Board Composition Research Articles

Differences in the influence of the board of directors and the board of commissioners on real earnings management: empirical evidence from Indonesia

Purpose – This research investigates the influence of the Board of Directors (BOD) and the Board of Commissioners (BOC) on real earnings management (REM) practices in Indonesian manufacturing companies. Real earnings management involves genuine alterations to operational decisions that affect financial reporting.Design/methodology/approach – The research uses a sample of manufacturing firm listed on Indonesia Stock Exchange (BEI) from 2016 to 2022 and uses panel data regression techniques, including the Pooled Least Square (PLS) and Fixed Effect Model (FEM), to examine the effects of BOD and BOC characteristics on REM. The empirical analysis considers multiple proxies for BOD and BOC attributes, such as board size, independence, meeting frequency, and expertise. Additionally, control variables including leverage, firm size, and growth indicators are incorporated into the analysis.Findings – The findings reveal a significant positive relationship between the presence of BOD and REM activities. In contrast, the presence of BOC demonstrates a non-significant but negatively associated impact on REM. Furthermore, the research identifies the moderating role of BOC in strengthening the relationship between BOD and REM.Research limitations/implications – The research contributes to the existing literature by providing empirical insights into the roles of BOD and BOC in shaping REM practices within the Indonesian manufacturing context. These findings highlight the importance of board characteristics in influencing financial reporting decisions and emphasize the need for effective corporate governance mechanisms to mitigate opportunistic behaviors related to earnings management.Practical implications – Enhancing corporate governance practices, provide an input for more effective board composition, increase the investor confidence and transparency, enhance policy implications and provide advice for company’s long-term performance focus.Originality/value – This research addresses a gap in the literature by focusing on the Indonesian context. Use the BOC to moderate the relationship between BOD and REM may be less common in the context of Indonesia and even in regional focus.

The thermal conductivity of graphite composite insulation boards: A theoretical and experimental study

Graphite composite insulation boards (GCIB) have emerged as a promising solution in the construction industry, offering a combination of fire resistance, high temperature stability, and excellent insulation properties. As their usage continues to increase, it is crucial to develop and validate a more accurate theoretical model for the effective design and optimization of building insulation systems. Traditional models including series and parallel models are employed for estimating the thermal conductivity of GCIB but revealed higher relative errors and lower theoretical calculation accuracy. Therefore, the primary objective is to design and validate a more efficient theoretical model for thermal conductivity prediction in GCIB. This paper investigates the thermal conductivity of GCIB under varying composition ratios by designing a novel Parallel-Series Parallel (PSP) approach. The PSP model is designed based on a single basic cell where the graphite polystyrene particles are employed as the matrix material while cement, vitrified microspheres, and silica fume are used as inclusion materials. Then, the thermal conductivity unit is divided into three parallel heat conduction subunits where the matrix materials and inclusion materials in the three subunits are integrated in a series-parallel manner to provide a more realistic representation of the heat transfer mechanisms within the composite. For a comprehensive assessment, the study encompasses theoretical analysis, empirical assessment, and finite element (FE) simulations to illustrate its thermal properties. The predicted thermal conductivity reveals perfect consensus in comparison with the FE and experimental test outcomes by achieving lower relative errors of 2.7 %∼3.8 % and 1.9 %∼ 3.0 % respectively. The model validated through numerical simulations and sample experiments illustrates a significant improvement in accuracy of about 76.4 %∼94.3 % when compared to traditional series and parallel methods. Prominently, the findings indicate that the thermal conductivity of GCIBs declines considerably as the volumetric ratio of graphite polystyrene particles (Ф1/Ф3) increases and stabilizes when the proportion reaches 10, emphasizing the importance of optimizing material composition to enhance the thermal performance of GCIB. Overall, the validated PSP model by accurately determining the thermal conductivity of GCIB serves as a reliable tool for designing and optimizing high-performance insulation materials, contributing to energy efficiency and sustainability in building and construction industries.

