The Effects of Board Composition and Direct Incentives on Firm Performance
衡量董事会构成和所有权结构（代表高管面临的直接激励与监督）对公司绩效的影响，并控制其他相关变量以提高估计精度、减少遗漏变量偏差。
This paper attempts to measure difference in firm performance caused by broad composition and ownership structure. These two variables are intended to measure the direct incentives and monitoring faced by top management. We also control for a number of otheк variables that are likely to be correlated with corporate performance. We do so to improve the precision of our estimates, as well as to eliminate much of the omitted-variable bias that has undoubtedly affected previous studies of board composition.