Board independence, firm performance and ownership concentration: Evidence from Chile

R&D Investment, Governance and Management Entrenchment in French Companies Listed in SBF250

“…They announce that the board of directors contributes to reduce the agency conflicts between the shareholders and the managers. This prediction is confirmed recently by Lefort and Urzua (2008). These authors confirm the fact that the board of directors plays a pivotal role in the management control.…”

Export Behavior and Board Independence in Colombian Family Firms: The Reverse Causality Relationship

“…However, having independent directors can be beneficial to emerging market firms because they can improve their reputation and leverage knowledge via better governance quality (Kapper and Love, 2004). Supporting the latter argument, empirical investigations have found that the presence of independent directors is related to improved sales growth, market value and return on equity of emerging market firms (Black, Jang and Kim, 2006;Lefort and Urzúa, 2008;Peng, 2004).…”

“…Independent directors are board members who do not have family ties with controlling shareholders and usually are elected by minority shareholders (Lefort and Urzúa, 2008). Past research has found that board members having family ties with the founding family are more prone to overexploit the firms' wealth towards their private benefit (DeAngelo and DeAngelo, 2000).…”

The impact of CEO' duality and board's size and independence on firms’ innovation and financial performance

“…In this regard, Weisbach (1988) and Balsmeier et al (2015) revealed that independent directors are more able to dismiss the manager than non-independent directors. Thus, previous studies (Andres et al, 2005, Lefort and Urzua 2008, Dahya et al, 2008 find that a high proportion of independent external directors on the board increase the company's performance because these directors reduce conflicts of interest and ensure more effective control and management. Fuzi et al (2016) highlighted that although the firms integrated the highest number of independent directors, it would not guarantee to improve firm performance.…”