Appointment Of Directors Research Articles

Interventions to increase research publications in graduate medical education trainees: a systematic review.

IntroductionCompetency-based educational models recommend trainee exposure to research, but the best methods for Graduate Medical Education (GME) programs to accomplish this have not been clarified. The objective of this study was to quantify published interventions to generate resident research and compare effectiveness among those interventions.Material and methodsA systematic review of English-language articles of studies of GME programs was performed, describing resident research interventions and quantifying the number of publications as an outcome.ResultsThe search produced 13,688 potentially relevant articles, and included 47 articles in the final synthesis. Publication effectiveness was calculated as publications per year. The top ten programs for publication effectiveness were compared to others for interventions chosen. Interventions were characterized as research director, protected time, research requirement, research mentor, curricula, research assistant, biostatistician, information technology support, research fund, pay-for-performance plans, and celebration of accomplishments. Total number of different interventions was not significantly associated with primary outcome (r = 0.20, p = 0.18). When comparing the top ten programs to the others, appointment of a research director was statistically more prevalent in those programs (70% vs. 30%, p = 0.02), while presence of a defined curriculum was more common (90% vs. 57%, p = 0.052) but not statistically significantly.ConclusionsLeadership interventions (directors, curricula) are associated with successful GME research efforts.

The labor market for directors and externalities in corporate governance: Evidence from the international labor market

Abstract We find that the directorial labor market's ability to align the incentives of managers and shareholders depends on investor protection in a country. For example, following a shareholder unfriendly signal in common law countries, directors lose 2.64 times more outside board seats and are 57% more likely to be turned over at their own firm than in civil law countries. Further, outside director appointments are value relevant only strong investor protection countries. Our findings suggest that the labor market as a mechanism to improve corporate governance is least effective in the countries where it is needed the most.

THE IMPACT OF STATE AFFILIATED DIRECTORS ON THE CAPITAL STRUCTURE SPEED OF ADJUSTMENT IN AN EMERGING MAKRET

This study analyses a unique aspect of the speed of adjustment to optimal debt levels in an emerging market by accounting for the impact of State Affiliated Directors (SAD) on internal governance mechanisms. The paper is motivated based view where firms adjust to reach an optimal level of debt ratio as well as the agency problem arising from the separation of ownership and control leading to conflicting interests between managers and shareholders in order to maximize firm value, which could ultimately impede shareholders wealth maximization. Furthermore, the potential for conflict between controlling and minority shareholders are also captured in the appointment of directors linked to the state. The authors, therefore, evaluate the presence of state affiliated directors and their potential to compromise board independence, which may lead to sub-optimal financing decisions. Analyzing firms below target levels, the study finds that the presence of SAD allows firms below target levels to adjust at more rapid rates given the potential for favorable treatment while obtaining credit financing from financial institutions. Contrastingly, the findings, however, show that firms which exceed target leverage levels tend to adjust at more rapid rates in the absence of SAD on boards. The study results point towards the reluctance of these firms to raise financing in equity markets given the possible dilution of ownership of controlling shareholders as well as the reluctance to reduce debt levels. The findings are consistent regardless of measuring debt based on book or market values and across randomized measures of board composition implying that the presence of SAD alters the dynamics of the cost of capital and thus managerial financing decisions.

150 YEARS OF ROYAL HISTORICAL SOCIETY PUBLISHING

ABSTRACTThe 150th anniversary of the Royal Historical Society offers an opportunity for an investigation into its publications over the longue durée. Its slow transformation from an association of literary dilettanti to a body of professional historians in the period 1890–1910 was accompanied by changes to its publication programme: the appointment of a literary director, an improvement in the quality of papers read, the merger with the Camden Society and the commitment to a programme of historical bibliographies established the basis of the Society's publishing programme for much of the twentieth century. The interwar years saw new initiatives including the launch of Guides and Handbooks, but the Society was already losing momentum, and an ill-fated foray into the publication of diplomatic records stymied its reputation. The 1950s and 1960s were a period of ongoing stasis, from which the Society was rescued in the early 1970s by G. R. Elton and his allies, who promoted a monograph series and the Annual Bibliographies. The momentum of change was sustained by the early commitment to an electronic version of its bibliographies, and still more recently by a commitment to open access monographs. The changing profile of the Society's publications by gender of author, period and area is charted, raising questions about future directions.

