Board independence, investment opportunity set and performance of South African firms
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- 作者：Balachandran Muniandy ; b.muniandy@latrobe.edu.au" class="auth_mail" title="E-mail the corresponding author ; John Hillier
- 关键词：Board independence ; Firm performance ; South Africa ; Investment opportunity set ; Endogeneity
- 刊名：Pacific-Basin Finance Journal
- 出版年：2015
- 出版时间：November 2015
- 年：2015
- 卷：35
- 期：part_PA
- 页码：108-124
- 全文大小：353 K
文摘
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Deals with the influence of board independence on firm performance following the change corporate governance code in South Africa.
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Models the joint effect of the investment opportunity set (IOS) and board independence-type measures on ROE.
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Interaction of board independence and the IOS has a positive influence on firm performance in the era following introduction of King Report III code.
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Firms with substantial increases in both independence and growth opportunities experience in increases in financial performance.