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This paper aims to examine the effect of corporate governance (CG) on firm performance (FP). The 3SLS (Three-Stage Least Squares) regressions were performed on a system of equations based on a panel dataset of 1,768 firm-years of Thai-listed companies from 2014 to 2020. This is to assess the simultaneous linear/curvilinear relationships between CG and FP. We found that internal CG mechanisms (i.e., the board size, institutional ownership, and dividend policy) are significantly related to firm performance measured by return on equity (ROE), return on assets (ROA), and price-to-book ratio/Tobin’s Q (PBR). Board size exhibits a curvilinear relationship rather than a linear relationship with FP. This reflects the integration between resource dependency theory and stewardship theory. Relative to ROE and ROA, a board size of 10 is optimal (which is associated with a peak ROE of 14.8% and a peak ROA of 3.4%. A board size greater than ten would see a fall in ROE and ROA. Relative to PBR, a board size of 12 is optimal, with a peak PBR of 2.39 times. This study further identifies a ranking of effective CG mechanisms.

This research examined the influence of board tenure diversity (BTD) on shareholder value creation (SVC) among 95 non-financial companies listed in South Africa. A quantitative quasi-experimental research design was employed. The data collection sources included integrated annual reports, the Who Owns Whom database and the Osiris database. The study used a fixed effects model to test the hypotheses.  BTD  was measured using the Blau index (BI_BTD), average tenure (AVE_TBM), standard deviation (SD_TBM), and coefficient of variation for tenure board members (TBM), as well as dummies for short tenured boards  (AVE_TBM  3) and long tenured boards (AVE_TBM 10)  The proxies of SVC  included standard market value added (SMVA), market-to-book ratio (MTB) and Tobin’s Q (TBQ). The results of curvilinear quadratic models indicate that all BTD  measures had both positive and negative influences on all SVC measures, highlighting an inverted  U-shaped effect. The inverted U-shape effect reflects a trade-off between beneficial knowledge accumulation and harmful entrenchment or coordination problems as board tenure diversity increases beyond an optimal level. Given the inverted  U-shaped effect, many proposals for corporate governance reform explicitly stress the importance of limiting board tenure.

This study investigates the impact of the COVID-19 pandemic on executive remuneration structures within South African transportation companies listed on the Johannesburg Stock Exchange, while also examining shifts in the intangible components of remuneration offered to employees. Employing a predominantly quantitative research design, the study analyses remuneration data to evaluate structural changes post-pandemic. Additionally, a qualitative analysis was conducted on corporate disclosures to assess the evolving nature of intangible remuneration elements. The findings reveal a notable shift in remuneration composition, with a greater proportion of executive compensation attributed to variable elements such as bonuses and short-term incentives, accompanied by a relative decline in base salaries. Moreover, companies demonstrated increased sensitivity to employee well-being, adopting flexible work arrangements and prioritising health and safety. These outcomes suggest that the pandemic catalysed both structural and philosophical changes in remuneration practices. The study contributes to the existing body of knowledge by offering a sector-specific analysis of how global disruptions can reshape compensation frameworks, thereby informing future corporate governance and human resource strategies.

Across the globe and particularly in the developing country settings, there has been an upsurge of interests from businesses, academics and policy-makers alike in understanding the relationship between corporate board characteristics and governance practices of State-Owned Enterprises (SOEs). This understanding especially in post-pandemic era would aid in formulating best policies for optimal performance of the SOEs. The aim of this study was to investigate the influence of board characteristics on corporate governance practices in SOEs in Ghana. Utilizing a structured questionnaire, data was collected from employees across various SOEs and analysed through Smart-PLS structural equation modelling. The findings indicate that board demographic characteristics have a significantly positive impact on governance practices, underscoring the importance of diversity in board composition. This outcome highlights the need for SOE policymakers to prioritize board diversity to enhance governance efficacy. This research enriches the literature on corporate governance in the developing country context and has practical implications for enhancing SOE management and performance. It also provides a foundation for future research to explore the dynamics of board characteristics in different contexts.

