Naif Alshareef Mohammed, Ghazi H Sulimany Hamid
Department of Accounting, College of Business, Umm-Al-Qura University, P.O. BOX 714, Makkah, Saudi Arabia.
Business Administration College, Accounting Department, Taif University, P.O. BOX 11099, Alhawiya, Airport district, Taif, Saudi Arabia.
Heliyon. 2024 Oct 12;10(20):e39359. doi: 10.1016/j.heliyon.2024.e39359. eCollection 2024 Oct 30.
This study investigates how family ownership may influence the effects of board gender and foreign directorship on the financial sustainability. The panel data of 103 Saudi non-financial listed companies from 2013 to 2022 was analyzed using fixed effects, and the generalized method of moments (GMM) was used for robustness test. The research findings suggest a strong and positive effect of foreign directorship on financial sustainability, consistent with the resource dependency view and agency theory. However, board gender exerts a negative and significant influence, contradicting existing theories. Further, the moderation results show that family ownership positively moderates the effects of both board gender and foreign directorship on financial sustainability. This positive moderating result supports the agency theory's argument that robust and stringent monitoring of corporate ownership may complement boards' functions and boost organizational efficiency. The policy decision of the findings is that setting corporate boards with a considerable ratio of foreign directors may lead to sustainable performance. Also, it implies that family ownership seems to be an essential mechanism that can neutralize the adverse effects of boardroom diversity on outcomes.
本研究探讨家族所有权如何影响董事会性别构成和外部董事对财务可持续性的影响。使用固定效应分析了2013年至2022年103家沙特非金融上市公司的面板数据，并采用广义矩估计法（GMM）进行稳健性检验。研究结果表明，外部董事对财务可持续性有强烈的正向影响，这与资源依赖理论和代理理论一致。然而，董事会性别构成产生了负面且显著的影响，这与现有理论相矛盾。此外，调节效应结果表明，家族所有权对董事会性别构成和外部董事对财务可持续性的影响均有正向调节作用。这一正向调节结果支持了代理理论的观点，即对公司所有权进行有力且严格的监督可以补充董事会的职能并提高组织效率。研究结果的政策决策是，设置具有相当比例外部董事的公司董事会可能会带来可持续的业绩。此外，这意味着家族所有权似乎是一种重要机制，可以抵消董事会多元化对结果的不利影响。
