • McGuire, J.1    Dow, S.2    Argheyd, K.3
  • 31
    • 0001200270 scopus 로고
    • Corporate social responsibility and firm performance
    • McGuire, J., Sundgren, A. and Schneeweis, T. (1988), Corporate social responsibility and firm performance, Academy of Management Journal, Vol. 31 No. 4, pp. 554-72.
    • (1988) Academy of Management Journal , vol.31 , Issue.4 , pp. 554-72
    • McGuire, J.1    Sundgren, A.2    Schneeweis, T.3
  • 32
    • 0000253595 scopus 로고    scopus 로고
    • Corporate social responsibility and financial performance: Correlation or misspecification?
    • McWilliams, A. and Siegel, D. (2000), Corporate social responsibility and financial performance: correlation or misspecification?, Strategic Management Journal, Vol. 21 No. 5, pp. 603-9.
    • (2000) Strategic Management Journal , vol.21 , Issue.5 , pp. 603-9
    • McWilliams, A.1    Siegel, D.2
  • 33
    • 33748714717 scopus 로고    scopus 로고
    • Toward a unified theory of the CSP-CFP link
    • Marom, I.Y. (2006), Toward a unified theory of the CSP-CFP link, Journal of Business Ethics, Vol. 67 No. 2, pp. 191-200.
    • (2006) Journal of Business Ethics , vol.67 , Issue.2 , pp. 191-200
    • Marom, I.Y.1
  • 34
    • 0031529953 scopus 로고    scopus 로고
    • Toward a theory of stakeholder identification and salience: Defining the principals of who and what really counts
    • Mitchell, R.K., Agle, B.R. and Wood, D.J. (1997), Toward a theory of stakeholder identification and salience: defining the principals of who and what really counts, Academy of Management Review, Vol. 22 No. 4, pp. 853-86.
    • (1997) Academy of Management Review , vol.22 , Issue.4 , pp. 853-86
    • Mitchell, R.K.1    Agle, B.R.2    Wood, D.J.3
  • 35
    • 31744451012 scopus 로고    scopus 로고
    • Institutional ownership and corporate social performance: The moderating effects of investment horizon, activism, and coordination
    • Neubaum, D.O. and Zahra, S.A. (2006), Institutional ownership and corporate social performance: the moderating effects of investment horizon, activism, and coordination, Journal of Management, Vol. 32 No. 1, pp. 108-31.
    • (2006) Journal of Management , vol.32 , Issue.1 , pp. 108-31
    • Neubaum, D.O.1    Zahra, S.A.2
  • 36
    • 69549117553 scopus 로고    scopus 로고
    • Corporate governance and the quality of accounting earnings: A Canadian perspective
    • Niu, F.F. (2006), Corporate governance and the quality of accounting earnings: a Canadian perspective, International Journal of Managerial Finance, Vol. 2 No. 4, pp. 302-27.
    • (2006) International Journal of Managerial Finance , vol.2 , Issue.4 , pp. 302-27
    • Niu, F.F.1
  • 37
    • 84998086198 scopus 로고    scopus 로고
    • Corporate social performance and firm risk: A meta-analytic review
    • Orlitzky, M. and Benjamin, J. (2001), Corporate social performance and firm risk: a meta-analytic review, Business and Society, Vol. 40 No. 4, pp. 369-96.
    • (2001) Business and Society , vol.40 , Issue.4 , pp. 369-96
    • Orlitzky, M.1    Benjamin, J.2
  • 38
    • 0042090748 scopus 로고    scopus 로고
    • Corporate social and financial performance: A meta-analysis
    • Orlitzky, M., Schmidt, F.L. and Rynes, S.L. (2003), Corporate social and financial performance: a meta-analysis, Organization Studies, Vol. 24 No. 3, pp. 403-41.
    • (2003) Organization Studies , vol.24 , Issue.3 , pp. 403-41
    • Orlitzky, M.1    Schmidt, F.L.2    Rynes, S.L.3
  • 39
    • 84990385573 scopus 로고
    • Valuation of permanent, transitory, and price-irrelevant components of reported earnings
    • Ramakrishnan, R.T.S. and Thomas, J.K. (1991), Valuation of permanent, transitory, and price-irrelevant components of reported earnings, Journal of Accounting, Auditing and Finance, Vol. 13 No. 3, pp. 301-37.
