公司董事会属性团队效能和财务绩效文献翻译

原文：CorporateBoardAttributes,TeamEffectivenessandFinancialPerformanceATeam-BasedModelofCorporateBoardEffectivenessTheexistingliteratureexaminingteamsandknowledge-basedworkgroupsdemonstratesacausallinkbetweenteampracticesorattributes,effectiveness,andoutcomes(CohenandBailey,1997;KirkmanandRosen,1999;Marksetal.,2001).Extendingontheliteratureregardingteameffectiveness,somegovernancescholarshavestartedtofocusonmanagerialcompetenceandempowermentargumentstohelpexplainorganizationalperformancedifferences(Davisetal.,1997;Hendry,2002;Shen,2003).Intheirseminaltheoreticalwork,ForbesandMilliken(1999)integratedliteratureoncorporateboardsandteameffectivenessarguingthatboardeffectivenessisidentifiedbythesamecriteriaasmanypreviousmodelsofteameffectiveness.Further,theysuggestthatthevariousboarddemographicstypicallyusedinboardresearch,suchasinsider/outsiderratio,boardsize,andtenure,areexpectedtoinfluenceoverallteameffectivenessindependently.Similarly,Sonnenfeld(2002)describeseffectiveboardsasbeingdistinguishedby‘robust,effectivesocialsystems’andcontendsthatboarddemographicsbetweenForbesMagazine’s(2001)most-admiredandleast-admiredcompaniesareactuallysimilar.Thissuggeststhatstructuralcharacteristicsinandofthemselvesdonotdifferentiatebetweenhigh-performingandlow-performingboards.Sonnenfeld(2002,p.106)goesontostate,‘Weneedtoconsidernotonlyhowwestructuretheworkofaboardbutalsohowwemanagethesocialsystemaboardactuallyis.’ThisisconsistentwiththeconclusionofPapadakisetal.(1998)thatdecision-specificandrelationshipattributes,ratherthanboarddemographics,representthegreatestinfluenceonthestrategicdecision-makingprocess.Drawingfromboththecorporateboardandgroups/teamsresearch,wearguethatthesameconditionsenablingworkgroupstoachievetheirgoalsshouldberelatedtocorporateboardeffectiveness.Othershaveacknowledgedthisrelationship,butinalessexplicitway(e.g.Dailyetal.,2003;FinkelsteinandHambrick,1996;FinkelsteinandMooney,2003;Huse,2005;Sonnenfeld,2004a).Soratherthandevelopanoriginalmodelofboardsasteams,weapplypreviousresearchontheattributesofhighperformingteamstoboardsofdirectors(Mohrmanetal.,1995).Hence,werecognizethattherelationshipsbetweengroupinputs,processesandoutcomesdependonfactorsthatarespecifictothetypeofgroupunderstudyandthespecificcriteriaofeffectivenessthatarebeingconsidered(ForbesandMilliken,1999;Mathieuetal.,2023).Weapplyamodelofgroupeffectivenessthatfitswithinalargerframeworkthathasdominatedgroupsandteamsresearchfordecades(CohenandBailey,1997;Mathieuetal.,2023).Althoughithasbeenmodifiedandextendedovertheyears,thebasicinput–process–outputmodel(IPO)holdsthatcontextualfactorsandotherindividualandteamlevelantecedents‘enableandconstrain’(p.412)teammemberinteractionsanddefineteamprocesseswhichinturndrivetaskeffectiveness(Mathieuetal.,2023).Inthisstudy,wefocusonteaminputsusinganestablishedmodelderivedfromyearsofresearchonemployeeparticipationandinvolvement(Cotton,1993;Galbraith,1973;Lawler,1986;Vandenbergetal.,1999).Specifically,wedrawuponMohrmanetal.’s(1995)modelofteameffectiveness,whichisbasedonfivekeyattributesofhighperforminggroups,andhasbeenpreviouslyappliedtocorporateboards(Congeretal.,2001).Thekeyattributeshighlightedinthismodelinclude:(1)knowledgethatiscloselyalignedwiththeorganization’sneedsandrequirements;(2)currentandcomprehensiveinformationdrawnfrommultiplesourcesandperspectives;(3)sufficientpowertoreachindependentdecisions,aswellastoevaluateandchallengetheCEO;(4)sufficientincentives,typicallyachievedthroughrewardssystemstoaligndirectors’andowners’interests;and(5)sufficientopportunityandtimefortheboardandcommitteestoprepareforandcompletetasks.Byapplyingthisestablishedmodelofgroupeffectivenesswehopetocontributetoourunderstandingofcorporateboardsinseveralways.Firstistoempiricallydemonstratethatboardeffectivenessisrelatedtothesameteaminputsthathavebeenshowntoimpactgroupperformanceinothercontexts.Secondistoprovideanintegrativeframeworkfortheexistingresearchonboardcharacteristicsandtesttheirrelationshiptoactualboardtaskperformance.Whilemanyoftheseattributeshavebeenexaminedindependentlyfortheirrelationshipstofirmfinancialperformance,wetestthemtogetherfortheirrelationshipstoboardperformanceasratedbydirectorsthemselves.Inthefollowingparagraphs,wedrawonmultipletheoreticalperspectivestodiscusseachofthesefiveteamattributesandpresenthypothesesabouttheirrelationshiptooverallboardeffectiveness.Knowledgeandboardeffectiveness.Boardresearchhaslongrecognizedtheimportanceofdirectors’abilities,judgment,experience,andknowledgetoeffectivegovernance(e.g.CopelandandTowl,1947).Comingfromaresourcedependenceviewofcorporateboards,knowledgehasmostoftenbeenconceptualizedasthestockofinformationorbackgroundexpertisethatdirectorspossessinaggregate.Theseareasofexpertisecontributetooverallcognitiveresourcesandenhancethescopeandqualityoftheboard’sdecisionsanditseffectiveness(HillmanandDalziel,2003;O’NealandThomas,1996).Giventhatdirectmeasurementofboardknowledgeisextremelydifficulttoobtain,variousstudieshaveusedanumberofdifferentproxiesasmeasuresofboardstrategicandoperationalknowledgeovertheyears.Theseincludeboardinterlocks(HaunschildandBeckman,1998),boardmemberfunctionalbackground(CarpenterandWestphal,2001),andboardtenure(GoldenandZajac,2001;WestphalandZajac,1995).Whilethesevariousmeasuresofboardknowledgeareimportant,researchalsoindicatesthattheabilitytotranslateboardknowledgeintogoodstrategicdecisionsdependsonseveralmoderatingfactors.Thereshouldbesufficientdiversityamongboardmemberstopromotediscussionofawiderangeofoptions(Hillmanetal.,2002),thegroupnormsandprocesscontributetotheopenairingofopinions(Sonnenfeld,2002),andmostimportantly,thebenefitsofspecifictypesofknowledgearecontextspecific.Forexample,CarpenterandWestphal(2001)foundthatboardexperienceandexpertisewithspecificchallengesfacingacompany(suchasanunstablecompetitiveenvironmentoratakeoverbid)improvedmonitoringaswellasadviceandcounsel.This,inturn,improvesfirmperformanceinspecificcontexts.BoardEffectivenessandFirmPerformancePriorresearchoncorporategovernancehassuggestedmultiplewaysinwhichboardsmaycontributetoorganizationaleffectiveness(e.g.Congeretal.,2001;ForbesandMilliken,1999).Fromaresourcedependenceperspective,effectiveboardsstrengthentieswiththeexternalenvironmentbygeneratingbusinesstiesandmaintainingapositivecorporateimage(BazermanandSchoorman,1983).Effectiveboardsarealsothoughttocontributetothedevelopmentofbetterorganizationalstrategies.Johnsonetal.(1996)arguethateffectiveboardsallowtopmanagerstotapthebreadthofknowledgepossessedbyoutsidedirectorstocomplementthedepthoffirm-specificknowledgeofexecutives.Usingacollaborativeapproach,boardsaregiventheabilitytoadvise,deliverfeedback,andenhancestrategyformulation(SundaramurthyandLewis,2003;Westphal,1999).Fromanagency/controlperspective,effectiveboardsprovideanecessarycheckontopmanagement(DaltonandKesner,1985),providingoversightandtyingexecutiverewardstoperformance(SundaramurthyandLewis,2003).Generallyspeaking,boardsareexpectedtoevaluatecompanyandCEOperformanceandtakeactionwhenneededtoprotectshareholderinterests(GoldenandZajac,2001).Thus,boardeffectivenessacrossabroadrangeofroles,includingcollaborationandcontrolmechanisms,shouldberelatedtocompanyperformance(CohenandBailey,1997;SundaramurthyandLewis,2003).Thereisanextensiveliteratureoncorporateboardsthathasexaminedanumberofboardactionstodeterminewhetherboardsarebehavingeffectivelyfromashareholderperspective,includingstudiesofCEOcompensation,theadoptionofpoisonpills,adoptionofgreenmailandotheranti-takeoverprovisions(e.g.ConyonandPeck,1998;Frankforteretal.,2000).However,weknowofnopreviousstudieswhichhavebeenabletodirectlymeasureboardeffectivenessfrominsidetheboardroominawaythatmightbeusedtodirectlyexaminethetheoretical‘blackbox’betweenboardpracticesorattributesandperformance.Giventhenumberofpreviousstudiesthathavetiedmanyoftheaforementionedboardattributestocompanyperformance,weexpectthatboardeffectivenesswillactuallyactasamediatoroftheboardattributes–performancerelationshipsthathavebeenextensivelystudiedbygovernancescholars.Moreover,wesuggestthatexaminingtheseattributestogether,basedontheoryderivedfromresearchoneffectiveteams,hastheadvantageofpotentiallyintegratingthisvastsetofstudiesintoamorecoherentstoryofhowthepracticesworktogethertosupportbettercorporategovernance.Forexample,Robertsetal.(2005)arguethataprerequisiteforeffectiveboardsisfordirectorstobecomeengagedincarryingouttheirvariousresponsibilitiestothecompany.Thisrequiresasignificanttimecommitmenttolearnandkeepupwiththevariousintricaciesofthecompany’soperationsandtimeisaseriousconstraintformostdirectors(CarterandLorsch,2004;LorschandMacIver,1989).Shen(2005)supportsthisargumentbutsuggeststhatwithoutappropriateincentivesinplacethelikelihoodofdirectorswillinglyputtinginthetimetoadheretotheirdutiesislow.Thismediatingroleofboardeffectivenessisimpliedinpreviousboardsresearchalthoughnotempiricallytested.Forinstance,GoldenandZajac(2001)showthatboarddemographyandprocessessignificantlyaffectstrategicchange.Thisessentiallyimpliesthatboardattributesimpactboardeffectiveness,leadingtohigher-qualitystrategicdecisionsandhigherlevelsoforganizationalperformance.Similarly,ForbesandMilliken’s(1999)comprehensivetheoreticalmodelshowshowboardtaskperformance(i.e.boardeffectiveness)actsasamediator,orinterveningconstruct,betweenboardprocessesandfirmperformance.Further,theyarguethatboardcharacteristicsareantecedentstotaskperformance.Followingtheseargumentsandthemanypreviousstudiesoncorporategovernancedemonstratingtheimportanceofboardsofdirectorstothesuccessfuloperationofthecorporation(BaysingerandButler,1985),weproposetwomorehypotheses:Hypothesis1:Corporationswithmoreeffectiveboardswilldemonstratehigherlevelsoffinancialperformance.Hypothesis2(a–e):Boardeffectivenessmediatestherelationshipbetweenboardattributes–(a)knowledge,(b)information,(c)power,(d)incentives,(e)opportunity/time–andthefinancialperformanceofthecompany.段出榴Ta睬ke灾n拒to啄ge摆th皇er屋,坛th税e妻se厚ve幅n吹hy逆po厌th窝es顶es堵d丰is非cu垦ss负ed椒a肯bo楼ve充t洲es阅t冠th家e栗co烦mp腔re促he跳ns革iv弯e改mo性de奔l泳画th哪at梅b市oa袜rd疗s泥wi伸th社s台uf测fi早ci旗en宝t惜kn添ow脱le亿dg谷e,强i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ld枣（2测00蜘2）料介绍遭指出厦，杰店出有乓效的希董事代会能迁作为魔‘残稳健狐，有袜效的留社会竿制度炉’浙，并昨认为耐福布组斯杂翼志（李20互01发）最喷欣赏置和最扇不尊庆敬的耻公司漏董事句会人境口实拖际上舒是相贝似的阔。这挺就表巾明，半其本劫身的绢结构但特点稼并没禾有区慧分高蜂绩效升和低毯绩效复的董诞事会愿。棚So玩nn容en味fe墨ld昨（咏20暑02修,受P慧10到6纠）指叹出：沸“岔我们眯需要挡考虑燥的不脾仅是捎我们伯如何葡组织丛了一垄个董设事会胜的工畏作，唇实际质上也氏要知老道如鼻何管认理我闯们的势一个唇董事类会制虹度。奥”希这是耽与P岭ap丈ad搜ak贼is舌等人致的结建论是点一致宜的。蓝Pa值pa轰da篮ki潜s病等（财19锤98玻）提评出了翁这个侄决定禁的具肥体属符性和瞎关系免，而掉不是港董事率会人扣口，局表明钻这在肌战略垦决策芦过程房的影轰响最苍大。船借鉴患于对蚕公司渗董事船会和由团队恒的研禽究，谁我们荐认为溉，在个相同坟的条伟件下萝，为隙了使域工作桌组实奇现他形们的汽目标皇应该交与公程司董粒事会勒的有数效性舞相联阿系。总其他此人也肺承认询这种悔关系贴，但炊用的慈是一悔个不让太明章显的水方式盈（例欺如测Da扮il杏y傅等夜,驳20价03俗;塞Fi落nk杂el签st运ei召n砌和沾H粪am奥br都ic径k,拴1避99斗6;时F午in眉ke干ls川te充in皇扫和径Mo杂on崭ey穷,迎20因03疫;笼Hu俗se掀,薄20地05城;容So检nn手en炉fe殿ld富,铁20蒙04定）。猜因此钞，不馋是作香为一金个团析队开民发董鹅事会屡的原盼始模友型，坟我们渴采用晋的是男对以迹往高和层董男事会挂的属堵性的燥研究记（M馒oh毯rm诱an徒，1版99宰5）程。因鼓此，涂针对剃所研奇究型址组和窑有效嘱性正稍在考羞虑的夜具体蝴标准庙，我矩们认赏识到慎，投竭入、繁过程沙和结甘果的雪关系贡受多绩种因科素的轨影响驰。胶(哈Fo挣rb座es成惹和启M盆il尾li疼ke货n,僻1戒99吉9;递M增at痕hi臣eu剪等恐,简20倦08原）。洒我们动采用趋团队亲效能馆的模辩型，灶即适舱合在栗一个职较大益的框烘架内部，占需据主与导地洗位的期团队烈几十干年来煮的研煤究模革型（顶Co斩he缩n眉和莫B汇ai辨le慨y,驻1荣99皇7;拆M赔at吓hi滚eu袖等蚊,廊20假08绢）。怀虽然须经过塘这么挺多年吗，它盒已被爸修改脸，但召该模躁型的踏基本钢内容沃（I柜PO佛）认谈为，池环境茄因素移以及口其他忌个人蛾和队寻伍等盾级前仪提是悲‘阅启用股和约佣束微’唇（第蝶41但2页米），棕以及根团队飞成员西的互筹动过评程，司并反冶过来敏确定爹团队踩这激原励任边务的某成效洞（仿(M怒at农hi萄eu糕等，禁20灭08仔）。暗在这哲项研少究中习，我香们注勺重建道立团徐队投聚入使目用的券模型棍，从喊而从渣多年清的员叛工参沾与和螺研究血中，醉推导汪参与往制度袜（然Co请tt错on龟,售19抄93睛;丧Ga核lb载ra贪it魂h,盟1沸97虚3;外拼La剥wl摘er析,兵19寨86奶;性Va经nd系en油be耗rg拐挪等阅,趴19领99某）。挑具体售来说夏，我柄们借鬼鉴M津oh吩rm构an枣（1塑99坛5）坐团队习效率腐，这燕是基驱于五秧个关监键属维性的宁高层边组，肚并已贪应用尝到公脱司董护事会寄此前考的模桑型（魄Co殃ng顿er式等，解20奔01陵）。河在这办个模妥型中通，突政出的使关键坛属性俩包括筹：（华1）促知识件是需培要密嚷切与依组织出的要丙求保屡持一刺致；雁（2饲）现嚼行的哀观点喜和全批面的菌信息患，从险多个饲来源乐绘制艰；（亮3）乎有足烫够的妨权力糠，达累到独温立决横定，枯以及队评估葛和挑点战的呆CE镰O；摩（4筑）有胀足够咽的激蓄励，菌通常垦是通泥过奖挂励系苦统达铜到对欠董事衡及业勉主的狗利益童；（肚5）岛充分旺的机沾会，选为董芒事会侮和委贫员会蒜的时薪间来绵准备变和完惯成任花务。莲通过尤应用艰这一浙团队室的成素效，堡我们旱希望渐在既丸定模伞式的蠢几个就方面美作出坛贡献灭以及邻我们杜对公余司董备事会贵的理抚解。喝首先酒，经烘验表岔明，护董事决会效敞率是册关系虎到同哪一个脉团队皇，已歼被证课实在常其他饿公司让投入性表现框方面胁产生雕影响更。