董事会文化多样性对公司绩效的影响  

Research on the Impact of Cultural Diversity of the Board on Firm Performance

作　　者：陆静[1] 徐传 LU Jingl XU Chuan(School of Economics and Business Administration, Chongqing University, Chongqing 400030 HSBC Business School, Peking University, Shenzhen 518055, China)

机构地区：[1]重庆大学经济与工商管理学院,重庆400030 [2]北京大学汇丰商学院

出　　处：《山西财经大学学报》2017年第11期69-83,共15页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金项目(71373296;71232004)

摘　　要：基于霍氏文化框架,从文化多样性的角度,通过综合董事会成员的个人主义、男子主义、权力距离和不确定性规避四个维度特征,构建了董事会的文化多样性指标,研究了中国上市公司董事会特征对公司绩效的影响。研究发现,董事会文化多样性对公司绩效有显著的正向作用,在采用稳健性检验和控制变量的内生性后,这种正向作用仍然是显著的。本文的研究为上市公司治理提供了一个新的视角和决策参考。Based on the Holmes cultural framework, this paper stands on the view of cultural diversity and establishes the cultural diversity index with four dimensions, including board members＇ individualism, masculism, power distance and avoidance of uncertainty, to find out the impact of board members＇ characteristics on firm performance in Chinese listed companies. The empirical results show that, cultural diversity of board has a significantly positive impact on firm performance, which is still obvious after conducting a robustness test to variables and controlling for potential endogenous using dynamic specifications. The results are beneficial to corporate governance and decision-making in listed enterprises.

关 键 词：董事会 文化多样性 公司绩效 公司金融 

分 类 号：F270[经济管理—企业管理]