Board Positions Research Articles

Gender quotas influence the appointment of women to precarious leadership positions: A signalling approach

AbstractIn this research we address the ongoing debate about the existence of the glass‐cliff phenomenon by investigating boundary conditions and mechanisms influencing its persistence and decline. Drawing on signalling theory, we hypothesize that the glass‐cliff's presence fluctuates with the clarity of signals associated with appointing women board members at various stages of quota policy implementation. In Study 1, we analyzed a dataset of 258 board appointments in German‐listed companies from 2003 to 2020. We found that women executives were more likely to be appointed following periods of declining performance during Stage 1 (pre‐quota announcement) and Stage 3 (post‐quota enforcement), but not in Stage 2 (post‐announcement, pre‐enforcement). In Study 2, an experiment with 476 respondents, we tested for changes in signal clarity as an underlying mechanism. Results indicate that signal clarity associated with appointing women following performance decline is influenced by quota policies. Signal clarity was highest during stages 1 and 3, but diminished in Stage 2. These findings support the signalling explanation for the glass‐cliff, highlighting that its occurrence is influenced by country‐level policies and emphasizing that the symbolic value of appointing women to board positions as indicators of change depends on the clarity of these signals.

Female leadership and financial sustainability of MFIs: the moderating role of female borrowers

PurposeThe purpose of this study was to investigate whether the percentage of female borrowers moderate the effect of female leadership on financial sustainability of microfinance institutions (MFIs).Design/methodology/approachThe study collected an unbalanced panel data of 821 MFIs between 2007 and 2018 from the Microfinance Information Exchange (MIX). MFIs’ financial sustainability was measured as operational self-sufficiency (OSS). The data were analyzed using the fixed effect regression model.FindingsThe study found that having women participation in managerial and board positions has a positive effect on OSS. The results further demonstrated that the proportion of female loan officers and female borrowers had a negative effect on OSS. In addition, the study’s findings revealed that the percentage of female borrowers moderated the relationship between female board members, female managers, female loan officers and OSS.Practical implicationsThese findings may offer important insights to policymakers and practitioners in formulating strategies to improve financial inclusion for women by examining the inherent link between female borrowers and women’s participation in leadership roles within MFIs, which affects the financial sustainability of these entities.Originality/valueThis study is among the few that have examined the interaction between the proportion of female borrowers and other forms of female participation, including loan officers, managers and board members, and its effect on the financial sustainability of MFIs.

Motherhood enrichment in leadership: exploring top female executives in Spain

PurposeExisting research suggests motherhood hinders women’s advancement to top management roles, but its specific influence on women who have achieved senior leadership is unexplored.Design/methodology/approachThis research uses a qualitative approach based on 34 in-depth, semi-structured interviews with Spanish female executives who hold board positions or have the potential to become board members in male-dominated industries.FindingsThis study identifies motherhood as a key driver in career growth, countering the view of it as a barrier. Narratives from female leaders revealed that motherhood did not impede their careers, challenging the “motherhood penalty” notion. We introduce the concept of “motherhood enrichment,” highlighting its positive impact on leadership skills and career progression in top executive roles.Practical implicationsThese findings can challenge prejudices about the negative impact of motherhood on women’s careers and support policies promoting work–life balance and family-friendly cultures in organizations.Originality/valueThis study suggests the “motherhood-work enrichment” (MWE) concept in leadership, recognizing motherhood as a catalyst for leadership qualities and offering a preliminary theoretical model to explain MWE in the context of concurrent mother-top manager roles.

The dark side of well-connected directors: Evidence from private firm acquisitions

We adopt a difference-in-difference approach to investigate the relationship between the board network and the acquirer's cumulative abnormal returns (CAR) by examining the influence of the directors' sudden death or retirement. We find that firms experiencing the departure of well-connected directors tend to obtain higher CAR when acquiring private targets. This suggests that well-connected directors may reduce the values of mergers and acquisitions (M&A). However, acquirers with greater external monitoring can reduce this negative effect. We also find that these directors with prior acquisition experience are more likely to secure board positions. In summary, these results support the agency problem that well-connected directors tend to make more M&A deals for their private benefits.

