메뉴 건너뛰기




Volumn 21, Issue 2, 2009, Pages 88-103

Is there a “business case” for board diversity?

Author keywords

Australia; Boards of directors; Company performance; Diversity management

Indexed keywords


EID: 84884386102     PISSN: 01140582     EISSN: 20415494     Source Type: Journal    
DOI: 10.1108/01140580911002044     Document Type: Article
Times cited : (114)

References (61)
  • 2
    • 85047182557 scopus 로고    scopus 로고
    • Australian Corporate Debt: Neither Risky nor Rewarding, accessed 6 March 2009)
    • Alaganar, V.T. (2004), Australian Corporate Debt: Neither Risky nor Rewarding, available at: www.ssga.com/library/resh/Australiancorporatedebt20041025/page.html (accessed 6 March 2009).
    • (2004)
    • Alaganar, V.T.1
  • 3
    • 0039012085 scopus 로고    scopus 로고
    • Corporate equity ownership, strategic alliance, and product market relationships
    • Allen, J.W. and Phillips, G.M. (2000), “Corporate equity ownership, strategic alliance, and product market relationships”, Journal of Finance, Vol. 55, pp. 2791-816.
    • (2000) Journal of Finance , vol.55 , pp. 2791-2816
    • Allen, J.W.1    Phillips, G.M.2
  • 6
    • 84986860260 scopus 로고
    • The determinants of board composition: an agency theory perspective
    • Bathala, C.T. and Rao, R.P. (1995), “The determinants of board composition: an agency theory perspective”, Managerial and Decision Economics, Vol. 16, pp. 59-69.
    • (1995) Managerial and Decision Economics , vol.16 , pp. 59-69
    • Bathala, C.T.1    Rao, R.P.2
  • 7
    • 0012654087 scopus 로고    scopus 로고
    • Bustup takeovers of value-destroying firms
    • Berger, P. and Ofek, E. (1996), “Bustup takeovers of value-destroying firms”, Journal of Finance, Vol. 51, pp. 1175-200.
    • (1996) Journal of Finance , vol.51 , pp. 1175-1200
    • Berger, P.1    Ofek, E.2
  • 8
    • 0039403207 scopus 로고    scopus 로고
    • Block share repurchases and corporate performance
    • Bethel, J., Liebeskind, J. and Opler, T. (1998), “Block share repurchases and corporate performance”, Journal of Finance, Vol. 53, pp. 605-34.
    • (1998) Journal of Finance , vol.53 , pp. 605-634
    • Bethel, J.1    Liebeskind, J.2    Opler, T.3
  • 9
    • 0033410992 scopus 로고    scopus 로고
    • The uncertain relationship between board composition and firm performance
    • Bhagat, S. and Black, B. (1999), “The uncertain relationship between board composition and firm performance”, Business Lawyer, Vol. 54 No. 3, pp. 921-63.
    • (1999) Business Lawyer , vol.54 , Issue.3 , pp. 921-963
    • Bhagat, S.1    Black, B.2
  • 10
    • 38248998879 scopus 로고
    • Pilgrim's progress: trends and convergence in research on organizational size and environment
    • Bluedorn, A.C. (1993), “Pilgrim's progress: trends and convergence in research on organizational size and environment”, Journal of Management, Vol. 19, pp. 163-91.
    • (1993) Journal of Management , vol.19 , pp. 163-191
    • Bluedorn, A.C.1
  • 11
    • 85047203264 scopus 로고    scopus 로고
    • Aliginformed, and decisive: characteristics of value-creating boards”, working paper, BI Norwegian School of Management, Oslo, 12 February
    • Bohren, O. and Strom, R.O. (2006), “Aligned, informed, and decisive: characteristics of value-creating boards”, working paper, BI Norwegian School of Management, Oslo, 12 February.
    • (2006)
    • Bohren, O.1    Strom, R.O.2
  • 12
    • 33751573863 scopus 로고    scopus 로고
    • Board structure and firm performance: evidence from Australia
    • Bonn, I. (2004), “Board structure and firm performance: evidence from Australia”, Journal of the Australian and New Zealand Academy of Management, Vol. 10 No. 1, pp. 14-24.
