Corporate Governance and Tobin's Q as a Measure of Organizational Performance
研究了巴基斯坦上市公司中公司治理与托宾Q衡量的组织绩效的关系，发现董事会规模、委员会数量和所有权集中度与绩效正相关，而董事会独立性和CEO二元性负相关，所有权集中度调节了这些关系。
Abstract This empirical study examines the relationship between corporate governance and organizational performance (OP), measured using Tobin's Q (TQ) in the context of an emerging economy for which, as yet, only a handful of studies have been conducted. We employ a system generalized method of moments approach controlling for endogeneity and test it on a newly created dataset comprising 324 listed firms in Pakistan. We find that board size, number of board committees and ownership concentration are positively linked with high TQ ratio, whilst board independence and CEO duality display a negative relationship. In terms of moderating effects, we find that ownership concentration negatively moderates the relationship between board independence and OP, as well as that of CEO duality and OP. The relationship between the number of board committees and OP is positively moderated by ownership concentration. Our findings contribute towards a better articulation and application of a more concrete measure of OP − that of the TQ ratio − whilst, at the same time, testing the board composition–performance relationship in the context of an upcoming and increasingly important emerging market. Wider applicability of results and policy implications are discussed.