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    Board independence, sub-committee independence and firm performance: evidence from Australia

    182975_55370_Asia_Pacific_Journal_2011.pdf (248.4Kb)
    Access Status
    Open access
    Authors
    Singhchawla, W.
    Evans, Robert
    Evans, John
    Date
    2011
    Type
    Journal Article
    
    Metadata
    Show full item record
    Citation
    Singhchawla, Wanachan and Evans, Robert T. and Evans, John P. 2011. Board independence, sub-committee independence and firm performance: evidence from Australia. Asia Pacific Journal of Economics & Business. 15 (2): pp. 1-15.
    Source Title
    Asia Pacific Journal of Economics & Business
    ISSN
    13268481
    School
    Graduate School of Business
    Remarks

    Copyright © 2011 Curtin University

    URI
    http://hdl.handle.net/20.500.11937/8620
    Collection
    • Curtin Research Publications
    Abstract

    This study investigates whether the monitoring of company management by an independent board of directors serves to enhance firm performance in Australia. The paper explores in detail the impact of the level of independence of the main board and sub-committees including audit, remuneration and nomination on performance in a sample of 250 listed companies. From the perspective of a regulator, the study’s findings have implications and suggest that an independent main board produces superior results. The shareholding of independent directors is also found to negatively impact performance for this data, suggesting that their role as independent arbiter is restricted by shareholding. Interestingly, the returns to firm performance engendered by independence did not extend to the composition of sub-committees, where the presence of outside directors did not significantly influence performance.

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