    • (2004) Journal of the Australian and New Zealand Academy of Management , vol.10 , Issue.1 , pp. 14-24
    • Bonn, I.1
  • 13
    • 49649097292 scopus 로고    scopus 로고
    • On the relation between ownership structure and capital structure
    • Brailsford, T.J., Oliver, B.R. and Pua, S.L.H. (2002), “On the relation between ownership structure and capital structure”, Accounting and Finance, Vol. 42, pp. 1-26.
    • (2002) Accounting and Finance , vol.42 , pp. 1-26
    • Brailsford, T.J.1    Oliver, B.R.2    Pua, S.L.H.3
  • 14
    • 85047229058 scopus 로고    scopus 로고
    • Board diversityUS corporations: best practices for broadening the profile of corporate boards” accessed 6 March 2009)
    • Brancato, C.K. and Patterson, D.J. (1999), “Board diversity in US corporations: best practices for broadening the profile of corporate boards”, available at: www.conference-board.org/publications/describe.cfm?id=411 (accessed 6 March 2009).
    • (1999)
    • Brancato, C.K.1    Patterson, D.J.2
  • 15
    • 38149144629 scopus 로고
    • Corporate voting: evidence from charter amendment proposals
    • Brickley, J.A., Lease, R.C. and Smith, C.W. (1994), “Corporate voting: evidence from charter amendment proposals”, Journal of Corporate Finance, Vol. 1, pp. 5-31.
    • (1994) Journal of Corporate Finance , vol.1 , pp. 5-31
    • Brickley, J.A.1    Lease, R.C.2    Smith, C.W.3
  • 16
    • 85047208415 scopus 로고    scopus 로고
    • Gender diversitythe boardroom and firm financial performance” accessed 6 March 2009)
    • Campbell, K. and Minguez-Vera, A. (2007), “Gender diversity in the boardroom and firm financial performance”, available at: www.springerlink.com/content/34313 nm42744p524/ (accessed 6 March 2009).
    • (2007)
    • Campbell, K.1    Minguez-Vera, A.2
  • 17
    • 84932126970 scopus 로고    scopus 로고
    • Corporate governance, board diversity, and firm value
    • Carter, D.A., Simkins, B.J. and Simpson, W.G. (2003), “Corporate governance, board diversity, and firm value”, Financial Review, Vol. 38 No. 1, pp. 33-53.
    • (2003) Financial Review , vol.38 , Issue.1 , pp. 33-53
    • Carter, D.A.1    Simkins, B.J.2    Simpson, W.G.3
  • 18
  • 19
    • 0038717214 scopus 로고    scopus 로고
    • An examination of relationship of governance mechanisms to performance
    • Coles, J.W., McWilliams, V.B. and Sen, N. (2001), “An examination of relationship of governance mechanisms to performance”, Journal of Management, Vol. 27, pp. 23-50.
    • (2001) Journal of Management , vol.27 , pp. 23-50
    • Coles, J.W.1    McWilliams, V.B.2    Sen, N.3
  • 20
    • 0002859207 scopus 로고
    • Managing cultural diversity: implication for organizational competitiveness
    • Cox, T.H. and Blake, S. (1991), “Managing cultural diversity: implication for organizational competitiveness”, Academy of Management Executive, Vol. 5, pp. 45-56.
    • (1991) Academy of Management Executive , vol.5 , pp. 45-56
    • Cox, T.H.1    Blake, S.2
  • 21
    • 0001847471 scopus 로고    scopus 로고
    • A decade of corporate women: some progress in the boardroom, none in the executive suite
    • Daily, C.M., Certo, S.T. and Dalton, D.R. (1999), “A decade of corporate women: some progress in the boardroom, none in the executive suite”, Strategic Management Journal, Vol. 20 No. 1, pp. 93-100.
    • (1999) Strategic Management Journal , vol.20 , Issue.1 , pp. 93-100
    • Daily, C.M.1    Certo, S.T.2    Dalton, D.R.3
  • 22
    • 0039646787 scopus 로고    scopus 로고
    • Agency problems, equity ownership, and corporate diversification
    • Denis, D.J., Denis, D.K. and Sarin, A. (1997), “Agency problems, equity ownership, and corporate diversification”, Journal of Finance, Vol. 52, pp. 135-60.