Vibration isolation performance of silica aerogel blankets and boards, fumed silica, polymer aerogel and nanofoams

Buildings are often constructed on a continuous layer of vibration isolation to reduce vibrations and structure-borne noise. There are many vibration isolation products (rubber mats, textiles, polymer foams), but none fulfils all requirements in terms of load-bearing capacity, performance, and cost. In previous work, we have shown that silica aerogel particle beds display a low resonance frequency and correspondingly high vibration isolation performance. Loose silica aerogel granules are not a practical vibration isolation solution. In order to guide the future development of dedicated vibration isolation products based on aerogels, we determine the vibro-acoustic properties of a variety of existing commercial and R&D stage mesoporous composites, that have been developed for thermal insulation applications. The sample set includes monolithic aerogels (polyurethane), silica aerogel composites (aerogel – fibers, aerogel impregnated foams, aerogel bound with polymer foam), glued fumed silica-fiber boards, and nanoporous polymer foam composite boards. The silica aerogel and fumed silica composites display low resonance frequencies (down to 8 Hz for 40 mm, strongly dependent on composite type) and a low dynamic stiffness and loss factor over a wide range of static loads. The polymer aerogel, nanoporous foam and polymer-bound silica aerogel granule board all display higher resonance frequencies, consistent with their higher static stiffness. Although optimized for thermal insulation rather than vibration isolation, many of the tested silica aerogel and fumed silica composites are competitive with the best vibration isolation products on the market in terms of vibration isolation performance. The diversity of materials tested informs on which approaches, materials, and materials combinations are most promising to target vibration isolation.

Corporate governance and firm performance: Evidence from political instability, political ideology, and corporate governance reforms in Pakistan

AbstractWe examine impact of corporate governance on firm performance following the implementation of the changes to the Code of Corporate Governance of Pakistan in 2012. Our sample period from 2008 to 2022 include periods of political instability and shifts in Pakistan's political landscape, providing an opportunity to examine the effectiveness of corporate governance mechanisms in enhancing accounting‐ and market‐based firm performance measures. We find significant improvements attributed to reforms in the regulatory framework surrounding corporate governance practices particularly from expanded scope and composition of boards and audit committees. This led to broader capabilities and effective controls, thus improving firm performance and investor confidence more so during periods of political instability and changes in political ideology.

The power of governance: unraveling the influence of voluntary disclosure on bank’s value in Pakistan

PurposeThis study aims to examine the influence of voluntary disclosure on bank value in Pakistan, considering the moderating effect of corporate governance characteristics: ownership control, board independence and board size.Design/methodology/approachThe study uses data from 20 listed Pakistani banks for the period 2011–2021. The estimation contains robust fixed effect and its assumptions, and a model of standard error with panel corrections.FindingsThe findings revealed a weak positive impact of voluntary disclosure on bank value. However, the increase in the number of independent directors strengthens the positive impact of voluntary disclosure on a bank’s value. Conversely, increasing the ownership concentration, and board size (other than independent directors) may strongly decrease the impact of voluntary disclosure on a bank’s value in Pakistan.Research limitations/implicationsThe study’s limitations include its exclusive focus on the Pakistani banking industry. Future research should take into account newer contexts and data. The findings suggest that future research should investigate the topic in various contexts, including a comparison of Islamic and conventional banks.Practical implicationsThe practical implications for Pakistani banks emphasize transparency, board composition and ownership structure. In terms of managerial implications, using independent directors, aligning ownership interests and addressing disclosure challenges are highlighted.Originality/valueFocusing on independent directors, ownership concentration and board size, this study enhances knowledge of the impact of voluntary disclosure on bank value in Pakistan. It contributes to agency theory and the literature in this domain.

Preparation and Properties of a Composite Carbon Foam, as Energy Storage and EMI Shield Additive, for Advanced Cement or Gypsum Boards

This article explores the cutting-edge advancement of gypsum or cement building boards infused with shape-stabilized n-octadecane, an organic phase change material (PCM). The primary focus is on improving energy efficiency and providing electromagnetic interference (EMI) shielding capabilities for contemporary buildings. This research investigates the integration of these materials into construction materials, using red-mud carbon foam (CCF) as a stabilizer for n-octadecane (OD@CCF). Various analyses, including microstructural examination, porosity, and additive dispersion assessment, were conducted using X-ray microtomography and density measurements. Thermal conductivity measurements demonstrated the enhancement of composite boards as the OD@CCF content increased, while mechanical tests indicated an optimal additive content of up to 20%. The thermally regulated capabilities of these advanced panels were evaluated in a custom-designed room model, equipped with a homemade environmental chamber, ensuring a consistent temperature environment during heating and cooling cycles. The incorporation of OD@CCF into cement boards exhibited improved thermal energy storage properties. Moreover, the examined composite boards displayed efficient electromagnetic shielding performance within the frequency range of 3.2–7.0 GHz, achieving EMI values of approximately 18 and 19.5 dB for gypsum and cement boards, respectively, meeting the minimum value necessary for industrial applications.

