PENGARUH INTERLOCKING DIRECTORATE TERHADAP KINERJA KEUANGAN DAN KINERJA PASAR PADA PERUSAHAAN PUBLIC YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2011 – 2014

This study aims to empirically determine the effect of Interlocking Directorate on Return On Asset, Price to Book Value and Tobin's Q to public companies in BEI. In addition, this study also reconfirm the status of Horizontal and Vertical Interlocking Directorate in public companies in BEI. This study used sample of public companies in the Indonesia Stock Exchange 2011-2014 period. The independent variable of this research is Interlocking Directorate, the dependent variable in this study is the financial performance and market performance. This study uses a control variable, leverage and growth. Test equipment of this research is multiple linear regression to test the normality of the data and also one way ANOVA test for descriptive test data. The results of this study are Interlocking Directorate had no significant effect on Return On Assets, Price to Book Value and Tobin's Q, however Return On Assets and Tobin's Q significantly influence the control variable leverage. This caused by the uneven Horizontal and Vertical Interlocking Directorate data, this can be seen at the Horizontal and Vertical Interlocking Directorate description based on years of research period 2011-2014. Keywords : Interlocking Directorate, financial performance, market performance

Innovation Culture, R&D Intensity, and Firm Innovation

This paper aims to investigate the value of two types of innovation culture, namely employee-perceived and firm-proclaimed innovation culture. We quantify how employees perceive innovation culture by analyzing the text of 191542 employee reviews on Glassdoor and identifying the presence of firm-proclaimed innovation culture from their official websites. The results indicate that employee-perceived innovation culture has a positive influence on innovation output whereas firm-proclaimed innovation culture does not. Moreover, R&D intensity negatively moderates the effect of employee perceived innovation culture on firm innovation, such that the effect of employee perceived innovation culture is lower when R&D intensity is higher. This finding contradicts the observation of previous studies that used cross-sectional survey data. Nevertheless, our finding is consistent with the view that innovation culture cultivates the intrinsic motivation of employees, but the symbiotic control that comprises the increase of R&D intensity weakens it

Board Interlocking e Escolhas Contábeis em Empresas Brasileiras de Energia Elétrica com Ações na Bolsa

This article aims to analyze the influence of stability and the intensity of board interlocking on accounting choices. The sample consists of 57 companies in the electricity sector out of a total of 59 with shares traded on Brasil, Bolsa, Balcão (B3), analyzed in a a period ranging from 2010 to 2016. This resulted in 177 different connections between companies. Company stability and intensity of existing relationships between the boards were used as proxies for an interlocking framework. For determining the accounting choice, an attempt was made to identify similarities between the choices adopted by the companies. The findings reveal considerable changes in the connection structures of companies. This began with the formation of a major network in the years 2010 and 2011, and ended with five welldefined groups in 2016. The results suggest that stability and intensity of connections favor dissemination of accounting choices. This is especially true for choices related to measurement and classification. These findings converge with Connelly and Slyke (2012) according to whom the existence of common counselors favor the access and dissemination of information between companies.Este artigo tem como objetivo analisar a influência da estabilidade e da intensidade do board interlocking nas escolhas contábeis em companhias do setor de energia elétrica com ações negociadas no Brasil, Bolsa e Balcão (B3), no período 2010-2016. Para isso foi utilizada uma amostra constituída por 59 companhias, das quais 57 apresentaram as informações necessárias para a realização da análise, resultando em 177 diferentes conexões entre as empresas. Como proxies para o board interlocking, empregaram-se a estabilidade e a intensidade das conexões entre os profissionais dos conselhos, e para as escolhas contábeis buscou-se identificar a semelhança entre as escolhas adotadas pelas empresas. Os achados revelam consideráveis mudanças nas estruturas das conexões das companhias, partindo da formação de uma grande rede nos anos de 2010 e 2011, para a constituição de cinco grupos bem definidos em 2016. Os resultados sugerem que a estabilidade e intensidade das conexões favorecem a disseminação das escolhas contábeis, principalmente quando relacionadas a mensuração e classificação. Esses achados convergem com os de Connelly e Slyke (2012) segundo os quais a existência de conselheiros em comum favorece o acesso e a disseminação de informações entre empresas

Impact of Director’s Network on Corporate Social Responsibility

Prior studies have focused on director’s political ideology, their external pressure, financial incentives and corporate reputation in relation to corporate social responsibility (CSR). However, a little attention has been given whether directors’ personal and professional networks can influence the CSR performance of firms. In this study, we investigate the effects of director’s network on their CSR performance. Using an unbalanced panel data of 785 publicly listed firms from 28 countries during 2003 – 2016, we find that while director’s professional network positively affects their CSR activities, their personal network, in fact, does the opposite. In addition, director’s network centrality advances the CSR performance of their firms. These results are confirmed by addressing endogeneity issue arising out of simultaneously determined director’s network and CSR score of firms and unobserved firm characteristics that are correlated with CSR score and directors network. Our findings contribute to the academic literature related to director's network by providing new empirical evidence and a better understanding of the decisions and activities that directors undertake, when deciding their CSR and also help policymakers to understand the importance of director's networks as a determining factor of CSR policies