Director Appointments: Expressing Board Care and Diligence

Shareholders’ rights to appoint directors in widely-held companies are effectively held by the incumbent board as ‘agents’. This article advocates for the adoption of an integrated instrument designed to enhance accountability for the composition of the board, which sits at the apex of the board’s autonomous corporate control. Formulated as a focused numbered checklist, the instrument was developed through textual and statistical analytical techniques, drawing on empirical evidence from director skills matrices disclosed by large listed Australian companies. The instrument acts as an expression of the legal duty of care and diligence that the directors discharge in selecting board members, and relies on disclosure to make the market for corporate control more efficient: if the board is more accountable, shareholders are better able to monitor and discipline the directors.

Rethinking agency theory in developing countries: A case study of Pakistan

We investigate if agency theory effectively explains agency conflict in the context of a developing country namely, Pakistan. Utilising data from 26 semi-structured interviews, we found that in Pakistan, there is no variation in risk preferences of principals (minority shareholders) and agents (majority shareholders). We also found that remuneration packages and board independence are not effective tools for governing owner managers in Pakistan. Thus, policy makers must shift their focus from soft internal governance mechanisms of appropriate remuneration and board independence. We propose for a rigorous external audit function, and appointment of independent directors and external audit firms by regulator.

Would diversified corporate boards add value? The case of banking institutions in Malaysia

PurposeBoard diversity has gained increasing attention and has been widely posited as a driver for firm value. The purpose of this paper is to provide empirical evidence on the relation of gender diversity of corporate boards with the value of banking institutions in Malaysia.Design/methodology/approachThe sample comprised of ten banking institutions listed on Bursa Malaysia with data observations from 2007 to 2016. Panel data techniques were employed to investigate the relationship between having female directors and firm performance in terms of values generated as indicated by Tobin’s Q.FindingsThe results revealed a positive relationship between the proportion of female director and the value of the bank. Interestingly, this study found that appointment of female independent directors tends to be negatively related to the value of such institutions.Practical implicationsThere remains a shortage of research studying the impact of gender equality on corporate boards in Malaysia generally and in the banking sector specifically. Thus, this study contributes a significant knowledge on the value implication of board diversity. The findings also provide useful insights on the developmental policy initiated by the government to increase female participation in the top management.Originality/valueThis study contributes to the literature by bridging the knowledge gap on board diversity in the governance structure of banking institutions. It also provides theoretical contributions to the development of regulatory policy in relation to gender diversification in corporate leadership.

Revisiting the relationship between corporate governance and corporate social and environmental disclosure practices in Pakistan

PurposeThis study aims to revisit the corporate social and environmental disclosure (CSED) practices of Pakistani companies using unique CSED index which measures the CSED through three dimensions such as theme, news type and nature of information. In addition, the effect of board composition, ownership structure and corporate characteristics on CSED was tested through performing multiple regression analysis.Design/methodology/approachFor this purpose, data were collected from annual reports of top 120 companies’ selected based on market capitalization for three years period of 2013-2015.FindingsBased on the descriptive statistics, the results found that overall level of CSED in Pakistan is moderate. However considering CSED using three dimensions, the results demonstrate that highest level of disclosure on the basis of theme is reported in terms of human resource category as compared to other categories where, as in terms of news type and nature of information, analysis shows that companies in Pakistan feel resistant to disclose bad news, monetary and non-monetary aspect of CSED information. Using multiple regression analysis, the results found that all the variables have hypothesized relationship with CSED except government and institutional ownership. The variables such as chairman as non-executive director, board diversity, appointment of independent director as audit committee chairman, CSR committee, industry type and firm size are found to have significant influence on the CSED practices in Pakistan.Research limitations/implicationsThese results imply that the CSED phenomenon is still lacking behind. Under individual categories of CSED, descriptive statistics found that environment is still not a matter of concern for companies operating in Pakistan. In addition, the results demonstrate that CSED practices are only performed by very few companies in Pakistan based on standard deviation. In addition, appointment of non-executive and independent director as chairman of board and audit committee and representation of foreigners on the board should be encouraged in order to improve CSED practices in Pakistan.Originality/valueThis study contributes to the existing literature in developing country like Pakistan through using unique CSED index and also making comparison of financial versus non-financial sectors. The author suggests that regulatory authorities in Pakistan must take reasonable steps to make the company’s operations environment-friendly.

The market impact of the appointment of female directors in listed companies in New Zealand

This study examines investor reaction to the appointment of female directors in New Zealand-listed companies. Using the event study method, we find that female directors tend to be appointed as independent directors rather than in a CEO role. The results reveal that female board appointments are generally negatively associated with stock performance. This study captures both the gender diversity arising in New Zealand companies and the performance of stock price resulting from the reaction of investors to the different positions of female directors. The evidence of a decrease in market performance is shown by the negative cumulative average abnormal returns from the announcements of women appointees to the board.

