Pacific-Basin Finance Journal Available online 12 October 2016
種族、政治和公司表現:基于馬來西亞的實證研究
作者: Ferdinand A. Gul (Deakin University, Australia), Sa’adiah Munir ( Monash University, Malaysia), Liang Zhang (Monash University, Malaysia)
摘要:關于董事種族多樣性的作用目前并沒有定論,基于此,本文以馬來西亞公司為樣本,探索了董事會成員種族多樣性和公司表現性的關系。我們發現董事會成員種族多樣性和公司表現性之間的關系是非線性的;當種族多樣性處于低水平時,這個關系是正的,但是當種族多樣性處于高水平時這個關系是負的。然而,當我們把公司分成政治相關和非政治相關公司時,發現這種關系隻有在非政治相關公司中成立。更進一步,我們把政治相關的公司分為馬來西亞國家控股和非馬來西亞國家控股的公司,發現在這兩組樣本當中,董事會的種族多樣性并不影響公司的表現。所有這些結論顯示,在影響公司表現性方面,政治作用的存在能夠削弱種族多樣性的作用。
Ethnicity, Politics and Firm Performance: Evidence from Malaysia
Ferdinand A. Gul (Deakin University, Australia), Sa’adiah Munir ( Monash University, Malaysia), Liang Zhang (Monash University, Malaysia)
ABSTRACT
Motivated by the inconclusive evidence on the role of ethnic diversity of directors and the limited research, this study examines whether there is an association between board ethnic diversity in Malaysian firms and firm performance. We find that the association between ethnic diversity of boards and firm performance is non-linear; at low levels of ethnic diversity there is a positive association but at higher levels of ethnic diversity, the association is negative. However, when we split the sample into politically and non-politically connected firms, we find that this association only holds for non-politically firms. Further, when we split our politically connected sample into Malay and non-Malay dominant boards, we find generally, that in both groups of firms, board ethnic diversity does not influence firm performance. Overall, these results suggest that the presence of political connection could undermine the role of ethnic diversity in influencing firm performance.
原文鍊接:http://www.sciencedirect.com/science/article/pii/S0927538X16301883
翻譯:阙江靜