Past literature on board research has centred on board structure and firm performance. Since empirical studies do not reveal a conclusive relationship between the two, attention has shifted towards board role performance. This paper aims to investigate this issue.
The paper examines three conceptual models for the studying of board role performance: structure, process, and mediation.
Current literature provides little consensus as to the specific configuration for effective board role performance.
First, the study examines various aspects of board role performance. This is in contrast with previous research which largely investigates board role performance in general or under the dominant agency perspective which emphasises the board's monitoring role. Second, unlike traditional governance models, the role of board process is explicitly advocated here. Third, the three conceptual models regarding the relationship among board structure, process and performance give an alternative avenue for researchers to explain inconsistencies in past board research. They complement the growing interest in opening up the “black‐box” of decision making that has been manifested in studies involving top management teams.
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