Disciplinary directors: Evidence from the appointments of outside directors who have fired CEOs

Abstract By examining board appointments of outside directors who have previously fired a CEO, we study how directors’ willingness to take disciplinary actions is related to a firm's performance and risk-taking. Such directors (‘disciplinary directors’) appear to benefit firms with weak monitoring, but hurt firms in innovative industries. Firms appointing a disciplinary director subsequently exhibit lower idiosyncratic risk, leverage, and R&D expense, make fewer acquisitions, and are more likely to replace poorly performing CEOs. Overall, disciplinary directors appear to influence managerial behavior and shareholder wealth.

Gender diversity on Japanese corporate boards

• This study provides an analysis of female directors on Japanese corporate boards. • The determinants of female inside and outside directors are significantly different. • Female outside directors lead to higher firm performance. • The stock market views the appointments of female outside directors as beneficial.

Corporate Governance System and Regional Heterogeneity: Evidence from East and West Russia

Using a unique firm-level dataset obtained from a large-scale questionnaire survey conducted in late 2015, we examined the generality and heterogeneity of corporate governance systems between the eastern and western regions of Russia. The survey results strongly suggest that the governance system in the surveyed firms is generally characterized by: the dominance of closed corporate forms, the polarization trend in boards of directors and audit committees in terms of their independence from senior management, the reluctance to employ independent directors or expert auditors, and the strong preference for local auditors and indigenous audit firms as external auditors. At the same time, however, we also found that the probability of establishment of the governance bodies, appointment of independent directors and expert auditors, and execution of external audit in the eastern companies is significantly lower than that in the western counterparts. This finding is robust, even after a series of firm-level attributes are simultaneously controlled for.

Gestão democrática como condição de qualidade: a forma de provimento do diretor escolar nas redes municipais brasileiras e a relação com indicadores e resultados educacionais de 2015

O presente trabalho tem dois objetivos: atualizar o panorama das formas de provimento do diretor escolar e analisar comparativamente indicadores educacionais e de contexto em grupos categorizados pelo provimento do diretor, só por eleição, indicação ou formas mistas, com delimitação a escolas que só ofertam os anos iniciais do ensino fundamental em 2015. Pela abordagem quantitativa, utilizou-se uma análise exploratória comparativa e o diálogo com a literatura. Os resultados evidenciaram maior homogeneidade e uma diferença de 5% a 20% nas médias dos indicadores utilizados na análise - Ideb, IDHM, ICQ - e proficiências em Língua Portuguesa e Matemática dos anos de 2015, exceção ao IDHM, de 2010, em favor do grupo de redes municipais dos diretores eleitos.Palavras-chave: forma de provimento; indicadores educacionais; gestão democrática.

Managing reputation: Evidence from biographies of corporate directors

We examine how directors’ reputations are managed through disclosure choices. We focus on disclosures in the director biographies filed with the SEC. We find that a directorship on another board is more likely to be undisclosed when the other firm experienced an adverse event—such as an accounting restatement, securities litigation, or bankruptcy—during the director's tenure. Withholding such information is associated with a more favorable stock price reaction to the director's appointment and the loss of fewer subsequent directorships. These findings suggest that reputation concerns lead to strategic disclosure choices that have real consequences in capital and labor markets.

Control Rights and Corporate Sustainability Around the World

We use a sample of 3,293 firms from 41 countries to test the conjecture that investors require ‘contemporary’ governance mechanisms—substantive enough to renew the thinking of the board—to correct a mismatch between investors’ desires and firms’ choices regarding environmental performance. Enhanced investor power in director elections and appointments of female directors improve environmental performance by 8% and 14%, respectively. These results generally hold even when a country’s institutions are weak. Quasi-exogenous shocks to these board renewal mechanisms support the interpretation that governance improvements drive environmental performance and suggest that the ability of investors to renew the board and replace directors is a powerful mechanism to influence corporate outcomes around the world.

Strategic Response to Corporate Governance Reform of Family Business Groups

Based on the scheme of principal–principal conflicts, we investigate both how family business group-affiliates and foreign investors respond to a board regulation requiring appointment of independent directors and the consequence of corporate proactive compliance on performance. It shows empirically that the more foreign investment leads to a proactive strategy whereas family controlled business group-affiliated (FBG-affiliated) decrease the probability. This positive effect of foreign investment is more prominent in FBG-affiliates, suggesting foreigners’ sensitivity to the principal–principal issue. We also found improved profitability is directly and positively impacted by the adopted proactive response, which shed lights on existing controversies on the issue. Our results provide relevant theoretical and practical implications.

