How product market competition and complexity influence the on-job-learning effect and entrenchment effect of board tenure

被引：4

作者：

Lu, Cheng-Shou ^{[1
]}

Chen, Anlin ^{[2
]}

Kao, Lanfeng ^{[3
,4
]}

机构：

[1] Natl Kaohsiung Univ Appl Sci, Dept Wealth & Taxat Management, 415 Chien Kung RD, Kaohsiung 80778, Taiwan

[2] Natl Sun Yat Sen Univ, Dept Business Management, 70 Lien Hai RD, Kaohsiung 80424, Taiwan

[3] Natl Univ Kaohsiung, Dept Finance, 700 Kaohsiung Univ RD, Kaohsiung 811, Taiwan

[4] Rangsit Univ, Int Chinese Coll, Phaholyothin Rd, Pathum Thani 12000, Thailand

来源：

INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2017年 / 50卷

关键词：

Board tenure; Complexity; Entrenchment effect; On-job-learning effect; Product market competition; CORPORATE GOVERNANCE; FIRM PERFORMANCE; OWNERSHIP; DIRECTORS; MANAGEMENT; DETERMINANTS; INFORMATION; TAIWAN;

D O I：

10.1016/j.iref.2017.04.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The on-job-learning effect implies a positive relationship between firm performance and board tenure. The entrenchment effect implies a negative relationship instead. We document a hump-shaped relationship between board tenure and firm performance. The hump-shaped relationship is eased by competition and complexity. Competition reduces the need of board monitoring while complexity raises the need of board advising leading to the dominance of on-job-learning effect over entrenchment effect and a positive relationship between board tenure and firm performance. The propensity for fraud and stock performance of M & As are non-linearly related to board tenure because of the combination of on-job-learning and entrenchment effects.

引用

页码：175 / 195

页数：21

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