The effects of board structure on corporate performance: Evidence from East African Frontier Markets

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dc.contributor.authorGuney, Yilmaz
dc.contributor.authorKarpuz, Ahmet
dc.contributor.authorKomba, Gabriel
dc.date.accessioned2024-03-14T06:00:25Z
dc.date.available2024-03-14T06:00:25Z
dc.date.issued2020
dc.description.abstractThe effectiveness of the well-known corporate governance practices may not be universal due to fundamental differences in the environments under which firms operate. By using hand-collected data from all the non-financial firms listed on the unexplored East African frontier markets (i.e., Kenya, Tanzania and Uganda), we examine the effect of board characteristics on the performance of firms. Our results show that board size has a negative and significant effect on firm performance. The presences of foreigners and civil servants on the board play positive roles on financial performance, where the agency and resource dependence theories apply. Further, we find that board members with higher education also contribute to firm performance. These findings still hold when we consider the 2008–2009 financial crisis period. Overall, we show that in a business climate where ownership is largely dominated by few shareholders, the conventional governance mechanisms do not work effectively.
dc.identifier.citationAPA
dc.identifier.issn0275-5319
dc.identifier.otherhttps://doi.org/10.1016/j.ribaf.2020.101222
dc.identifier.urihttps://scholar.mzumbe.ac.tz/handle/123456789/370
dc.language.isoen_US
dc.publisherResearch in International Business and Finance
dc.subjectCorporate Governance
dc.subjectBoard Attributes
dc.subjectFrontier Markets
dc.subjectAgency Theory
dc.subjectResource Dependence Theory
dc.titleThe effects of board structure on corporate performance: Evidence from East African Frontier Markets
dc.typeArticle
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