    • (1997) Journal of Finance , vol.52 , pp. 135-160
    • Denis, D.J.1    Denis, D.K.2    Sarin, A.3
  • 23
    • 85047197508 scopus 로고    scopus 로고
    • Measuring organizational performancemanagement research: a synthesis of measurement challenges and approaches”, working paper, Australian Graduate School of Management, University of New South Wales, Sydney, 26 September
    • Devinney, T.M., Richard, P.J., Yip, G.S. and Johnson, G. (2005), “Measuring organizational performance in management research: a synthesis of measurement challenges and approaches”, working paper, Australian Graduate School of Management, University of New South Wales, Sydney, 26 September.
    • (2005)
    • Devinney, T.M.1    Richard, P.J.2    Yip, G.S.3    Johnson, G.4
  • 24
    • 0001413464 scopus 로고
    • Two agency cost explanations of dividends
    • Easterbrook, F.H. (1984), “Two agency cost explanations of dividends”, American Economic Review, Vol. 74 No. 4, pp. 650-9.
    • (1984) American Economic Review , vol.74 , Issue.4 , pp. 650-659
    • Easterbrook, F.H.1
  • 26
    • 12344281903 scopus 로고    scopus 로고
    • Additions to corporate boards: the effect of gender
    • Farrell, K.A. and Hersch, P.L. (2005), “Additions to corporate boards: the effect of gender”, Journal of Corporate Finance, Vol. 11, pp. 85-106.
    • (2005) Journal of Corporate Finance , vol.11 , pp. 85-106
    • Farrell, K.A.1    Hersch, P.L.2
  • 27
    • 0002442960 scopus 로고
    • On the misuse of accounting rates of return to infer monopoly profits
    • Fisher, F.M. and McGowan, J.J. (1983), “On the misuse of accounting rates of return to infer monopoly profits”, American Economic Review, Vol. 73, pp. 82-97.
    • (1983) American Economic Review , vol.73 , pp. 82-97
    • Fisher, F.M.1    McGowan, J.J.2
  • 28
    • 0037292694 scopus 로고    scopus 로고
    • Testing the pecking order theory of capital structure
    • Frank, N.Z. and Goyal, V.K. (2003), “Testing the pecking order theory of capital structure”, Journal of Financial Economics, Vol. 67, pp. 217-48.
    • (2003) Journal of Financial Economics , vol.67 , pp. 217-248
    • Frank, N.Z.1    Goyal, V.K.2
  • 29
    • 79953046571 scopus 로고    scopus 로고
    • Board diversity in the United Kingdom and Norway: an exploratory analysis
    • Grosvold, J., Brammer, S. and Rayton, B. (2007), “Board diversity in the United Kingdom and Norway: an exploratory analysis”, Business Ethics: A European Review, Vol. 16 No. 4, pp. 344-57.
    • (2007) Business Ethics: A European Review , vol.16 , Issue.4 , pp. 344-357
    • Grosvold, J.1    Brammer, S.2    Rayton, B.3
  • 30
    • 85047202390 scopus 로고    scopus 로고
    • Higgs review on the role and effectiveness of non-executive directors (Higgs Report)”, Department for Trade and Industry, accessed 6 March 2009)
    • Higgs, D. (2003), “Higgs review on the role and effectiveness of non-executive directors (Higgs Report)”, Department for Trade and Industry, available at: www.berr.gov.uk/files/file23012.pdf (accessed 6 March 2009).
    • (2003)
    • Higgs, D.1
  • 31
    • 84987573868 scopus 로고
    • Further evidence on the relationship between ownership and performance
    • Hudson, C.D., Jahera, J.S. and Lloyd, W.P. (1992), “Further evidence on the relationship between ownership and performance”, Financial Review, Vol. 27, pp. 227-40.