The Influence of Women on Boards on the Relationship between Executive and Employee Remuneration

The growing presence of women at the top of companies has sparked interest in examining their role in the remuneration gap between senior managers and employees. This article analyses the traditional Chief Executive Officer (CEO)-to-employee pay ratio but includes a new relation, the senior-management-to-employee pay ratio, and extends the research by including six positions for women in company management: on the board of directors, executive directors, CEOs, proprietary directors, independent directors, and senior managers. The study is based on a sample of 77 listed companies in Spain from 2015 to 2022 and the panel data models have been estimated using the Generalised Method of Moments (GMM). The main findings indicate that the proportion of women in different categories of board and senior management positions has a positive effect on the CEO-to-employee pay ratio, especially in companies with higher market capitalisation. In contrast, the proportion of women in senior management positions has a negative effect on the CEO-to-employee pay ratio in all the samples analysed. Government agencies should prioritise the participation of women in non-board senior management positions in order to at least reduce the pay gap between senior managers and employees.

“Does an Additional Advanced Degree Influence Career Trajectory as a Shoulder and Elbow Surgeon?”

BackgroundAs orthopedic surgery becomes increasingly competitive, orthopedic surgeons are now pursuing advanced degrees more frequently to enhance their resumes or gain additional expertise. The specific impact of this additional training and education on a surgeon’s career trajectory is not well defined. The purpose of this study was to understand the impact of an advanced degree on the academic career of orthopedic shoulder and elbow surgeons. MethodsOrthopedic shoulder and elbow fellowship-trained surgeons were identified using the directory listed on the American Shoulder and Elbow Surgeons website. Demographics, education, and current professional roles were obtained. Research productivity was obtained using SCOPUS and Google Scholar. Advanced degrees were defined as those additional to the primary medical degree (Doctor of Medicine [MD] or Doctor of Osteopathic Medicine [DO]). Outcome measures collected included timing of advanced degree obtainment, current academic and leadership roles, leadership on journal editorial boards, and research productivity. Statistical analysis was performed using the chi-square test and Mann-Whitney U test to determine the association of advanced degrees on outcome measures. ResultsIn total, 893 orthopedic shoulder and elbow surgeons were identified, of whom 129 had advanced degrees. Most common advanced degrees included Master of Science (MS/MSc; 43%), Master of Business Administration (MBA; 23%), and Doctor of Philosophy (PhD; 13%). The most common period of degree obtainment was before medical school (35%) with the least common times being after medical school/before residency (0.9%) and between residency and fellowship training (0.9%). Surgeons who held advanced degrees demonstrated greater research productivity, with a higher h-index (p < 0.001), a greater number of citations (p < 0.001), and more publications (p < 0.001). Of the 523 shoulder and elbow surgeons who worked at an academic institution, those holding advanced degrees were more likely to serve as orthopedic department chair (p < 0.001) and serve an editorial board position (< 0.001). ConclusionThis study found that having an advanced degree as an orthopedic shoulder and elbow surgeon was linked to higher research impact and productivity and an increased likelihood of becoming a department chair and holding an editorial position. These significant findings can help future trainees and department leadership in understanding the importance and impact of additional training on career trajectories for academic faculty.

Pemberhentian Direksi Perseroan Terbatas Tanpa Melalui Mekanisme Rapat Umum Pemegang Saham Luar Biasa

Introduction: The management of the company is the sole responsibility of the board of directors. The law does not provide. The law does not provide for the board of commissioners to give direct and permanent members of the board of directors, but is limited to temporary dismissal. This is the background for the dismissal of the directors of the Company without going through the mechanism of an extraordinary general meeting of shareholders.Purposes of the Research: Is to know the judge's consideration of the appointment and dismissal of judges in decision number 15/pdt.g/2013/PN.Cibinong and to know the legal consequences in the dismissal of directors not in accordance with the mechanism of the extraordinary general meeting of shareholders, to achieve the objectives of this research normative juridical research is used through a statutory approach.Methods of the Research: The research method used is normative juridical with legal, conceptual, and case approaches.Results of the Research: The results of the research obtained that the implementation of the dismissal of the Board of Directors based on the decision Number 15/Pdt.G/2013/PN.Cibinong that the dismissal mechanism is not in accordance with the provisions of Law Number 40 of 2007 concerning Limited Liability Companies carried out by the Board of Commissioners of PT. SBTI, thus causing legal consequences affected to the company, namely the Minister rejects any application submitted or notification submitted to the Minister, and because the dismissal is not in accordance with the provisions, the dismissal is invalid and null and void and restore the position of the old Board of Directors who have been temporarily dismissed.The dismissal of a member of the Board of Directors is to stop the person concerned from the position of the Board of Directors before the term of office specified in the articles of association or the decision of the GMS expires. In article 106 of the 2007 Company Law, the temporary dismissal of the Board of Directors is the right and authority of the Board of Directors, but not to dismiss directly and permanently.

Study on prefabricated composite shear wall cladding anti-shedding connection structure

Fabricated steel structure systems have undergone significant advancements. However, problems associated with exterior wall panel systems have become increasingly prominent, particularly the issue of exterior wall panel shedding. Three full-scale fabricated composite shear wall exterior panel components were designed and tested under quasi-static conditions. The failure sequence and characteristics of the exterior wall panels at different displacement angles, including their out-of-plane displacement and stiffness degradation, were evaluated to assess their seismic and connection performance in different building construction methods. The results indicated that drilling holes near the centre of autoclaved lightweight concrete (ALC) boards improved the seismic performance of wall panels. Long round holes in the ALC boards allowed the dissipation of sliding energy during the initial deformation of wall panels. Furthermore, wall panels with bonded anchorage connections for rockwool boards exhibited better seismic performance than those with pure anchorage connections. To verify the accuracy of the findings, a structural finite element model was established, and the influences of various parameters, such as the position of ALC board connecting bolts, length of ALC board holes, and bonding rate of rockwool boards, on the stress and deformation of the exterior wall panel system were analyzed. Based on the test results and finite element simulation analysis, an anti-shedding connection construction method was proposed.

Female CHRO appointments: A crack in the glass ceiling?

Executive succession in conjunction with a gender shift is a key factor for enhancing gender diversity in senior management positions. Although an extensive strategic leadership literature has examined CEO turnover and succession, research is lacking on the succession of top management team (TMT) members or non-CEO executives at the individual level. By focusing on a specific executive position—the chief human resources officer (CHRO)—this study examines how executive succession in conjunction with a gender shift occurs. Although women are underrepresented in TMTs, we observe an increase in the number of women appointed to the role of CHRO. By utilizing social role and social categorization theories, we describe the dynamics of the gender shift in the CHRO position. We find that CHRO succession with a gender shift is not prevalent and that male-to-male or female-to-female successions are more common. However, our results suggest that CEOs’ board positions in a firm with a female CHRO and the industry-level diffusion of female CHROs tend to be negatively associated with male-to-male CHRO successions. Our results highlight how such factors may mitigate the effect of social role perceptions.

Representation of women among cardiothoracic surgery editorial boards: Trends over the past 2 decades