Impact of Corporate Governance and Capital Structure on Firm Performance: A Case of Public listed Companies

This study investigates the intricate relationship between corporate governance, capital structure, and firm performance in the context of listed firms. A quantitative research approach was employed, utilizing data that includes Return on Assets (ROA), leverage ratios as indicators of capital structure, and corporate governance variables such as board composition, executive compensation, and regulatory compliance. Regression analysis was conducted, accounting for control variables such as firm size, industry sector, and macroeconomic conditions. The results indicate a positive relationship between corporate governance and ROA, suggesting that stronger governance mechanisms are associated with higher profitability, consistent with findings from previous studies. Conversely, the analysis reveals a negative relationship between capital structure and ROA, indicating that higher leverage is linked to lower profitability, thereby supporting the pecking order theory. However, the study's methodology presents certain limitations, including reliance on cross-sectional data, the potential for omitted variable bias, and limited generalizability within the Pakistani context. While the findings offer valuable insights for policymakers, practitioners, and scholars in the fields of corporate finance and governance, caution should be exercised when generalizing these results to countries with different institutional contexts and market structures.

THE ROLE OF BOARD STRUCTURES IN INCREASING BANK ACCOUNTABILITY: GLOBAL EXPERIENCE

The governance of banking institutions plays a critical role in the stability and integrity of financial systems globally. The structure of the board of directors significantly influences how banks manage risks, comply with regulations, and align operations with the interests of shareholders and other stakeholders. Understanding how board structures differ across regulatory and cultural landscapes is crucial for enhancing bank accountability and performance. This article aims to critically evaluate how various board structures impact the accountability of banking institutions across different global contexts. The goal is to identify effective governance practices that can be adapted to improve bank accountability worldwide. Employing a comparative case study methodology, this research analyzes board structures in banking institutions across continents including North America, Europe, Asia-Pacific, the Middle East, Africa, and Latin America. Data from primary sources like interviews and secondary sources such as regulatory documents and academic articles are synthesized to assess the impact of board configurations on governance and accountability. The analysis reveals that effective board structures often include a high proportion of independent directors, robust audit and risk committees, and a commitment to diversity, which correlate with enhanced accountability and financial performance. However, variations exist due to cultural, economic, and regulatory differences that influence board effectiveness across regions. The findings suggest that while there is a global trend towards standardizing governance practices, local adaptations remain essential. The study recommends that banks and regulators focus on enhancing board independence, diversifying board composition, and strengthening risk oversight to improve governance frameworks. Future governance models should incorporate a dynamic approach to adapt to technological advancements, economic shifts, and societal expectations, ensuring that banking institutions can effectively meet emerging challenges and opportunities.

Electromagnetic shielding composite materials for packaging materials can be mass-produced by nonwoven technology and thermal adhesive technology

This study utilized needle punching and hot pressing technologies to create electromagnetic interference (EMI) shielding composites. Polypropylene (PP) fibers and low-melting (LMPET) fibers were employed in the preparation of EMI shielding nonwoven fabric. A plastic plate for EMI shielding was fabricated using PP, acrylonitrile butadiene styrene, and carbon fibers through hot pressing. This plate was then laminated with the nonwoven fabric in a sandwich-like structure, and the composite material was bonded using hot pressing. The resulting EMI shielding composites were evaluated for tensile strength, Izod impact strength, and EMI shielding effectiveness (EMI SE). A scanning electron microscope was used for further observation. The test results indicate that when the middle layer of PP/LMPET nonwoven fabric is 60/40, paired with the upper and lower layers of PP/ABS/SCF composite board being 20/80, and SCF being 9 wt%, the resulting EMI shielding nonwoven composite material exhibits the most appropriate mechanical properties and electromagnetic wave shielding benefits.