    • (1992) Financial Review , vol.27 , pp. 227-240
    • Hudson, C.D.1    Jahera, J.S.2    Lloyd, W.P.3
  • 32
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance, and takeovers
    • Jensen, M.C. (1986), “Agency costs of free cash flow, corporate finance, and takeovers”, American Economic Review, Vol. 76 No. 2, pp. 323-9.
    • (1986) American Economic Review , vol.76 , Issue.2 , pp. 323-329
    • Jensen, M.C.1
  • 33
    • 44649197264 scopus 로고
    • Theory of the firm: managerial behavior, agency costs and ownership structure
    • Jensen, M.C. and Meckling, W.H. (1976), “Theory of the firm: managerial behavior, agency costs and ownership structure”, Journal of Financial Economics, Vol. 2, pp. 305-60.
    • (1976) Journal of Financial Economics , vol.2 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 34
    • 0038236493 scopus 로고    scopus 로고
    • Board composition and corporate performance: how the Australian experience informs contrasting theories of corporate governance
    • Kiel, G.C. and Nicholson, G.J. (2003), “Board composition and corporate performance: how the Australian experience informs contrasting theories of corporate governance”, Corporate Governance: An International Review, Vol. 11 No. 3, pp. 189-205.
    • (2003) Corporate Governance: An International Review , vol.11 , Issue.3 , pp. 189-205
    • Kiel, G.C.1    Nicholson, G.J.2
  • 35
    • 84987592566 scopus 로고
    • Investment performance of common stocks in relation to insider ownership
    • Kim, W.S., Lee, J.W. and Francis, J.C. (1988), “Investment performance of common stocks in relation to insider ownership”, Financial Review, Vol. 23, pp. 53-64.
    • (1988) Financial Review , vol.23 , pp. 53-64
    • Kim, W.S.1    Lee, J.W.2    Francis, J.C.3
  • 36
    • 85047192122 scopus 로고    scopus 로고
    • Do independent directors add value? accessed 6 March 2009)
    • Lawrence, J.J. and Stapledon, G.P. (1999), “Do independent directors add value?”, available at: http://cclsr.law.unimelb.edu.au/research-papers/Monograph%20Series/Independent%20Directors%20Report.pdf (accessed 6 March 2009).
    • (1999)
    • Lawrence, J.J.1    Stapledon, G.P.2
  • 37
    • 0011088442 scopus 로고
    • Additional evidence on equity ownership and corporate value
    • McConnell, J.J. and Servaes, H. (1990), “Additional evidence on equity ownership and corporate value”, Journal of Financial Economics, Vol. 27, pp. 595-612.
    • (1990) Journal of Financial Economics , vol.27 , pp. 595-612
    • McConnell, J.J.1    Servaes, H.2
  • 38
    • 33645896609 scopus 로고
    • Management ownership and market valuation: an empirical analysis
    • Morck, R., Shleifer, A. and Vishny, R.W. (1988), “Management ownership and market valuation: an empirical analysis”, Journal of Financial Economics, Vol. 20 No. 1, pp. 293-315.
    • (1988) Journal of Financial Economics , vol.20 , Issue.1 , pp. 293-315
    • Morck, R.1    Shleifer, A.2    Vishny, R.W.3
  • 39
    • 0347821376 scopus 로고    scopus 로고
    • Stewardship theory and board structure: a contingency approach
    • Muth, M.M. and Donaldson, L. (1998), “Stewardship theory and board structure: a contingency approach”, Corporate Governance: An International Review, Vol. 6 No. 1, pp. 5-28.
    • (1998) Corporate Governance: An International Review , vol.6 , Issue.1 , pp. 5-28
    • Muth, M.M.1    Donaldson, L.2
  • 40
    • 84880456268 scopus 로고    scopus 로고
    • Impact of board size and board diversity on firm value: Australian evidence
    • Nguyen, H. and Faff, R. (2007), “Impact of board size and board diversity on firm value: Australian evidence”, Corporate Ownership & Control, Vol. 4 No. 2, pp. 24-32.