ObjectiveThe objective of this study was to examine representation of women on the editorial boards of cardiothoracic surgery-focused journals over the past 2 decades to identify changes over time compared with women cardiothoracic surgeon and trainee representation, and to highlight additional opportunities for improvement. MethodsThe editorial boards of 2 high-impact cardiothoracic surgery journals were reviewed from 2000 to 2023. Data on editorial board positions, including editors-in-chief, associate/deputy editors, feature editors, and general members of the editorial board were abstracted. The proportion of women editors was assessed. Data were compared with publicly available information from the Association of American Medical Colleges on physician specialty by sex. ResultsOf 3460 editorial positions, 332 (9.6%) were held by women. Women occupied 2.2% (1 out of 45) of editor-in-chief positions, 13.2% (78 out of 592) of senior editor positions, 11.5% (33 out of 287) of feature editor positions, and 8.3% (221 out of 2663) of general editorial board positions. The proportion of women holding any editorial board position significantly increased from 2.4% in 2000 to 18.2% in 2023 (P = .01). Overall, editorial board representation increased at a rate of 0.7% ± 1.3% per year, not significantly different from the growth of practicing women cardiothoracic surgeons at 0.3% ± 0.5% per year (P = .584). DiscussionRepresentation of women on the editorial boards of cardiothoracic surgery-focused journals has increased commensurate with the increasing proportion of practicing women cardiothoracic surgeons, although remains at 16%. Work remains to continue the recruitment of women to cardiothoracic surgery as well as to identify the key elements that can support them in positions of leadership.

Antecedents of Independent Directors on Joint Venture Boards

The presence of independent directors on corporate boards is often seen as an important means of monitoring to address principal-agent problems and of providing external resources and advice to management. In joint ventures (JVs), however, shareholder-management frictions can be lessened by appointing insiders to management and board positions, whereas access to valuable expertise, resources, and networks are provided by the partners themselves. A natural question, then, is why and when do partners appoint independent directors to JV boards? We argue that the appointment of independent directors to joint venture boards is primarily driven by principal-principal conflict considerations, which are unique in the joint venture context compared with conventional widely held corporations. Consistent with this argument, we find that the likelihood of appointing independent directors increases when JVs face more exchange hazards due to the competitive overlap between partners and the broader functional scope of the JV. However, given that JVs also have alternative governance mechanisms to mitigate shareholder conflicts, we also find that more complex contractual agreements can potentially substitute for independent directors on JV boards. Although relational governance is often highlighted as a key facet of JV governance, we do not find such a substitution effect for this supporting governance mechanism. Overall, our research therefore highlights several interesting domain translation issues when applying existing corporate governance insights to the joint venture setting. Our paper concludes with a call for future research on independent directors serving on JV boards, as JVs represent an organizational form that has been neglected in corporate governance research.

Analyisis Of Determining The Performance Of Sharia Commercial Banks Using The Maqashid Sharia Approach

This research empirically aims to examine several estimation factors that make Islamic banks more inclined to implement Maqashid Sharia performance. These factors include financing risk, temporary equity funds (dana syirkah), capital adequacy, and Sharia governance in relation to Maqashid Sharia performance. The research methodology employed is a descriptive and verificative approach. The population consists of Islamic Commercial Banks in Indonesia from 2017 to 2021, with a sample size of 14 banks using a saturation sampling technique. Panel data regression is the analytical method applied. The results of the study indicate that, partially, financing risk has a significant negative impact on Maqashid Sharia performance. Meanwhile, temporary equity funds, capital adequacy, Sharia supervisory board, joint position of the Sharia supervisory board, board of commissioners, and audit committee have a significant positive influence on Maqashid Sharia performance.The implications for management involve formulating operational performance strategies that not only pursue commercial aspects but also consider social aspects and Sharia compliance to enhance Maqashid Sharia performance, aligning with the foundational goals of Islamic banks. The contribution to the field of knowledge lies in deepening the understanding of factors influencing Maqashid Sharia performance in Islamic banks and providing new insights into the relationships among financing risk, temporary equity funds, capital adequacy, Sharia governance, and performance.

Peculiarities of Realization of Discourse Strategies «Intensify» and «Downplay» in Political Commentary of English-Speaking Quality Press

The article presents the analysis of the use of discourse strategies «intensify» and «downplay» in political commentary of quality press in the USA and Great Britain. The analysis of a vast volume of text material suggests the predominant presence of «downplay» strategy in political commentary as it is used to present a critical overview of most current and urgent political issues and events. In practice this strategy is mostly implemented by analysis-minus tactics and the tactics of accusation, the latter prevails in such type of political discourse. The use of the positively charged «intensify» strategy in texts of political commentary is limited and strongly influenced by the political position and choices of the editorial board. Analysis plus and presentation tactics prevail among the possible choices made to bring into life «intensify» strategy in political commentary. They aim at making the reader share the positive vision of the described events and create a favorable image of the politician.