From taking decisions to receiving information: Changes in board meeting minutes at Swedish universities

This study investigates the praxis of university boards by analysing minutes from Swedish universities before and after an autonomy reform that, among other things, changed the board compositions in favour of external members. To ultimately improve higher education policy and paint a more complete picture of the operational side of governance arrangements at Swedish universities, we analyse how institutional management has changed over time. The study identifies orientations and allocations enacted in university board work and communicated in minutes from 2008 and 2018, separated by the autonomy reform of 2011. Results show a shift over time from taking decisions to receiving information, accompanied by a shift in the orientation of decisions regarding education and research to decisions on operation and interaction with society. During this period, external board members became increasingly dominant. Comparing board meeting attendance showed that external members were absent from more meetings than members that represented academic staff and students. The changing function and composition of university boards, combined with strong line management and decollegialisation, raises questions of whether and how the experience of academic core activities, peer quality management, and critical thinking contribute to shaping the policy, praxis, and institutional management of higher education.

Experimental Study on Corrosion of Stainless Steel in Low Temperature Multi effect Seawater Desalination

Starting from the corrosion mechanism, this paper analyzes the characteristics of various types of stainless steel and selects the best performance composite plate composite plate stainless steel. Analyze and select the most suitable corrosion detection method based on specific practical multi working conditions, discuss the interference factors that affect metal corrosion during experimental simulation, and the advantages of newly developed sheet metal. The new development of composite board panels, with the substrate and composite materials applying their respective capabilities for MED, will bring breakthrough progress to the scientific research and engineering application of composite boards.

Evaluation of Major Physical and Mechanical Properties of Trembling Aspen Lumber.

Trembling aspen (Populus tremuloides) is one of the major species within Populus, a predominant genus of hardwoods in North America. However, its utilization has been limited to pulp and paper or wood-based composite boards. This study aimed at evaluating the major physical and mechanical properties of trembling aspen lumber, with an ultimate objective of using this species to produce engineered wood products (EWPs). The testing materials consisted of 2 × 4 (38 mm × 89 mm) trembling aspen lumber pieces in lengths of 8, 10, and 12 feet (2.44, 3.05, and 3.66 m) with two visual grades, select structural (SS) and No. 2. Machine Stress-Rated (MSR), and longitudinal stress wave (LSW), edgewise third-point bending (EWB), and axial tension tests were conducted on the lumber. It was found that, (1) by increasing the maximum knot size by a half-inch from one-quarter inch, the minimum modulus of elasticity (MOE) measured using the MSR, the mean, and the fifth-percentile ultimate tensile strength (UTS) decreased by about 8.8%, 20.1%, and 29.8%, respectively. (2) Approximately 44% of the trembling aspen lumber met the 1450f-1.3E grade for MSR lumber, and 62% qualified for the 1200f-1.2E grade. (3) There was a great potential for manufacturing cross-laminated timber (CLT) of grade E3, with a rejection rate of about 29%. (4) The mean UTS and MOE values of the SS-grade trembling aspen lumber were 22.88 MPa and 9519 MPa, respectively, being 25.5% and 11.3% lower than that of Spruce-Pine-Fir (S-P-F) lumber. The fifth-percentile UTS and MOE values were 11.57 MPa and 7404 MPa, respectively, marking a decrease of 13.3% and 1.5% compared to the S-P-F lumber. (5) The oven-dried specific gravity (SG) of the trembling aspen wood was 0.40, which was about 3.5% larger than the value provided in the Wood Handbook.