Conseil d'administration et innovation: théorisation et expérimentation dans les petites et moyennes entreprises

L'importance du lien entre le conseil d'administration (CA) et l'innovation fait consensus tant au sein de la communauté scientifique que dans le monde des affaires. Néanmoins, à ce jour, il est encore difficile d'assimiler les mécanismes sous-jacents à l'association de ces deux notions centrales pour toute organisation contemporaine. Cette thèse doctorale vise donc à tendre vers une compréhension substantielle de la manière dont cet organe de gouvernance particulier peut influencer cette retombée organisationnelle spécifique, particulièrement dans le contexte des petites et moyennes entreprises (PME). Celle-ci est composée de trois articles scientifiques et s'inscrit dans le domaine de la stratégie, plus précisément en se concentrant sur le groupe décisionnel qui représente le plus haut échelon stratégique (c.-à-d. le CA) et une retombée organisationnelle qui est de nature stratégique (c.-à-d. l'innovation) dans un contexte où la portée stratégique de chacun de ces deux éléments a fait ses preuves (c.-à-d. celui des PME). Le premier article, qui en est un conceptuel, consiste en un examen exhaustif des études portant sur le lien entre le CA et l'innovation. Celui-ci prend la forme d'une revue systématique de la littérature sous une perspective de contingence. Le cadre conceptuel intégrateur et la cartographie détaillée qui y figurent mettent en relief de multiples antécédents de l'innovation avec une focalisation sur le CA, tout en accordant une grande importance aux facteurs environnementaux internes et externes. Ultimement, cette étude théorise un processus général permettant de mieux appréhender l'impact de diverses dimensions du CA sur tant les intrants que les extrants d'innovation et propose un agenda de recherche. Ce volet conceptuel de la thèse doctorale a façonné les deux segments du volet empirique. Le second article, qui en est un empirique, théorise et expérimente un processus multiphasique et séquentiel, qui régit l'impact des effets d'interactions entre diverses facettes du CA (c.-à-d. composition, rôles et efficacité) sur l'innovation dans le contexte des PME, tout en considérant l'influence potentielle de diverses caractéristiques organisationnelles (c.-à-d. taille, âge, secteur, performance financière et internationalisation des PME). Les résultats produits sur la base d'une modélisation par équations structurelles révèlent, entre autres, que le lien entre le CA et l'innovation implique des interactions, et plus précisément des effets de médiation, entre différentes composantes du CA. Concrètement, il en ressort que ce lien se matérialise principalement en trois temps : (1) présence d'un haut degré de capital humain au sein du CA, (2) niveau d'engagement élevé du CA dans son rôle stratégique et (3) grande efficacité du CA dans l'accomplissement de ses tâches. Ainsi, cette étude couvre la littérature actuelle, qui se concentre principalement sur les caractéristiques structurelles (p. ex. taille et indépendance du CA), privilégie l'hypothèse de liens directs (c.-à-d. omission des effets d'interaction) et analyse généralement de manière individuelle les trois grandes dimensions du CA considérées simultanément (c.-à-d. composition, rôles et efficacité). Le troisième article, qui en est un empirique, théorise et expérimente une logique de continuum et une approche configurationnelle, qui régissent l'impact des effets combinés de certains processus liés au CA (c.-à-d. établissement, intégration, centralisation et bureaucratie), toujours par rapport à l'innovation et dans le contexte des PME, tout en considérant l'influence potentielle du niveau de croissance bidimensionnelle des PME (c.-à-d. taille et âge). Les résultats produits sur la base d'une analyse par logique floue démontrent que l'innovation dans les PME peut émaner de 10 combinaisons incluant divers processus liés au CA; lesquels peuvent être adaptées selon la taille et/ou l'âge des PME. Ainsi, cette étude va au-delà de la vision limitée qui prévaut actuellement dans la littérature quant à l'hypothèse de liens linéaires entre le CA et l'innovation et s'émancipe de la tendance consistant à établir des hiérarchies qui sous-entendent que certains éléments isolés seraient forcément prééminents par rapport à d'autres à des fins d'innovation En somme, cette thèse doctorale permet de repenser et de redécouvrir le lien entre le CA et l'innovation, particulièrement dans le contexte PME, en procurant une compréhension singulière, inclusive et approfondie de cette thématique. En ce sens, parallèlement à ses multiples contributions scientifiques, ce travail de recherche renferme également plusieurs recommandations d'actions concrètes tant pour les dirigeants que les décideurs politiques, qui témoignent de sa portée plus pratique.There is consensus both within the scientific community and in the business world on the importance of the link between the board of directors (BoD) and innovation. Nevertheless, to date, it is still difficult to assimilate the mechanisms underlying the association between these two central notions for any contemporary organization. Therefore, this doctoral thesis aims to attain a substantial understanding of how this particular governance body can influence this specific organizational outcome, particularly in the context of small and medium-sized enterprises (SMEs). This is composed of three scientific articles and falls within the field of strategy by focusing on the decision-making group that represents the highest strategic level (i.e., the BoD) and an organizational outcome of a strategic nature (i.e., innovation) in a context where the strategic scope of each of these two concepts has been supported (i.e., that of SMEs). The first article, which is conceptual, consists of an exhaustive examination of studies on the link between BoD and innovation. This takes the form of a systematic review of the literature from a contingency perspective. The integrative conceptual framework and detailed mapping it contains highlight multiple antecedents of innovation with a focus on the BoD, while attaching great importance to internal and external environmental factors. Ultimately, this study theorizes about a general process that helps to better understand the impact of different dimensions of the BoD on both innovation inputs and outputs and proposes a promising research agenda. This conceptual part of the doctoral thesis shaped the two segments of the empirical section. The second article, which is empirical, theorizes about and experiments with a multiphasic and sequential process, the impact of interaction effects between various facets of the BoD (i.e., composition, roles, and effectiveness) on innovation in the context of SMEs, while considering the potential influence of various organizational characteristics (i.e., the size, age, sector, financial performance, and internationalization of SMEs). The results produced based on structural equation modeling reveal, among other things, that the link between the BoD and innovation involves complex interactions and, more specifically, mediation effects between various components of the BoD. Concretely, it highlights that this link materializes mainly through three stages: (1) the presence of a high degree of human capital within the BoD, (2) a high level of commitment of the BoD to its strategic role, and (3) BoD's great effectiveness in accomplishing its tasks attested by its historical contributions. Thus, this study transcends the current literature, which mostly focuses on structural variables (e.g., size and independence), favors the hypothesis of direct links (i.e., the omission of interaction effects), and generally analyzes individually the three main dimensions of the BoD that have been considered simultaneously (i.e., composition, roles, and effectiveness). The third article, which is empirical, theorizes about and experiments with a continuum logic and a configurational approach, the impact of the combined effects of certain original board-related processes (i.e., establishment, integration, centralization, and bureaucracy), always regarding innovation and in the context of SMEs, while considering the potential influence of SMEs' bi-dimensional level of growth (i.e., size and age). The results produced based on Fuzzy-set Qualitative Comparative Analysis (FsQCA) demonstrate that innovation in SMEs can emanate from 10 complex configurations, including various board-related processes, which can be adapted according to the size and/or age of SMEs. Thus, this study goes beyond the narrow view that currently prevails in the literature regarding the hypothesis of linear links between the BoD and innovation and emancipates itself from the tendency to establish hierarchies implying that certain isolated elements would necessarily be pre-eminent regarding innovation. In short, this doctoral thesis makes it possible to rethink and rediscover the link between BoD and innovation, particularly in the context of SMEs, by providing a singular, inclusive, and in-depth understanding of this theme. In this sense, along with its multiple scientific contributions, this research also contains several recommendations for concrete actions for both executives and policy makers that testify to its more practical scope

