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Corporate governance, managers' independence, exporting, and performance of firms in transition economies

Filatotchev, I.; Isachenkova, N.; Mickiewicz, T.; (2007) Corporate governance, managers' independence, exporting, and performance of firms in transition economies. Emerging Markets Finance and Trade , 43 (5) pp. 62-77. 10.2753/REE1540-496X430504.

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Abstract

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 from 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 firm's 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.

Type:Article
Title:Corporate governance, managers' independence, exporting, and performance of firms in transition economies
DOI:10.2753/REE1540-496X430504
Publisher version:http://dx.doi.org/10.2753/REE1540-496X430504
Language:English
Additional information:Please see http://eprints.ucl.ac.uk/17500/ for a working paper version
Keywords:Corporate governance, exporting, performance, strategic independence
UCL classification:UCL > School of Arts and Social Sciences > SSEES

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