Thermal behaviour of a gypsum board incorporated with phase change materials

This study investigates the influence of a microencapsulated Phase Change Material (mPCM) on building systems in a subarctic climate which is not commonly studied for PCM applications. The mPCM is incorporated into gypsum to make a composite board with a volume fraction of 30 vt%. The fabricated composite board is then used to make a box model. This model along with a reference model built only with gypsum boards are placed inside a climate chamber where temperature is regulated to a summer day of a subarctic country, where large temperature variation exists between day and night. In addition, a Finite Element Method (FEM), is also used for the validation of the experimental data. The thermal-physical properties of the mPCM gypsum board including the specific heat capacity and thermal conductivity are measured. The microscopic features of the composite board are also studied. In addition, the temperature variation and the thermal energy storage of the boards of the two models have been studied. Results indicate that incorporation of mPCM into gypsum will change the thermal properties of the material. PCM can work as an additional insulation layer due to its low thermal conductivity. Further, the temperature fluctuation inside of the model with mPCM is reduced. In addition, the energy stored in the mPCM composite is around 3 times higher than that of gypsum board, making it promising for building energy improvement and load shifting.

Biomass waste-assisted micro(nano)plastics capture, utilization, and storage for sustainable water remediation

Micro(nano)plastics (MNPs) have become a significant environmental concern due to their widespread presence in the biosphere and potential harm to ecosystems and human health. Here, we propose for the first time a MNPs capture, utilization, and storage (PCUS) concept to achieve MNPs remediation from water while meeting economically productive upcycling and environmentally sustainable plastic waste management. A highly efficient capturing material derived from surface-modified woody biomass waste (M-Basswood) is developed to remove a broad spectrum of multidimensional and compositional MNPs from water. The M-Basswood delivered a high and stable capture efficiency of >99.1% at different pH or salinity levels. This exceptional capture performance is driven by multiscale interactions between M-Basswood and MNPs, involving physical trapping, strong electrostatic attractions, and triggered MNPs cluster-like aggregation sedimentation. Additionally, the invivo biodistribution of MNPs shows low ingestion and accumulation of MNPs in the mice organs. After MNPs remediation from water, the M-Basswood, together with captured MNPs, is further processed into a high-performance composite board product where MNPs serve as the glue for utilization and storage. Furthermore, the life cycle assessment (LCA) and techno-economic analysis (TEA) results demonstrate the environmental friendliness and economic viability of our proposed full-chain PCUS strategy, promising to drive positive change in plastic pollution and foster a circular economy.

Board gender diversity and corporate cash holdings: evidence from Australia

PurposeThis study aims to understand the dynamics of Australian boards by focusing on the influence of board gender diversity on firms' cash holdings, within the distinctive Australian “if not, why not” regulatory framework.Design/methodology/approachThe study uses ordinary least squares (OLS), fixed effects, generalized method of moments (GMM) and quasi-experimental methods such as difference-in-differences and propensity score matching to analyze the data.FindingsThere is a significantly negative relationship between board gender diversity and corporate cash holdings. This relationship is more pronounced when two or more female directors are on the board, supporting the critical mass theory. The results also reveal that the observed pattern can be attributed to the heightened monitoring intensity of female independent directors. Our quasi-experimental methods and pre-post analysis reveal that the observed effects are genuinely attributable to the increase in board gender diversity following regulatory reforms in Australia.Practical implicationsThe findings provide practical insights for companies and policymakers, emphasizing the tangible effects of gender diversity on a company's financial strategy and corporate cash holdings. This information is crucial for organizations aiming to make informed decisions regarding board compositions and governance structures.Originality/valueThis research offers fresh insights into an important relationship between gender diversity on boards and corporate financial strategies in the Australian context, enriching the global conversation on the significance of gender diversity in corporate leadership.

Board demographic characteristics and governance practices of SOEs in Ghana

Across the globe and particularly in the developing country settings, there has been an upsurge of interests from businesses, academics and policy-makers alike in understanding the relationship between corporate board characteristics and governance practices of State-Owned Enterprises (SOEs). This understanding especially in post-pandemic era would aid in formulating best policies for optimal performance of the SOEs. The aim of this study was to investigate the influence of board characteristics on corporate governance practices in SOEs in Ghana. Utilizing a structured questionnaire, data was collected from employees across various SOEs and analysed through Smart-PLS structural equation modelling. The findings indicate that board demographic characteristics have a significantly positive impact on governance practices, underscoring the importance of diversity in board composition. This outcome highlights the need for SOE policymakers to prioritize board diversity to enhance governance efficacy. This research enriches the literature on corporate governance in the developing country context and has practical implications for enhancing SOE management and performance. It also provides a foundation for future research to explore the dynamics of board characteristics in different contexts.

