Corporate Governance: Decades of Dialogue and Data

Daily, Catherine M.; Dalton, Dan R.; Cannella, Albert A.

doi:10.2307/30040727

Cited by 685 publications

(523 citation statements)

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“…Another widely recognized attribute of family firms is their board characteristics (Bartholomeusz & Tanewski, 2006;Daily, Dalton, & Cannella, 2003;Jaskiewicz & Klein, 2007). Family owners often chair the board of directors or serve as board members.…”

Section: Influence Of Family Controlmentioning

confidence: 99%

“…The family directors are unambiguously responsible for the fate of the corporation (Lane et al, 2006), and have the power to determine the strategy without fear of countermand by outside directors (Davis et al, 1997). Stewardship theory suggests that the main role of the board of directors is to advise and support management (Daily et al, 2003). So, family owners often place those individuals on the board who have industry knowledge and who can provide objective advice and advocate for a growing concern, thus enhancing the performance of the firm.…”

Section: Influence Of Family Controlmentioning

confidence: 99%

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Family ownership and firm performance: Influence of family management, family control, and firm size

2009

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This study examines the relationship between family ownership and firm performance by considering the influence of family management, family control, and firm size. Using proxy data of 786 public family firms in Taiwan during 2002-2007, this study found that family ownership is positively associated with firm performance. The positive association is strong particularly when family members serve as CEOs, top managers, chairpersons, or directors of the firms; however, the association becomes weak when family members are not involved in firm management or control. The findings suggest that the potential family-ownership effects are more likely to be realized when family ownership is combined with active family management and control. In addition, the association between family ownership and firm performance is stronger in small-and medium-sized enterprises (SMEs) than in large companies.

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Section: Influence Of Family Controlmentioning

confidence: 99%

Section: Influence Of Family Controlmentioning

confidence: 99%

Family ownership and firm performance: Influence of family management, family control, and firm size

2009

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“…Much has been written on the legal obligations of directors (Akula, 2000;Fairfax, 2002;Iwan and Watts, 2002;Schreurs, 1999;Wade, 2002;Walsh, 2002), as well as board ''best practices'' (Daily et al, 2003;Westphal, 1999;Zahra and Pearce, 1989). Surprisingly little however has been written specifically on the ethical obligations of directors.…”

mentioning

confidence: 99%

Tone at the Top: An Ethics Code for Directors?

Schwartz

Dunfee

Kline³

2005

J Bus Ethics

199

131

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Recent corporate scandals have focused the attention of a broad set of constituencies on reforming corporate governance. Boards of directors play a leading role in corporate governance and any significant reforms must encompass their role. To date, most reform proposals have targeted the legal, rather than the ethical obligations of directors. Legal reforms without proper attention to ethical obligations will likely prove ineffectual. The ethical role of directors is critical. Directors have overall responsibility for the ethics and compliance programs of the corporation. The tone at the top that they set by example and action is central to the overall ethical environment of their firms. This role is reinforced by their legal responsibilities to provide oversight of the financial performance of the firm. Underlying this analysis is the critical assumption that ethical behavior, especially on the part of corporate leaders, leads to the best longterm interests of the corporation. We describe key components of a framework for a code of ethics for corporate boards and individual directors. The proposed code framework is based on six universal core ethical values: (1) honesty; (2) integrity; (3) loyalty; (4) responsibility; (5) fairness; and (6) citizenship. The paper concludes by suggesting critical issues that need to be dealt with in firm-based codes of ethics for directors.

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“…This emphasis, which uses the market to determine what is appropriate behavior, is evident in the theory and practice of corporate governance, which is most often built on an agency theory view of the firm (e.g. Daily et al, 2003;Dalton et al, 1998;Shleifer and Vishny, 1997). In agency theory, both a firm's owners and the agents whom the owners hire to manage it are utility maximizers (Jensen and Meckling, 1976).…”

Section: Strategy and Ethicsmentioning

confidence: 99%

Ethical Rationality: A Strategic Approach to Organizational Crisis

et al. 2006

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In this paper, we present an ethical and strategic approach to managing organizational crises. The proposed crisis management model (1) offers a new approach to guide an organization's strategic and ethical response to crisis, and (2) provides a two-by-two framework for classifying organizational crises. The ethically rational approach to crisis draws upon strategic rationality, crisis, and ethics literature to understand and address organizational crises. Recent examples of corporate crises are employed to illustrate the theoretical claims advanced. Finally, the paper provides guidelines for a morally optimal outcome for the organization and its stakeholders.

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Corporate Governance: Decades of Dialogue and Data

Cited by 685 publications

References 0 publications

Family ownership and firm performance: Influence of family management, family control, and firm size

Family ownership and firm performance: Influence of family management, family control, and firm size

Tone at the Top: An Ethics Code for Directors?

Ethical Rationality: A Strategic Approach to Organizational Crisis

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