Filatotchev, I; Isachenkova, N; Mickiewicz, T; (2007) Corporate governance, managers' independence, exporting, and performance of firms in transition economies. EMERG MARK FINANC TR , 43 (5) 62 - 77. 10.2753/REE1540-496X430504.
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Using data on 157 large companies in Poland and Hungary, this paper employs Bayesian structural equation modeling to examine the relations among corporate governance, managers' independence front owners in terms of strategic decision making, exporting, and performance. Managers' independence is positively associated with firms' financial performance and exporting. In turn, the extent of managers' independence is negatively associated with ownership concentration, but positively associated with the percentage of foreign directors on the firms board. We interpret these results as indicating that concentrated owners tend to constrain managerial autonomy at the cost of the firm's internationalization and performance, but board participation of foreign stakeholders enhances the firm's export orientation and performance by encouraging executives' decision-making autonomy.
|Title:||Corporate governance, managers' independence, exporting, and performance of firms in transition economies|
|Keywords:||corporate governance, exporting, performance, strategic independence, EMERGING ECONOMIES, ORGANIZATIONAL TRANSFORMATION, STRATEGIES, RESOURCES, DIRECTORS, FINANCE, MEXICO|
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