The Position and Role of the Sharia Supervisory Board in Ensuring Sharia Compliance Equity Crowdfunding in Indonesia

Fundraising using the equity crowdfunding method has experienced rapid development and is in high demand from the public. In order to maintain the credibility of the implementation of Islamic securities crowdfunding, it is essential to establish a sharia supervisory board to supervise the offering of sharia-compliant securities employing information technology-driven crowdfunding service platforms. This article aims to discuss and analyze the position and role of the sharia supervisory board within the system, as well as the level of compliance with sharia principles in the implementation of equity crowdfunding in Indonesia. The research method used in this article is a type of normative legal research that relies on secondary data sources obtained through a literature review. The legal protection for the existence of a sharia supervisory board in sharia equity crowdfunding in Indonesia is regulated in POJK Number 57/POJK.04/2020 and Fatwa Number 140/DSN-MUI/VIII/2021. The sharia supervisory board has a very strategic role in ensuring sharia compliance in every equity crowdfunding activity in Indonesia. In order to maintain the credibility of sharia equity crowdfunding in the future, it is essential to ensure that every aspect of operations complies with sharia principles by maximizing the existence of a sharia supervisory board.

Board gender diversity in China and Eastern Europe

This paper reports on an empirical analysis of 42,094 public/private companies in China and 21 Eastern European countries to grasp the actual state and determinants of board gender diversity in emerging market firms. We confirmed that firms in these countries are comparable to those in advanced nations in terms of the prevalence of firms recruiting female board members and the female share of board directorships. Furthermore, in emerging market countries, internal promotions are used as often as, or even more often than, external ones to recruit women to director positions. The results revealed that board composition and ownership structure are important determinants of the gender diversity of the corporate board in emerging market firms. We also found that the effects of these factors vary significantly depending on the country/region and the listing status of firms and that two qualitatively different decision-making stages related to the appointment of women to board positions (i.e., a decision as to whether to appoint any women to the board and a decision as to how many board positions should be reserved for women) have a substantial impact on the empirical results.

Enhancing the Supervisory Board of the Corruption Eradication Commission: Insights from Hong Kong, United Kingdom, and European Union

&lt;div class="WordSection1"&gt;&lt;p&gt;&lt;em&gt;Establishing the KPK Supervisory Board as a juridical consequence of Law Number 19 of 2019 is an effort to improve KPK's supervisory system. But its formation has caused many pros and cons in the community. The existence of this board is considered to weaken and hinder the performance of KPK. This study analyzes the position of the KPK Supervisory Board after Constitutional Court Decree Number 70/PUU-XVII/2019 concerning reducing the pro-Justitia authority of the Supervisory Board regarding the comparative study involving several countries. This study uses legal research with comparative and statutory approaches. The study results show that the KPK Supervisory Board, as the KPK's internal supervisory body, still requires adjustments by adopting the supervisory mechanisms implemented by comparator countries relevant to the Indonesian Legal System. Some of these are related to the mechanism of monitoring and evaluation of the performance of the KPK Supervisory Board and the KPK itself.&lt;/em&gt;&lt;/p&gt;&lt;/div&gt;

Novel hardware/software co-design approach for Connect6 game-solver

This paper introduces an enhanced Hardware-Software Co-Design implementation of Connect6 game solver compared to a prevalent implementation by using novel data communications and enhanced tree-searching algorithms. Hardware-software communication is improved by transferring the current board position from the Processing System to the Programmable Logic through a 21-bit change board instead of the complete 722-bit board. Tree-search, to find the next best move, is enhanced by using Negascout algorithm, Iterative Deepening, Node Ordering and Memoization. The proposed design demonstrates 50 % improvement in the overall performance and 92 % in communication overhead compared to the prevalent implementation. Further, it is around 4 times faster than its software implementation on the same platform. The analysis was carried on Xilinx Zedboard SOC using the GNU GCC Compiler with the Maximum Optimisation Flag (O3) activated.

