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1、BritishAccountingReview(1998)30,383±407ArticleNo.ba980075THERELATIONSHIPBETWEENBOARDSTRUCTUREANDFIRMPERFORMANCEINTHEUKNIKOSVAFEASandELENATHEODOROUDepartmentofBusinessAdministration,UniversityofCyprusThisstudyexaminestherelationshipbetweenboardstructurewith?rmperformanceintheUKbyem
2、ployingdatafrom250publiclytraded?rms.Consistentwithgeneral?ndingsfromtheUSA,thetestsasawholedonotdiscernasigni?cantlinkbetweenboardstructure(directoraYliationandownership,chairmanaYliation,andcommitteecomposition)with?rmperformance.Theseresultsarerobusttoalternativemeasuresofperfo
3、rmance,outlierde?nitions,variousmodelspeci?cations,andstatisticalestimationtechniques.Themostsigni?cantdeterminantsofcorporateperformancearethelevelofR&Dspendingandcurrentoperatingperformance.Theseresultsareconsistentwithgovernanceneedsvaryingacross?rms,andcontrastthenotionthatuni
4、formboardstructuresshouldbemandated.ó1998AcademicPressINTRODUCTIONThepotentiallyconˉictinginterestsofmanagersandshareholdershavebeenintheforefrontofresearchinaccountingand?nanceatleastsinceJensenandMeckling's(1976)pioneeringwork.Muchofthisinquiryhasfocusedonthecorporategovernancem
5、echanismsthatmaybeemployedbya?rminordertomitigatemanager±shareholderconˉicts.Thestudyofcorporategovernancehasimportantpublicpolicyimplicationsbecauseofanon-goingdebateabouttheroleofgovernmentandthemarketsindiscipliningmanagement.Proponentsofgovernmentinterventionincorporategov-ern
6、ancearguethatthereisapositiverelationshipbetweentheuseofeVectivegovernancevehiclesand?rmperformance.Therefore,propergovernancestructuresshouldbemandatedthroughlaw.Opponentsofgovernmentinterventionmainlyarguethateach?rmhasdiVerentgovernanceneedsWehavebene?tedfromhelpfulsuggestionsb
7、yJohnForker(theAssociateEditor)andtwoanonymousreferees,fromdiscussionswithApostolosBallas,PetrosHadjicostasandSteveZeVandfromthecommentsofparticipantsataUniversityofCyprusworkshop.Pleaseaddressallcorrespondenceto:NikosVafeas,DepartmentofBusinessAdministration,UniversityofCyprus,Ni
8、cosia,Cyprus.ReceivedSeptember199
