Meta‐analytic reviews of board composition, leadership structure, and financial performance
对54项董事会构成研究和31项领导结构研究的元分析发现，董事会构成和领导结构与公司财务绩效之间缺乏一致关联，且调节分析也未能揭示系统性关系。
Careful review of extant research addressing the relationships between board composition, board leadership structure, and firm financial performance demonstrates little consistency in results. In general, neither board composition nor board leadership structure has been consistently linked to firm financial performance. In response to these findings, we provide meta-analyses of 54 empirical studies of board composition (159 samples, n = 40,160) and 31 empirical studies of board leadership structure (69 samples, n = 12,915) and their relationships to firm financial performance. These—and moderator analyses relying on firm size, the nature of the financial performance indicator, and various operationalizations of board composition—provide little evidence of systematic governance structure/financial performance relationships. © 1998 John Wiley & Sons, Ltd.