    • (2007) Corporate Ownership & Control , vol.4 , Issue.2 , pp. 24-32
    • Nguyen, H.1    Faff, R.2
  • 41
    • 84887691448 scopus 로고    scopus 로고
    • Quarter of Norway's firms face shutdown as female directors' deadline approaches
    • Oslo, G.F. (2007), “Quarter of Norway's firms face shutdown as female directors' deadline approaches”, The Guardian, 27 December.
    • (2007) The Guardian
    • Oslo, G.F.1
  • 42
    • 85047219603 scopus 로고    scopus 로고
    • Board composition and firm performance: the case of the Dey report and publicly listed Canadian firms”, working paper, Department of Finance, Montreal University, Montreal, 26 July
    • Panasian, C., Prevost, A.K. and Bhabra, H.S. (2003), “Board composition and firm performance: the case of the Dey report and publicly listed Canadian firms”, working paper, Department of Finance, Montreal University, Montreal, 26 July.
    • (2003)
    • Panasian, C.1    Prevost, A.K.2    Bhabra, H.S.3
  • 43
    • 0012025876 scopus 로고    scopus 로고
    • Organizational ownership, competitive intensity, and firm performance: an empirical study of the Indian manufacturing sector
    • Ramaswamy, K. (2001), “Organizational ownership, competitive intensity, and firm performance: an empirical study of the Indian manufacturing sector”, Strategic Management Journal, Vol. 22, pp. 989-98.
    • (2001) Strategic Management Journal , vol.22 , pp. 989-998
    • Ramaswamy, K.1
  • 44
    • 85047229051 scopus 로고    scopus 로고
    • A Nordic perspective on corporate board diversity”, working paper, Nordic Innovation Centre, Oslo, November
    • Randoy, T., Thomsen, S. and Oxelheim, L. (2006), “A Nordic perspective on corporate board diversity”, working paper, Nordic Innovation Centre, Oslo, November.
    • (2006)
    • Randoy, T.1    Thomsen, S.2    Oxelheim, L.3
  • 46
    • 33947286173 scopus 로고    scopus 로고
    • Does female board representation influence firm performance?, The Danish evidence
    • Rose, C. (2007), “Does female board representation influence firm performance?, The Danish evidence”, Corporate Governance: An International Review, Vol. 15 No. 2, pp. 404-13.
    • (2007) Corporate Governance: An International Review , vol.15 , Issue.2 , pp. 404-413
    • Rose, C.1
  • 48
    • 0039056187 scopus 로고    scopus 로고
    • The value of diversification during the conglomerate merger wave
    • Servaes, H. (1996), “The value of diversification during the conglomerate merger wave”, Journal of Finance, Vol. 51, pp. 1201-25.
    • (1996) Journal of Finance , vol.51 , pp. 1201-1225
    • Servaes, H.1
  • 49
    • 84986144818 scopus 로고    scopus 로고
    • ‘She says, she says’: women's and men's views of the composition of boards
    • Sheridan, A. and Milgate, G. (2003), “‘She says, she says’: women's and men's views of the composition of boards”, Women in Management Review, Vol. 18 No. 3, pp. 147-54.
    • (2003) Women in Management Review , vol.18 , Issue.3 , pp. 147-154
    • Sheridan, A.1    Milgate, G.2
  • 50
    • 21844486322 scopus 로고
    • Firm value and external blockholdings
    • Shome, D. and Singh, S. (1995), “Firm value and external blockholdings”, Financial Management, Vol. 24, pp. 3-14.
    • (1995) Financial Management , vol.24 , pp. 3-14
    • Shome, D.1    Singh, S.2
  • 51
    • 0041594449 scopus 로고    scopus 로고
    • Women in management and firm financial performance: an exploratory study
    • Shrader, C.B., Blackburn, V.B. and Iles, P. (1997), “Women in management and firm financial performance: an exploratory study”, Journal of Managerial Issues, Vol. 9 No. 3, pp. 355-72.
    • (1997) Journal of Managerial Issues , vol.9 , Issue.3 , pp. 355-372
    • Shrader, C.B.1    Blackburn, V.B.2    Iles, P.3
  • 52
    • 84973681719 scopus 로고
    • Strategic planning and organizational performance: a critical appraisal
    • Shrader, C.B., Taylor, L. and Dalton, D.R. (1984), “Strategic planning and organizational performance: a critical appraisal”, Journal of Management, Vol. 10, pp. 149-71.