Women on Boards, Selection Processes & Dynamics: Pushing Boundaries with New Research Approaches

The under-representation of women on corporate boards (WoCB), a proxy for women in economic decision-making, continues to be a subject of substantive interest to practitioners, policymakers, and academics across the world. The number of academic publications has proliferated since 2008, but with a stalled focus on either regulatory impact or input-output studies trying to link the numbers of women to some level of firm performance. Academics have a role to play in moving the discussion forward, and therefore must work more closely with businesses to develop new approaches to women on corporate board research. This symposium seeks to progress board research by exploring new aspects of and approaches to the fundamental elements of board composition, dynamics, and the ‘black box’ of boardroom behaviour. We present five projects, with 16 academics, ranging from doctoral student to full professor, representing 13 institutions, across six countries. There is one conceptual paper and four empirical papers with methods ranging from the use of surveys, to qualitative comparative analysis, to board observations and time analysis. Three of the papers focus on aspects of composition and director selection, considering intended and unintended consequences; three consider the influencing factors and processes on and of the diverse composition of board and top-management team; two question the distinctions between surface and deep-level diversity, and two mainly consider board dynamics, translating how that composition may ultimately influence board behavior. Two established WoCB discussants will pull together the key findings and suggest new ways forward. Integrating identity into director selection process and structure Presenter: Cynthia E. Clark; Bentley U. Presenter: Patricia Gabaldon; IE Business School Is Corporate Executive Diversity Only Skin Deep? Presenter: Johanne Grosvold; U. of Bath Female Directors in the CEO In-Group and New Female Director Appointments Presenter: Ting Yao; U. of North Carolina, Chapel Hill Presenter: Corinne A. Post; Lehigh U. Presenter: Diana Bilimoria; Case Western Reserve U. Board Gender Diversity and Board Dynamics: What is Going On Inside the Boardroom? Presenter: Claude Francoeur; HEC Montreal Presenter: Caroline Aubé; HEC Montreal Presenter: Samuel Sponem; HEC Montréal Presenter: Michel Séguin; U. du Québec à Montréal Presenter: Faranak Farzaneh; HEC Montréal Behind the Numbers: Boardroom Processes that Increase Womens Participation on Corporate Boards Presenter: Louise Tilbury; U. of Exeter Business School Presenter: Ruth Sealy; U. of Exeter Business School

The effects of internal board networks: Evidence from closed-end funds

Recent literature emphasizes the importance of a director's external network of social connections. I use a sample of closed-end funds to show that internal, within-board connections are also significant determinants of shareholder value. I find that boards with shared education, employment, and family backgrounds exhibit lower market values, higher expense ratios, higher director compensation levels, and an increased likelihood of financial misrepresentation. Director turnover is lower within these boards, and new director appointments are more likely to share connections with incumbent directors. I conclude that internal board networks negatively impact a firm's governance environment and overall monitoring quality.

Gender Stereotyping by Location, Female Director Appointments and Financial Performance

We investigate whether female board representation and firms’ financial performance are related and whether the relationship differs for firms located in more prejudicial environments. As a proxy for prejudicial environment, we use two geographical indicators: (1) whether a firm is headquartered in a conservative “red” state (which tends to vote for Republican candidates) or in a liberal “blue” state (which tends to vote for Democratic candidates) and (2) whether the firm is located in regions where residents possess more stereotypical attitudes about gender equality. We find that both financial performance and female board representation are lower for firms headquartered in red states when compared to those in blue states, and we find similar results for firms located in regions where residents hold more gender-stereotypical views. However, financial performance improves when female directors are present regardless of the firm’s location. Evidence also shows that the incremental improvement in performance measured by Tobin’s q is greater in red-state than in blue-state companies and in regions where residents hold more gender-stereotypical views. The overall results imply that gender stereotyping holds back financial performance and that female directors help improve financial performance.

The Effects of Internal Board Networks: Evidence from Closed-End Funds

Recent literature emphasizes the importance of a director’s external network of social connections. I use a sample of closed-end funds to show that internal, within-board connections are also significant determinants of shareholder value. I find that boards with shared education, employment, and family backgrounds exhibit lower market values, higher expense ratios, higher director compensation levels, and an increased likelihood of financial misrepresentation. Director turnover is lower within these boards, and new director appointments are more likely to share connections with incumbent directors. I conclude that internal board networks negatively impact a firm’s governance environment and overall monitoring quality.