A Cross-Country Study of the Effects of Corporate Governance Mechanisms on Risk-Taking, Credit Rating and Cost of Capital

The study empirically examines three main issues. First, the study examines the relationship between corporate governance and risk-taking. Second, the study investigates the association between corporate governance and credit rating. Third, the study examines the link between corporate governance and cost of capital. Corporate governance was represented in this study by the mechanisms of corporate governance index, ownership structure and board structure, and firm performance was represented by risk-taking, credit rating and cost of capital. Using a sample of 200 companies from 10 OECD countries over the 2010 to 2014 period and relying on a multi-theoretical framework, the findings are as follows. First, the results suggest that firms with good corporate governance are shown to engage less risk-taking. Second, the findings indicate that firms with good corporate governance generally have higher credit ratings than firms with poor corporate governance. Third, the results suggest that firms with good corporate governance generally have lower cost of capital than firms with poor corporate governance. Ownership structure and board structure, as representatives of corporate governance, all demonstrated similar results. Differences among firms were seen in terms of legal and accounting traditions, as well as in terms of culture. Yet, the findings appeared to be relatively consistent across Anglo-American and Continental European traditions, despite the fact that there was different emphasis placed on some corporate governance mechanisms, and despite different cultural characteristics. The findings are robust to endogeneity problems, alternative measures and estimation techniques used such as two-stage least squares, lagged reports and fixed effects reports. Overall, the findings have major implications for regulators, academics and practitioners