This empirical study examines the relationship between corporate governance and organizational performance (OP), measured using Tobin's Q (TQ) in the context of an emerging economy for which, as yet, only a handful of studies have been conducted. We employ a system generalized method of moments approach controlling for endogeneity and test it on a newly created dataset comprising 324 listed firms in Pakistan. We find that board size, number of board committees and ownership concentration are positively linked with high TQ ratio, whilst board independence and CEO duality display a negative relationship. In terms of moderating effects, we find that ownership concentration negatively moderates the relationship between board independence and OP, as well as that of CEO duality and OP. The relationship between the number of board committees and OP is positively moderated by ownership concentration. Our findings contribute towards a better articulation and application of a more concrete measure of OP − that of the TQ ratio − whilst, at the same time, testing the board composition-performance relationship in the context of an upcoming and increasingly important emerging market. Wider applicability of results and policy implications are discussed.

No abstract

Firm resources, international experience and internationalisation speed of retailersPurpose -The purpose of this paper is to study draws on the resource-and knowledge based views (RBV/KBV) of the firm to explain the internationalisation speed of retail firms.Design/methodology/approach -The authors use a panel data set of 144 international retailers over a ten-year period and employ feasible generalised least squares analysis in order to assess the effect of intangible assets and international experience on internationalisation speed.Findings -The results support direct effects of intangible assets and international experience, while the latter effect is also moderated by firms' home-region concentration. Practical implications -The findings imply that firms need to have particular intangible resources before being able to internationalise rapidly. They also show that decision-makers need to be mindful of the effects of international experience in allowing them to expand overseas both within and outside their home region. Research limitations/implicationsOriginality/value -There has been very little research into the speed with which firms in general and service sector firms in particular expand their operations internationally. Through a theory-based analysis of a newly created panel data set this study provides novel insights into the factors that lead retail firms to internationalise rapidly.

Drawing on upper echelons theory, we argue that there will be an inverted U-curve-shaped relationship between the top management team's (TMT's) level of international experience and a firm's internationalization speed. Accounting for the role of executive job demands highlighted in upper echelons theory, we further suggest that competitive pressure, product diversification and geographic scope moderate the relationship between TMT international experience and internationalization speed by increasing the demands of TMT managers' jobs. Using data on the international expansion of 91 retailers between 2003 and 2012, we find empirical support for the inverted U-curve-shaped effect of TMT international experience and the moderating role of competitive pressure. We find no moderating effect of product diversification or geographic scope.