Valor económico de las empresas de energía y petroquímica y directorios múltiples: evidencia de Arabia Saudita
Main Article Content
Keywords
Gobierno corporativo, Directorio múltiple, Desempeño de la empresa, Mercados emergentes, Arabia Saudita
Resumen
La existencia de dirección múltiple es el caso cuando un miembro de la junta se desempeña en dos o más juntas o una serie de otros nombramientos externos. Este estudio tiene como objetivo examinar el impacto de la dirección múltiple en los valores económicos de la empresa entre las empresas saudíes que cotizan en bolsa utilizando la hipótesis de actividad. En cuanto a la metodología, este estudio recopiló los datos secundarios de los informes anuales de las empresas cotizadas que incluyen el gobierno corporativo y las características específicas de la empresa. Además, este estudio revisó la investigación existente relacionada con los múltiples directorios y los valores económicos de las empresas. Utilizando una muestra de 140 empresas de energía y petroquímica para el período 2012-2019, los resultados de los mínimos cuadrados ordinarios (OLS) muestran que los directores ocupados influyen negativamente en el valor económico de la empresa, medido como ROA y ROE. Los hallazgos de este estudio tienen implicaciones teóricas en el sentido de que respalda la hipótesis del ajetreo en el contexto saudí, que se considera un escenario diferente de otros estudios realizados en otros países desarrollados y en desarrollo en términos de política, economía y cultura. Este estudio agrega una evidencia empírica adicional en el entorno único de Arabia Saudita. Además, los hallazgos de este estudio podrían tener implicaciones prácticas para los formuladores de políticas, los accionistas, la gerencia, los auditores y otras partes interesadas para obtener una comprensión más profunda de cómo la dirección múltiple influye negativamente en el valor económico de la empresa.
Descargas
Referencias
Al-Abbas, M.A. (2008). Do Saudi companies underestimate us in the application of governance? Aleqtisadia Journal, February 29, available online at http://www.aleqt.com/2008/02/29/article_11668.save
Al-Ghamdi, S.A. (2012). Investigation into earnings management practices and the role of corporate governance and external audit in emerging markets: empirical evidence from Saudi Listed Companies (Doctoral dissertation, Durham University).
Aljaaidi, K. S., & Hassan, W. K. (2020). Energy industry performance in Saudi Arabia: Empirical evidence. International Journal of Energy Economics and Policy, 10(4), 271-277.
Aljaaidi, K. S., Abidin, S. B., & Omer, W. K. H. (2021). Audit Fees and Audit Quality: Evidence from GCC Region. AD-Minister, (38), 121-159.
Aljifri, K., & Moustafa, M. (2007). The impact of corporate governance mechanisms on the performance of UAE firms: an empirical analysis. Journal of Economic and Administrative Sciences, 23(2), 71-93.
Alqahtani, J., Duong, L., Taylor, G., & Eulaiwi, B. (2022). Outside directors, firm life cycle, corporate financial decisions and firm performance. Emerging Markets Review, 50, 100820.
Baatour, K., Othman, H. B., & Hussainey, K. (2017). The effect of multiple directorships on real and accrual-based earnings management: Evidence from Saudi listed firms. Accounting Research Journal.
Beasley, M. S. (1996). An empirical analysis of the relation between the board of director composition and financial statement fraud. Accounting review, 443-465.
Berezints, I. V., & Yu, I. (2016). B. Zanyatost’sovetov direktorov i finansovaya rezul’tativnost’deyatel’nosti kompani [Employment of Boards of Directors and financial performance of companies]. Vestnik Sankt-Peterburgskogo universiteta. Ser. 8. Menedzhment—Bulletin of St. Petersburg University. Series 8. Management, (1), 3-30.
Cashman, G. D., Gillan, S. L., & Jun, C. (2012). Going overboard? On busy directors and firm value. Journal of Banking & Finance, 36(12), 3248-3259.
Chiranga, N., Chiwira, O., Sarker, J., & Sarker, S. (2014). Impact of multiple directorships on performance for companies listed on the Johannesburg Stock Exchange (JSE). Economics World, 2(6), 378-387.
Chou, T.K., Cheng, J.C. and Hwang, T.C. (2014), “Multiple directorships and value of cash”, Paper Presented at the 21th Conference on the Theories and Practices of Securities and Financial Markets, National Sun Yat-sen University. Kaohsiung. Taiwan, December 2013, available at: http://sfm.finance.nsysu.edu.tw/pdf/2013pdf/005-1419543169.pdf.
Coles, J., Daniel, N., Naveen, L., (2008). Boards: does one size fit all? Journal of Financial Economics, 87 (2), 329-356.
Core, J. E., Holthausen, R. W., & Larcker, D. F. (1999). Corporate governance, chief executive officer compensation, and firm performance. Journal of financial economics, 51(3), 371-406.
Dalton, C. & Dalton, D. (2005). Boards of directors: Utilizing empirical evidence in developing practical prescriptions. British Journal of management, 16(1), 9 1-97.
Davis, G.F. (1993), ‘Who Gets Ahead in the Market for Corporate Directors: The Political Economy of Multiple Board Memberships,’ Paper presented at the Academy of Management Meeting (Atlanta, USA).
Dwivedi, N., Jain, A.K., (2005). Corporate governance and performance of Indian firms: The effect of board size and ownership, Employee Responsibilities and Rights Journal, 17(3), 161-172.
Falato, A., Kadyrzhanova, D., & Lel, U. (2014). Distracted directors: Does board busyness hurt shareholder value? Journal of Financial Economics, 113(3), 404-426.
Fich, E. M., & Shivdasani, A. (2012). Are busy boards effective monitors? The Journal of Financial 61(2), 689-724.
Haniffa, R., & Hudaib, M. (2006). Corporate governance structure and performance of Malaysian listed companies. Journal of Business Finance & Accounting, 33(7‐8), 1034-1062.
Hassan Omer, W. K., Salmen Aljaaidi, K., Md Yusof, M. A., & Hisyam Selamat, M. (2020). The associations of board of directors ’characteristics with modified audit opinion. AD-minister, (37), 5-34.
Jackling, B., & Johl, S. (2009). Board structure and firm performance: Evidence from India's top companies. Corporate Governance: An International Review, 17(4), 492-509.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of financial economics, 3(4), 305-360.
Jiraporn, P., Singh, M., & Lee, C. I. (2009). Ineffective corporate governance: Director busyness and board committee memberships. Journal of Banking & Finance, 33(5), 819-828.
Kaczmarek, S., Kimino, S., & Pye, A. (2012). Board task‐related faultiness and firm performance: A decade of evidence. Corporate Governance: An International Review, 20(4), 337-351.
Kamardin, H., & Haron, H. (2011). Internal corporate governance and board performance in monitoring roles. Journal of Financial Reporting and Accounting 9(2), 119-140.
Kamardin, H., Latif, R. A., Mohd, K. N. T., & Adam, N. C. (2014). Multiple directorships and the monitoring role of the board of directors: evidence from Malaysia. Jurnal Pengurusan (UKM Journal of Management), 42.
Kiel, G.C., Nicholson, G.J., (2003). Board composition and corporate performance: how the Australian experience informs contrasting theories of corporate governance, “Corporate Governance: An International Review, 11 (3), 189-205.
Latif, R. A., Kamardin, H., Mohd, K. N. T., & Adam, N. C. (2013). Multiple directorships, board characteristics and firm performance in Malaysia. Management, 3(2), 105-111.
Latif, B., Voordeckers, W., Lambrechts, F., & Hendriks, W. (2020). Multiple directorships in emerging countries: Fiduciary duties at stake? Business Ethics: A European Review, 29(3), 629-645.
Lee, S. & Isa, M. (2015). Directors’ remuneration, governance and performance: the case of Malaysian banks, Managerial Finance, 41(1), pp.26-44.
Lin, G., & Brown, A. B. (2022). Theoretical Investigation on the Optimal Contracting for Directors Holding Multiple Directorships. Journal of Risk and Financial Management, 15(4), 164.
Liu, X., Lobo, G. J., Yu, H. C., & Zheng, Z. (2022). Multiple Directorships and Audit Committee Effectiveness: Evidence from Effort Allocation. European Accounting Review, 1-34.
Mace, M. 1971. Directors, myth, and reality. Boston: Harvard Business School Press.
Min, B. S., & Chizema, A. (2018). Board meeting attendance by outside directors. Journal of Business Ethics, 147(4), 901-917.
Méndez, C. F., Pathan, S., & García, R. A. (2015). Monitoring capabilities of busy and overlap directors: Evidence from Australia. Pacific-Basin Finance Journal, 35, 444-469.
Mohd, K. N. T., Latif, R. A., Kamardin, H., & Che, N. (2016). The effect of busy directors, CEO duality and ownership on firm performance. International Information Institute (Tokyo). Information, 19(8A), 3149.