其自次，粥董事颗会特糖征提僚供了灭一个散综合语框架柿，研饱究和云测试储他们梯现有百的实灿际董烘事的辨工作刻绩效脏的关盘系。邮虽然枝他们屡这些惭公司须的业轨绩关帆系属从性有联很多领已经棕过独皇立审匹查，修但我棚们一遮起测遭试他羽们性荷能的刷关系惩，是眠作为储董事具会对吹董事渐本身锁评级填。在理下面锯的段迈落中牧，我腰们借乞鉴多麻种角蕉度理葱论来割讨论闯这五胜个小保组的桌属性当，并床询问梁其董岛事会耕整体俊效益霞的关德系。奸知识丹和董直事会昏的有茎效性甘。长鱼期以敞来，露董事鹊会研炭究一虹直承走认董妇事的除能力晌、判业断、饥经验闻、有窗效治衬理和究知识脑的重讽要性鹊。（流如C性op园el第an架d和宁To留wl调，1尽94霸7年决）。枕公司刻董事度会从皆资源南依赖段的观讯点看肥，董遗事合驻共持盈有的纺知识句作为徒最经临常被寄概念登化的倡信息茫或背阴景知杠识存屑量。殖这些肆领域浑的专屡业知沈识有议助于足整体闷认知嘉资源搜，提狠高规烧模和报董事祝会的搏决定侍和其歪成效龄（矩Hi想ll赖ma兼n食和蔬D仙al上zi读el些,榜20莫03颜;狱O’粪Ne艳al趣佳和慨Th榴om知as晓,吧19诸96申）的刊质量住。鉴江于董胸事会而所知汉，获堪得直妇接测询量是患非常劝困难丽的，鹿各种壳研究依已经绳使用润了多蛇年不修同的撤代理覆，作湾为董斯事会游战略携措施域和操蝶作知列识。宾这些完措施她包括赚董事立联结受（H猪au招ns摄ch宾il侦d和缓Be酬ck埋ma喘n，汽19袖98诞），爱董事抬会成赞员的挨功能悟背景喝（争Ca搭rp砍en赏te配r升和宏W胞es瞒tp胶ha援l坊，2躁00脱1）浸，和帜董事孩会使肾用权画（奉Go狭ld陶en犁和柄Za翁ja败c,照2团00字1;截趋We驼st贸ph阶al涉隆和淡Z弃aj理ac农，1赠99辞5）阀。誓这些盲不同破董事少会的牙知识女是重响要的啦措施冲。研茅究还愿表明搅，董壁事会乱知识晶转化盼为良铅好的溜战略重决策眉依靠碧知悉醋若干峡干扰斗因素景而定柳。董锹事会再成员晶之间凑应该液有足匙够的崇多样锄性，凤能促来进多再种选矮择的萍讨论伏（佛Hi闸ll炎ma坟n业等，远20侄02虫年）肠，团沟队规课范和保流程僚有助斤于意伍见公僻开宣疾布（衔So榨nn斜en冲fe深ld写，2获00姻2）嚼，最懒重要畅的好闹处时扒具体颈的知冻识类育型上隶下文较相关扔。例榜如，圾Ca惹rp移en问te主r跟和W滩es驴tp迟ha雪l（械20伪01茫）发努现，腥董事件会斥成员获的经幕验，背面临拍公司奔（如鼓竞争赚环境贺不稳足定或吸收购讲）的糖具体遗挑战翁的专旋业知顶识以房及改撕进监秧测作旧为指牌导和弹建议钱，这逝反过滚来又漠提高肆了企障业在摘特定烤情况贡下的槽性能兵。精董事寇会效扭率与苗公司齿绩效伟絮在此堪之前净对公铁司治金理的就研究艰已经劲表明右多种应方法稻，董既事会风可能淋有助冶于组系织效小能（估如盐C箱on删ge絮r栗等原,哨20唇01哀;楼Fo说rb幕es争仆和徒Mi务ll纱ik湖en绝,课19滚99贴）。疮从资巨源依剖赖的尾角度绩看，秩产生逆有效既的董迷事会姨需要储加强援业务尚联系合并保利持良乒好的紧企业黎形象系（间Ba玩ze鞋rm构an笨和S荷ch停oo伙rm耻an穷，智19尊83猴）巨以及锹与外臣部环炸境的与关系池。有院效的蜂董事盟会效尊益也筑被认简为有逝助于谜提高绳组织厨的战绣略。蚊约翰站逊等饱人（种19豪96沸）认烛为，结有效兼的董钢事会玩允许适高层卷管理径人员画挖掘挎外部京董事首所具圣备的影补充腐企业隐特有连的知尚识深博度和坝广度悉管理党人员慈。用帖合作扔的方中式，浪董事辩会给陵出能屿力和肠指导抛，并垒提供什反馈另，从砖而增绿强战妹略制嫌定（烤Su仗nd怒ar泼am椒ur漆th腊y喇和挺Le悄wi迎s,辈2请00铲3;矩W茧es鹿tp天ha波l,暮1抗99毕9选）。粗从机夫构胶/农控制脂的角北度，冷提供痰了一额个有私效的顽董事调会高平层管朗理人侦员（翠Da竭lt爷on限判和句Ke苗sn逮er乱,痒19璃85咳），理提供牌监督亲和必念要的知检查鱼搭售很行政盟奖励镇与业支绩（撑Su凡nd做ar铁am申ur乏th削y散和骄Le萌wi胞s,坡沉20济03熄）。携一般馒而言已，董秘事会澡预计涨公司划和经离营者暑业绩像评价器和在也必要象时采码取行严动，款以保危障股辆东利杜益（竖Go写ld冶en抄和奶Za趟ja旋c誓，2愚00屋1）床。因捞此，悲在董恒事会奴的角唯色，俱包括肝协作分和控宴制机估制，诚广泛纠的成露效，腊应与访公司攀业绩远相联基系。驼（坚Co逼he意n甲a龙和勿Ba班il昼ey沙，1宾99旁7;暮S盈un弹da暑ra崇mu合rt夕hy熔和切Le宰wi小s镇，2桌00驴3）语。云峰有一抵个广枣泛的说文献舍在企萝业董席事会匹已审市查了浸董事数会的玉一些掀行动储，以赚确定千是否壤有效链地从派股东舟行为慨的角腐度来漏看，撕包括稻总裁壶的薪辣酬，生讹诈班和其驼他反货收购胖条款臣的规绘定（吗例如贺，晴Co夫ny虹on颗a枯和设P吹ec蜘k,盾允19诊98旧；咏Fr选an倦kf挡or之te诉r格等谋,置20夺00赶）。墓但是积，我他们不壳知道虎这已荷经能刻够从扩内部糕直接煎测量弟的方俗式测值量董困事会垦，而砌董事承会效掘益以奥往的叮研究剃，可珍直接误用于衣检验确的棕“踏黑匣缠子告”宪在董从事会遍常规证或属效性和领性能省之间磁的理倚论。滴鉴于淋以往桃的一础些研痒究已舰经联室系了这上述沾董事放会对蝇公司陡业绩亚的许蛙多属偏性，艰我们运预计校董事史会效么益，富实际完上充拘当董擦事会笨属性移和绩亲效的装关系辜的中扎间人兼，被是广泛尸的治孩理学钥者所宣研究狡。狗此外灰，我