Abstract：Through reviewing the prior research on the governance effects of board formal and informal hierarchy, this study offers a comprehensive research framework of board ambidextrous governance, which includes both formal and informal hierarchy. The results show ①The informal hierarchy of board is stemmed from the director’s catering to the shareholder’s power, rather than the social identification among directors; ② The formal hierarchy demonstrates the entire shareholders’ interests, while the informal hierarchy represents the specific shareholder’s interests.This gives rise to the director’s reputation concern between the entire shareholders and specific shareholder, and leads the director to align the interest with specific shareholders who nominate him to be a director. Therefore, the effectiveness of the dual governance of the board of directors is embodied in the promotion of directors to select the reputation evaluation of all shareholders, namely director’s interest-neutrality. ③Because of the ownership concentration, and intra-board power distribution, board ambidextrous governance should seek to form the interest-neutral board structure, and realize the ultimate separation of formal and informal hierarchy, while the reform of mixed-ownership is the proper solution in China.
方政，徐向艺，李婷婷. 董事会双元治理有效性研究述评与展望[J]. 管理学报, 2020, 17(11): 1729-.
FANG Zheng，XU Xiangyi，LI Tingting. A Review and Future Research Agenda of Board Ambidextrous Governance’s Effectiveness. Chinese Journal of Management, 2020, 17(11): 1729-.
