董事地位差异、决策行为强度对民营上市公司财务绩效的影响研究

发布时间：2018-12-27 07:31

【摘要】：基于关系契约理论,采用"结构-行为-绩效"研究范式与非线性中介效应检验方法,对深沪民营上市公司董事地位差异通过决策过程的中介作用对财务绩效的影响进行实证检验。研究结果发现,董事地位差异是一种协调董事会运作的有效机制,董事地位差异与决策行为强度呈负向指数曲线关系;董事会决策行为强度完全中介董事地位差异对公司绩效的影响,并存在显著瞬间间接效应。研究表明,在权威服从的社会文化与市场化程度较低的中国治理情景下,群龙无首的精英董事会难以确保其有效性,但差而有序,序而有尊的董事地位差异更有助于民营上市公司董事会治理效果的改善。研究结论进一步打开了董事会内部互动过程的"黑箱",并通过引入董事会决策行为强度作为中介变量,拓展了既有研究的"结构-行为"范式,创新了中介效应的验证方法,使现有理论模型更符合实践逻辑。
[Abstract]:Based on the relational contract theory, this paper adopts the "structure-behavior-performance" paradigm and the test method of nonlinear intermediary effect. This paper empirically tests the influence of the difference of directors' status on the financial performance of the private listed companies in Shenzhen and Shanghai through the intermediary function of the decision-making process. The results show that the difference of directors' status is an effective mechanism to coordinate the operation of the board of directors, and the relationship between the difference of directors' status and the intensity of decision-making behavior is a negative exponential curve. The intensity of board decision behavior completely mediates the influence of the difference of directors' status on corporate performance, and there is a significant instantaneous indirect effect. Studies have shown that in the context of China's low level of governance and social culture of authority compliance, it is difficult for an elite board of directors without a leader to ensure its effectiveness, but it is poor and orderly. The order and respect of the status of directors is more conducive to the improvement of the governance of private listed companies board of directors. The conclusion further opens the "black box" of the interaction process within the board of directors. By introducing the intensity of decision-making behavior of the board of directors as the intermediary variable, it expands the "structure-behavior" paradigm of the existing research, and innovates the verification method of the intermediary effect. Make the existing theoretical model more in line with the practical logic.
【作者单位】：山东大学管理学院;格拉斯哥大学管理学院;
【基金】：国家自然科学基金资助项目(71772094) 山东省社会科学基金资助重点项目(14BGLJ01)
【分类号】：F271;F275;F276.5

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