A balancing act: Independent and interdependent effects of board of directors and top management team gender composition on innovation

The demographic composition of a firm's Board of Directors (BoD) and Top Management Team (TMT) has important consequences for organizational processes and outcomes. However, researchers have focused on the independent effects of diversity in these strategic leadership groups (SLGs), foregoing how it affects their interactions. We adopt a strategic leadership system perspective to account for tasks that a firm's BoD and TMT perform independently, as well as shared tasks performed at their interface. Focusing on the innovation process as a context for strategic decision-making and implementation, we hypothesize inverted u-shaped associations for independent effects of BoD and TMT gender compositions on innovation inputs and TMT gender composition on outcomes. To account for interactions at their interface, we also propose moderating effects between BoD and TMT gender compositions on their relationships with innovation input and outcomes. We find support for our hypotheses within a panel of highly innovative U.S. firms between 2005 and 2018. These findings have important implications for strategic leadership and diversity researchers and may provide guidance on balancing the gender composition of SLGs at firms that pursue innovation.

Trends and Future Research in Corporate Governance: A Bibliometric Analysis (2014-2024)

This study aims to elucidate current trends in corporate governance literature through a bibliometric analysis of papers published in Scopus from 2014 to 2024, encompassing 577 selected articles. Employing VOSviewer and R Studio, the analysis provides a comprehensive overview of publication trends, thematic evolution, and key contributors across three distinct time periods. The study reveals significant keywords like audit committee, board of directors, and corporate social responsibility, emphasizing the scrutiny of corporate governance mechanisms and codes. Clusters delve into governance management systems, such as board composition and audit quality, offering insights into firm performance and new code exploration. These clusters serve as valuable resources for future research, guiding investigations, and advancing knowledge in corporate governance. Additionally, the thematic evolution of trends over the past decade underscores the dynamic nature of research interests, informing scholars' agendas and contributing to the field's advancement. This study holds significant implications for academia, practitioners, and policymakers in corporate governance.

Data Safety Monitoring Boards: Overview of Structure and Role in Spinal Cord Injury Studies.

This paper provides an overview of the history, composition, organization, responsibilities, and regulatory requirements of Data Safety Monitoring Boards (DSMB), with particular reference to the context of clinical trials in spinal cord injury. It is intended to help potential members of such boards and those undertaking the design of new clinical trials to understand the important role of the DSMB in safeguarding the integrity of complex trials, promoting safety, and countering potential bias. An independent DSMB helps to protect research subjects by providing study oversight and serves as an additional step to assure that clinical trials are performed to existing and appropriate standards. The DSMB must meet on a regular schedule, diligently evaluate all the information it receives, and report in a timely and decisive manner. Members must be free of significant conflicts of interest throughout the study and be adequately trained and experienced to serve their roles within the group. DSMB service can be a valuable learning experience and a gratifying opportunity to participate in advancing medicine and helping to maintain and improve the standards of research.

Models of sub-national U.S. quasi-governmental organizations: implications for climate adaptation governance

The politicization of climate change and the difficulty of achieving multi-level or sectoral stakeholder coordination are common institutional barriers to effective climate change adaptation governance outcomes. In the U.S., quasi-government organizations (QGOs) were designed to overcome such barriers, albeit traditionally for non-climatic purposes. This study’s objective is to illustrate how the design characteristics of QGOs may be useful for overcoming the above climate adaptation barriers. Methodologically, this paper analyzes six case studies, selected to illustrate the major characteristics of QGOs, of climate-focused and non climate-focused QGOs at the sub-national level in the U.S. Non climate-focused examples are included for comparison with, and to supplement, the limited number of QGOs currently working on climate efforts. For each case, this study focuses on eight design characteristics: seven that represent measures of political and financial independence, and one focused on board composition, to illustrate the extent to which QGOs enable multi-level and multi-sectoral stakeholder coordination. This study finds that among the assortment of existing QGO designs some are particularly well suited to overcoming either the politicization of climate adaptation policy or obstacles to enhancing policy coordination, while some reduce both, albeit to a lesser extent. Broadly, this paper concludes that QGOs can strengthen effective action by depoliticizing informational sources and fostering cross scale coordination of planning and implementation.