Morck, R., Shleifer, A., & Vishny, R. W. (1988). Management ownership and market valuation: An empirical analysis. Journal of financial economics, 20, 293-315.
Omer, W. K. & Aljaaidi, K. S. (2021). Inventory management and performance in Energy industry in Saudi Arabia: Empirical Evidence. Quality-Access to Success, 22(182), 25-31.
Omer, W. K. H., Aljaaidi, K. S., & Habtoor, O. S. (2020). The associations of corporate social responsibility and management characteristics with performance in Saudi Arabia. Polish Journal of Management Studies, 21.
Omer, W. K., Aljaaidi, K. S., & Habtoor, O. S. (2020). Board Quality, Audit Quality and Economic Firm Value: The Case of Manufactured Saudi's Listed Companies. Quality-Access to Success, 21(178), 96-102.
O'Sullivan, N. (2009). Why do CEOs hold non‐executive directorships? An analysis of the role of governance and ownership. Management Decision. 47(5), 760-777.
Palaniappan, G. (2017). Determinants of corporate financial performance relating to board characteristics of corporate governance in Indian manufacturing industry: An empirical study. European Journal of Management and Business Economics, 26(1), 67-85.
Pearce, J.A., & Zahra, S.A. (1992). Board composition from a strategic contingency perspective. Journal of management studies, 29(4), 411- 438.
Reguera-Alvarado, N., & Bravo, F. (2017). The effect of independent directors’ characteristics on firm performance: Tenure and multiple directorships. Research in International Business and Finance, 41, 590-599.
Saleh, M. W., Shurafa, R., Shukeri, S. N., Nour, A. I., & Maigosh, Z. S. (2020). The effect of board multiple directorships and CEO characteristics on firm performance: evidence from Palestine. Journal of Accounting in Emerging Economies.
Saidi, N. (2004). Corporate governance in MENA countries: Improving transparency and disclosure. The second Middle East and North Africa regional corporate governance forum. Retrieved from https://www.oecd.org/investment/investmentfordevelopment/33944145.pdf
Sarkar, J., & Sarkar, S. (2009). Multiple board appointments and firm performance in emerging economies: Evidence from India. Pacific-Basin Finance Journal, 17(2), 271-293.
Shamsudin, S. M., Abdullah, W. R. W., & Osman, A. H. (2018). Corporate governance practices and firm performance after revised code of corporate governance: Evidence from Malaysia. In State-of-the-art theories and empirical evidence (pp. 49-63). Springer, Singapore.
Sheikh, A.N., Wang, Z., (2012). Effects of corporate governance on capital structure: empirical evidence from Pakistan, “Corporate Governance: The International Journal of Business in Society, 12 (5), 629-641.
Shivdasani, A., & Yermack, D. (1999). CEO involvement in the selection of new board members: An empirical analysis. The journal of finance, 54(5), 1829-1853.
Weir, C., Laing, D., & McKnight, P. J. (2002). Internal and external governance mechanisms: their impact on the performance of large UK public companies. Journal of Business Finance & Accounting, 29(5-6), 579-611.
Article Sidebar
Article Details
khaled Salmen Aljaaidi, Prince Sattam bin Abdulaziz University
PhD en Contabilidad, Facultad de Administración de Empresas, Universidad Prince Sattam bin Abdulaziz, Profesor Asistente, Correo electrónico: k.aljaaidi@psau.edu.sa, ORCID: 0000-0002-0661-6813
Esta obra está bajo una licencia internacional Creative Commons Atribución 4.0.
Los autores que publican en esta revista están de acuerdo con los siguientes términos:
a. Los autores conservan los derechos de autor y garantizan a la revista el derecho de ser la primera publicación del trabajo al igual que licenciado bajo una Creative Commons Attribution License que permite a otros compartir el trabajo con un reconocimiento de la autoría del trabajo y la publicación inicial en esta revista.
b. Los autores pueden establecer por separado acuerdos adicionales para la distribución no exclusiva de la versión de la obra publicada en la revista (por ejemplo, situarlo en un repositorio institucional o publicarlo en un libro), con un reconocimiento de su publicación inicial en esta revista.
c. Se permite y se anima a los autores a difundir sus trabajos electrónicamente (por ejemplo, en repositorios institucionales o en su propio sitio web) antes y durante el proceso de envío, ya que puede dar lugar a intercambios productivos, así como a una citación más temprana y mayor de los trabajos publicados (Véase The Effect of Open Access) (en inglés).