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The board chair effect across countries: An institutional view

机译:董事会主席对各国的影响:制度观点

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Research Summary Strategic leadership scholars have produced consistent evidence that the CEO effect on firm performance depends on the latitude of actions CEOs enjoy in their particular context. We argue that as the governance leaders of their firms, board chairs choose a firm's objectives more than they do its actions. As a result, the board chair effect should vary with latitude of objectives, rather than latitude of actions. We explore this possibility by comparing the board chair effect in two countries with relatively high latitude of objectives-Germany and China-with the board chair effect in two countries with relatively low latitude of objectives-the United States and United Kingdom. Results confirm that latitude of objectives influences the effect of board chair heterogeneity on firm performance. Managerial Summary Do board chairs matter to different degrees in different countries? Building on prior work showing that U.S. board chairs account for a significant portion of firm performance, we collected data on board chairs from four different countries to find out if this effect differs by institutional environment. We find that board chairs matter for firm performance across countries, but that board chairs in Germany and China exhibit a considerably larger effect on firm performance than do board chairs in the United States and United Kingdom. We interpret these findings as evidence that board chairs enjoy wider discretion with regard to organizational objectives in Germany and China than they do in the United States and United Kingdom.
机译:研究摘要战略领导学者已经得出一致的证据,表明首席执行官对公司绩效的影响取决于首席执行官在特定情况下所采取行动的自由度。我们认为,作为公司治理的领导者,董事会主席对公司目标的选择比其行动更重要。结果,董事会主席的作用应随目标的宽容而不是行动的宽容而变化。我们通过比较目标纬度较高的两个国家(德国和中国)与目标纬度相对较低的两个国家(美国和英国)的董事会主席效应来探讨这种可能性。结果证实,目标范围会影响董事会主席异质性对公司绩效的影响。管理摘要董事会主席在不同国家是否有不同程度的影响?根据先前的工作表明美国董事会主席占公司业绩的重要部分,我们收集了来自四个不同国家的董事会主席数据,以了解这种影响是否因机构环境而异。我们发现,董事会主席对各国的公司绩效至关重要,但是德国和中国的董事会主席对公司绩效的影响要比美国和英国的董事会主席大得多。我们将这些发现解释为证据,表明与在美国和英国相比,董事会主席在德国和中国的组织目标方面享有更大的自由裁量权。

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