    • (1991) Journal of Accounting, Auditing and Finance , vol.13 , Issue.3 , pp. 301-37
    • Ramakrishnan, R.T.S.1    Thomas, J.K.2
  • 40
    • 33750076806 scopus 로고    scopus 로고
    • Understanding shareholder activism: Which corporations are targeted?
    • Rehbein, K., Waddock, S. and Graves, S. (2004), Understanding shareholder activism: which corporations are targeted?, Business and Society, Vol. 43 No. 3, pp. 239-67.
    • (2004) Business and Society , vol.43 , Issue.3 , pp. 239-67
    • Rehbein, K.1    Waddock, S.2    Graves, S.3
  • 41
    • 0000648727 scopus 로고    scopus 로고
    • The relationship between social and financial performance: Repainting a portrait
    • Roman, R.M., Hayibor, S. and Agle, B.R. (1999), The relationship between social and financial performance: repainting a portrait, Business and Society, Vol. 38 No. 1, pp. 109-25.
    • (1999) Business and Society , vol.38 , Issue.1 , pp. 109-25
    • Roman, R.M.1    Hayibor, S.2    Agle, B.R.3
  • 42
    • 0032188001 scopus 로고    scopus 로고
    • A study of the link between a corporation's financial performance and its commitment to ethics
    • Verschoor, C. (1998), A study of the link between a corporation's financial performance and its commitment to ethics, Journal of Business Ethics, Vol. 17 No. 13, pp. 1509-16.
    • (1998) Journal of Business Ethics , vol.17 , Issue.13 , pp. 1509-16
    • Verschoor, C.1
  • 43
    • 0001640778 scopus 로고    scopus 로고
    • The corporate social performance-financial performance link
    • Waddock, S. and Graves, S. (1997), The corporate social performance-financial performance link, Strategic Management Journal, Vol. 18 No. 4, pp. 303-19.
    • (1997) Strategic Management Journal , vol.18 , Issue.4 , pp. 303-19
    • Waddock, S.1    Graves, S.2
  • 44
    • 0000333986 scopus 로고
    • Boards of directors and stakeholder orientation
    • Wang, J. and Dewhirst, H.D. (1992), Boards of directors and stakeholder orientation, Journal of Business Ethics, Vol. 11 No. 2, pp. 115-23.
    • (1992) Journal of Business Ethics , vol.11 , Issue.2 , pp. 115-23
    • Wang, J.1    Dewhirst, H.D.2
  • 45
    • 84984199207 scopus 로고
    • Disclosure policy, information asymmetry, and liquidity in equity markets
    • Welker, M. (1995), Disclosure policy, information asymmetry, and liquidity in equity markets, Contemporary Accounting Research, Vol. 11 No. 2, pp. 801-27.
    • (1995) Contemporary Accounting Research , vol.11 , Issue.2 , pp. 801-27
    • Welker, M.1
  • 47
    • 0002628714 scopus 로고    scopus 로고
    • Agency conflict and corporate strategy: The effect of divestment on corporate value
    • Wright, P. and Ferris, S.P. (1997), Agency conflict and corporate strategy: the effect of divestment on corporate value, Strategic Management Journal, Vol. 18 No. 1, pp. 77-83.
    • (1997) Strategic Management Journal , vol.18 , Issue.1 , pp. 77-83
    • Wright, P.1    Ferris, S.P.2
  • 48
    • 84970228690 scopus 로고
    • Boards of directors and corporate financial performance: A review and integrative model
    • Zahra, S. and Pearce, J. (1989), Boards of directors and corporate financial performance: a review and integrative model, Journal of Management, Vol. 15 No. 2, pp. 291-334.
    • (1989) Journal of Management , vol.15 , Issue.2 , pp. 291-334
    • Zahra, S.1    Pearce, J.2
  • 49
    • 0030101104 scopus 로고    scopus 로고
    • The association between corporate social responsibility and financial performance: The paradox of social cost'
    • Pava, M. and Krausz, J. (1996), The association between corporate social responsibility and financial performance: the paradox of social cost', Journal of Business Ethics, Vol. 15 No. 3, pp. 321-57.
    • (1996) Journal of Business Ethics , vol.15 , Issue.3 , pp. 321-57
    • Pava, M.1    Krausz, J.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.