Go Players Should Not Trust AI Win Rate

The advent of artificial intelligence (AI) has transformed the landscape of various strategic games, including Go. In 2016, the AI-powered engine AlphaGo defeated one of the world’s strongest players. Since then, Go engines have routinely been used by amateur and professional Go players to analyse theirgames. In the early stages of AI analysis, Go players relied solely on the AI win rate, the only available indicator. However, the AI win rate does not accurately reflect the win rate of human Go players and might be misleading. Katago, first released in 2019, is the first engine to provide score predictions in addition to win rates. While it is now possible to evaluate board positions with a score, it remains unclear how this score translates into human win rates. In this work, a large database of online and professional games is analysed to extract the win rate of a human player based on their strength and the stage of the game. As expected, the human win rate is significantly lower than the AI win rate, even for 9dan professional players. A general formula is provided to compute the win rate based on player strength and move number. This feature offers new insights into the relative importance of mistakes and can assist players in making improved decisions during games.

Board of Directors and Financial Restatement: Evidence from The Two-Tier System

Purpose : This study investigates the role of the characteristics of the Board of Directors (BoD) on financial restatements. The characteristics are reviewed based on board tenure, board size, board independence, female board, foreign board member, board level education, board accounting expertise, and dual board position. Method : The research sample is a manufacturing company on the Indonesia Stock Exchange for 2017-2021. The analytical tool used is logistic regression. Findings : This study found that five board characteristics negatively affect financial restatements: board tenure, board size, board independence, female board, and board accounting expertise. On the other hand, a dual position has a positive effect on financial restatements. Meanwhile, foreign board and board education do not significantly affect financial restatements. Novelty : First, considering BoD as a decision maker in the company, board characteristics influence group dynamics in collaboration and communication to implement corporate governance. Second, studies that analyze the impact of executive boards on financial statements still need to be expanded, especially in Indonesia, which adheres to a two-tier system. Third, previous studies that examine the role of BoD and financial restatements have provided contradictory evidence, and many studies still need to prove the effectiveness of the BoDs’ characteristics on financial restatements. Keywords : Director; Female; Restatement

Legal Dynamics of Limited Liability Companies: Unveiling the Power of Commissioners and Shareholders to Take Legal Action Against Directors' Negligence

The Limited Liability Company (LLC) is characterized by its distinct juridical entity, effectively segregating its management group from shareholders. Operating as a business entity, the primary goal of an LLC is profit generation. Functioning as a corporate legal entity with legal personality, an LLC comprises three key organizational components: the General Shareholders’ Meeting, Directors, and Commissioners. Directors, or the Board of Directors (BOD), bear the responsibility of managing and representing the LLC both within and outside the legal realm. The position of BOD is mandated to be occupied by a natural person, or 'naturlijk person,' either as a single individual (Director) or collectively by two or more individuals (Board of Directors). Despite a stringent selection process for board positions, the inherent nature of directors as natural persons introduces the possibility of intentional or negligent errors in management, potentially leading to financial losses. In the face of such negligence, the pertinent question arises: can a commissioner (Board of Commissioners) and/or shareholders initiate legal action against a director or BOD, whose legal standing is as the company’s representative? To address this query, a comprehensive library research initiative is undertaken, focusing on the analysis of Article 97 and Article 98 of the Limited Liability Company’s legal statutes. This examination aims to elucidate the viable courses of action that can be pursued against the company in the event of directorial negligence. The research findings reveal that specific commissioners and/or shareholders, in the absence of a director's power of attorney, are granted the authority by the LLC’s legal statutes to initiate legal proceedings against the director or board of directors in a court of law.