基于高階梯對理論、代理理論以及資源基礎(chǔ)理論,本文將檢驗中國上市公司董事會差異化對公司業(yè)績的影響效果。盡管已有部分文獻對不同維度的董事會差異化影響公司業(yè)績的效果進行過檢驗,本文則更進一步地揭示了董事會差異化影響公司業(yè)績的作用機理。給予有效監(jiān)督假設(shè),本文認為二者之間的作用路徑為代理問題。此外,相關(guān)經(jīng)濟理論還認為外部治理機制在約束管理者行為方面同樣發(fā)揮著重要的作用。因此,本文也將分析外部治理機制在董事會差異化和公司業(yè)績二者關(guān)系間發(fā)揮的調(diào)節(jié)作用。本文的樣本來自于2007-2016年中國上證180和深證100所包含公司。由于部分公司是在2007年之后上市交易的,因此本文的樣本為非平衡樣本。本文將使用固定效應(yīng)模型以及基于動態(tài)面板的廣義矩估計等方法來緩解內(nèi)生性等問題。基于針對董事會差異化和公司業(yè)績之間關(guān)系的理論討論和實證檢驗,本文將討論的第一個問題是不同維度的董事會差異化對公司會計業(yè)績和市場業(yè)績的影響效果。在控制了公司和董事會特征方面的相關(guān)因素后,本文發(fā)現(xiàn)性別差異化、教育程度差異化以及國籍差異化會顯著地提高中國上市公司的會計業(yè)績和市場業(yè)績。年齡差異化和獨立董事差異化對中國上市公司的業(yè)績水平并沒有產(chǎn)生...

【文章頁數(shù)】：158 頁

【學(xué)位級別】：博士

【文章目錄】：
Acknowledgement
Abstract
摘要
1 Introduction
    1.1 Background of the study
    1.2 The Practical Value of the Study
    1.3 Research Gap and Significance of the Study
    1.4 Research Objectives and Contributions of the Study
        1.4.1 Research Objectives
        1.4.2 Contributions of the Study
    1.5 Overview of the Corporate Governance System
        1.5.1 Internal Governance Mechanism
        1.5.2 External Governance Mechanism
        1.5.3 Agency Conflict and Information Environment in China
    1.6 Manuscript Structure
2 The Theoretical Backdrop and the Core Concepts
    2.1 Board Diversity and the Agency Theory
    2.2 Board Diversity and the Stewardship Theory
    2.3 Board Diversity and the Resource Dependence Theory
    2.4 Board Diversity and the Stakeholders Theory
    2.5 Board Diversity and the Upper Echelons Theory
    2.6 Integration of Different Theories
3 Literature Review and Hypothesis
    3.1 Board Diversity and Firm Performance
    3.2 Board Diversity, Agency Costs and Firm Performance
        3.2.1 Effect of Board Diversity on Agency Costs
        3.2.2 Impact of Agency Costs on the Firm Performance
    3.3 External Governance Mechanism Effect on Board Diversity and Firm PerformanceRelationship
        3.3.1 Moderating effect of Leverage on the Relationship between Diversity and FirmPerformance
        3.3.2 Moderating effect of External Auditor on the Relationship between Diversityand Firm Performance
        3.3.3 Moderating effect of Product Market Competition on the Relationship betweenDiversity and Firm Performance
    3.4 Integrated Conceptual Framework:
4 Research Methodology
    4.1 Sample Selection
    4.2 Measurement of Variables
        4.2.1 Board Diversity
        4.2.2 Agency Costs
        4.2.3 Firm Performance
        4.2.4 External Governance Mechanism
        4.2.5 Control Variables
    4.3 Endogeneity and Causality Issues
    4.4 Modeling Board Diversity and the Firm Performance
    4.5 Modelling Mediating Effect of Agency Cost on Board Diversity and the FirmPerformance
        4.5.1 Testing Mediation effect of Agency Cost on the Diversity-PerformanceRelationship
        4.5.2 Testing Diversity effect on the Firm Performance
        4.5.3 Testing Diversity effect on the Agency Cost
        4.5.4 Testing Agency Cost effect on the Firm Performance
    4.6 Modelling Moderating Effect of External Governance on Board Diversity and theFirm Performance
        4.6.1 Testing Moderating effect of Leverage on the Diversity-PerformanceRelationship
        4.6.2 Testing Moderating effect of Auditor Quality on the Diversity-PerformanceRelationship
        4.6.3 Testing Moderating effect of Product Market Competition on the Diversity-Performance Relationship
5 Results and Discussion:Board Diversity and Firm Performance
    5.1 Summary Statistics
    5.2 Multicollinearity Diagnostic
    5.3 Effect of Board Diversity on Firm Performance
    5.4 Robustness Check
    5.5 Summary of the Findings
6 Results and Discussion:Board Diversity, Agency Cost and FirmPerformance
    6.1 Summary Statistics:
    6.2 Multicollinearity Diagnostics:
    6.3 Mediating Effects of Agency Cost on Diversity-Performance Relationship:
        6.3.1 Effect of Board Diversity on Firm Performance
        6.3.2 Effect of Board Diversity on Agency Cost
        6.3.3 Effect of Agency Cost on Firm Performance
        6.3.4 Mediating Effect of Agency Cost on Board Diversity and Firm Performance
    6.4 Robustness Check
        6.4.1 Effect of Board Diversity on Firm Performance
        6.4.2 Effect of Board Diversity on Agency Cost
        6.4.3 Effect of Agency Cost on Firm Performance
        6.4.4 Mediating effect of Agency Cost on Board Diversity and Firm Performance
    6.5 Summary of the Findings
7 Results and Discussion:Moderating Effect of External GovernanceMechanism on Diversity-Performance Relationship
    7.1 Descriptive Statistics and Multicollinearity Diagnostic
    7.2 Moderating Effect of External Governance Mechanism
        7.2.1 Moderating Effect of Leverage on Diversity-Performance Relationship
        7.2.2 Moderating Effect of Auditor Quality on Diversity-Performance Relationship
        7.2.3 Moderating Effect of Product Market Competition on Diversity-Performance Relationship
    7.3 Robustness Check
    7.4 Summary of the findings
8 Concluding Remarks
    8.1 Summary of the Study and Policy Implications
        8.1.1 Board Diversity and Firm Performance
        8.1.2 Mediating Effect of Agency cost on Diversity-Performance Relationship
        8.1.3 Moderating Effect of External Governance on the Diversity-PerformanceRelationship
    8.2 Limitations of the Study and Area for Further Research
Appendix
References



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