Advocates of board of director reform suggest that outsider dominated boards take a more active role in promoting the financial performance of the firm. Although a number of studies have examined the board composition/financial performance relationship, this study is unique in three respects. It adds risk-adjusted market return as a performance variable in board composition/financial performance studies and finds a direct relationship between outside directors representation on the board and corporate financial performance. Finally, the analysis is extended to incorporate the dividend decision of the firm. The findings provide evidence that board composition affects dividend policy.
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Boards of directors have been pressed over the past decade to improve their monitoring of a company's economic performance. In addition, legal actions are forcing them to become overseers of what management does, both in delivering returns to investors and in obeying the various laws to which corporations are subject. But most importantly, boards are being charged with the long-term responsiveness of the corporation to its economic environment and society. It is these pressures that require the board to take a more effective role in articulating the mission and strategies of the firm, allocating appropriate resources, and ensuring coherent appraisals of those strategies [8].In spite of continued concern over the board's involvement in strategic planning and appraisal [2,6,11,14,15,22], large-scale, empirical investigations into the status of corporate strategic planning at the board level have been lacking. Major board research efforts had also been limited to either clinical studies [5,16,17] or descriptive surveys [13]. This article reports the results of an empirical investigation exploring the status of corporate strategic planning at the board level within selected business organizations [21].
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