The Mechanism and Empirical Research of Directors’ Status Differences, Behavior Strength of Decision-Making and Financial Performance of Private Listed Companies
XIE Yongzhen，ZHANG Yameng，WU Longyin，DONG Feiran
1. Shandong University， Ji’nan, China； 2. University of Glasgow, Glasgow, UK)
Abstract：The status difference of directors is the key factor affecting the efficiency of team decision making. According to relational contract theory. This study investigates the impact of status difference of directors on firm’s financial performance through the non-linear mediating effect of board meeting frequency. By using the sample of private listed companies in Shenzhen and Shanghai between 2010 and 2012, it is found that there is a negative exponential relationship between the clarity of board status difference of directors and board meeting frequency. In addition, the mediating effect of board meeting frequency is significant. Theoretically, this study further opens the black box of board interactive dynamism. Practically, the tacit order forming from trust and deference is effective in coordinating board interactive processes particularly in Chinese private listed firms.
谢永珍，张雅萌，吴龙吟，董斐然. 董事地位差异、决策行为强度对民营上市公司财务绩效的影响研究[J]. 管理学报, 2017, 14(12): 1767-.
XIE Yongzhen，ZHANG Yameng，WU Longyin，DONG Feiran. The Mechanism and Empirical Research of Directors’ Status Differences, Behavior Strength of Decision-Making and Financial Performance of Private Listed Companies. Chinese Journal of Management, 2017, 14(12): 1767-.