    • (1984) Journal of Management , vol.10 , pp. 149-171
    • Shrader, C.B.1    Taylor, L.2    Dalton, D.R.3
  • 53
    • 8644236548 scopus 로고    scopus 로고
    • Why so few women in top UK boardrooms? Evidence and theoretical explanations
    • Singh, V. and Vinnicombe, S. (2004), “Why so few women in top UK boardrooms? Evidence and theoretical explanations”, Corporate Governance: An International Review, Vol. 12 No. 4, pp. 479-88.
    • (2004) Corporate Governance: An International Review , vol.12 , Issue.4 , pp. 479-488
    • Singh, V.1    Vinnicombe, S.2
  • 55
    • 33749035990 scopus 로고    scopus 로고
    • Do women in top management affect firm performance? A panel study of 2,500 Danish firms
    • Smith, N., Smith, V. and Verner, M. (2006), “Do women in top management affect firm performance? A panel study of 2,500 Danish firms”, International Journal of Productivity and Performance Management, Vol. 55 No. 7, pp. 569-93.
    • (2006) International Journal of Productivity and Performance Management , vol.55 , Issue.7 , pp. 569-593
    • Smith, N.1    Smith, V.2    Verner, M.3
  • 56
    • 85047203749 scopus 로고    scopus 로고
    • Understanding indices” www2.standardandpoors.com/spf/pdf/index/A5_CMYK_UIndices.pdf (accessed 6 March 2009)
    • Standard & Poor's (2004),“Understanding indices”, available at: www2.standardandpoors.com/spf/pdf/index/A5_CMYK_UIndices.pdf (accessed 6 March 2009).
    • (2004)
  • 57
    • 28844435013 scopus 로고    scopus 로고
    • A meta-analysis of the effects of executive and institutional ownership on firm performance
    • Sundaramurthy, C., Rhoades, D.L. and Rechner, P.L. (2005), “A meta-analysis of the effects of executive and institutional ownership on firm performance”, Journal of Managerial Issues, Vol. 17 No. 4, pp. 494-510.
    • (2005) Journal of Managerial Issues , vol.17 , Issue.4 , pp. 494-510
    • Sundaramurthy, C.1    Rhoades, D.L.2    Rechner, P.L.3
  • 58
    • 85016860321 scopus 로고    scopus 로고
    • Quotas for women on the board: do they work?
    • Toomey, C. (2008), “Quotas for women on the board: do they work?”, The Times, 8 June.
    • (2008) The Times
    • Toomey, C.1
  • 59
    • 0347154796 scopus 로고
    • Portfolio performance, managerial ownership, and the size effect
    • Tsetsekos, G.P. and DeFusco, R. (1990), “Portfolio performance, managerial ownership, and the size effect”, Journal of Portfolio Management, Vol. 16 No. 3, pp. 33-9.
    • (1990) Journal of Portfolio Management , vol.16 , Issue.3 , pp. 33-39
    • Tsetsekos, G.P.1    DeFusco, R.2
  • 60
    • 85047217817 scopus 로고    scopus 로고
    • Antecedents and performance outcome of board independence: Australian evidence”, paper presented at the 2008 AFAANZ Conference, Sydney, 6-8 July
    • Wang, Y., Brooks, A. and Oliver, J. (2008), “Antecedents and performance outcome of board independence: Australian evidence”, paper presented at the 2008 AFAANZ Conference, Sydney, 6-8 July.
    • (2008)
    • Wang, Y.1    Brooks, A.2    Oliver, J.3
  • 61
    • 0035536267 scopus 로고    scopus 로고
    • The strategic context of external network ties: examining the impact of board appointments on board involvement in strategic decision making
    • Carpenter, M. and Westphal, J.D. (2001), “The strategic context of external network ties: examining the impact of board appointments on board involvement in strategic decision making”, Academy of Management Journal, Vol. 44, pp. 639-60.
    • (2001) Academy of Management Journal , vol.44 , pp. 639-660
    • Carpenter, M.1    Westphal, J.D.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.