This research examined the influence of board tenure diversity (BTD) on shareholder value creation (SVC) among 95 non-financial companies listed in South Africa. A quantitative quasi-experimental research design was employed. The data collection sources included integrated annual reports, the Who Owns Whom database and the Osiris database. The study used a fixed effects model to test the hypotheses.  BTD  was measured using the Blau index (BI_BTD), average tenure (AVE_TBM), standard deviation (SD_TBM), and coefficient of variation for tenure board members (TBM), as well as dummies for short tenured boards  (AVE_TBM  3) and long tenured boards (AVE_TBM 10)  The proxies of SVC  included standard market value added (SMVA), market-to-book ratio (MTB) and Tobin’s Q (TBQ). The results of curvilinear quadratic models indicate that all BTD  measures had both positive and negative influences on all SVC measures, highlighting an inverted  U-shaped effect. The inverted U-shape effect reflects a trade-off between beneficial knowledge accumulation and harmful entrenchment or coordination problems as board tenure diversity increases beyond an optimal level. Given the inverted  U-shaped effect, many proposals for corporate governance reform explicitly stress the importance of limiting board tenure.

This study investigates the impact of the COVID-19 pandemic on executive remuneration structures within South African transportation companies listed on the Johannesburg Stock Exchange, while also examining shifts in the intangible components of remuneration offered to employees. Employing a predominantly quantitative research design, the study analyses remuneration data to evaluate structural changes post-pandemic. Additionally, a qualitative analysis was conducted on corporate disclosures to assess the evolving nature of intangible remuneration elements. The findings reveal a notable shift in remuneration composition, with a greater proportion of executive compensation attributed to variable elements such as bonuses and short-term incentives, accompanied by a relative decline in base salaries. Moreover, companies demonstrated increased sensitivity to employee well-being, adopting flexible work arrangements and prioritising health and safety. These outcomes suggest that the pandemic catalysed both structural and philosophical changes in remuneration practices. The study contributes to the existing body of knowledge by offering a sector-specific analysis of how global disruptions can reshape compensation frameworks, thereby informing future corporate governance and human resource strategies.

Across the globe and particularly in the developing country settings, there has been an upsurge of interests from businesses, academics and policy-makers alike in understanding the relationship between corporate board characteristics and governance practices of State-Owned Enterprises (SOEs). This understanding especially in post-pandemic era would aid in formulating best policies for optimal performance of the SOEs. The aim of this study was to investigate the influence of board characteristics on corporate governance practices in SOEs in Ghana. Utilizing a structured questionnaire, data was collected from employees across various SOEs and analysed through Smart-PLS structural equation modelling. The findings indicate that board demographic characteristics have a significantly positive impact on governance practices, underscoring the importance of diversity in board composition. This outcome highlights the need for SOE policymakers to prioritize board diversity to enhance governance efficacy. This research enriches the literature on corporate governance in the developing country context and has practical implications for enhancing SOE management and performance. It also provides a foundation for future research to explore the dynamics of board characteristics in different contexts.

This paper aims to examine the effect of corporate governance (CG) on firm performance (FP). The 3SLS (Three-Stage Least Squares) regressions were performed on a system of equations based on a panel dataset of 1,768 firm-years of Thai-listed companies from 2014 to 2020. This is to assess the simultaneous linear/curvilinear relationships between CG and FP. We found that internal CG mechanisms (i.e., the board size, institutional ownership, and dividend policy) are significantly related to firm performance measured by return on equity (ROE), return on assets (ROA), and price-to-book ratio/Tobin’s Q (PBR). Board size exhibits a curvilinear relationship rather than a linear relationship with FP. This reflects the integration between resource dependency theory and stewardship theory. Relative to ROE and ROA, a board size of 10 is optimal (which is associated with a peak ROE of 14.8% and a peak ROA of 3.4%. A board size greater than ten would see a fall in ROE and ROA. Relative to PBR, a board size of 12 is optimal, with a peak PBR of 2.39 times. This study further identifies a ranking of effective CG mechanisms.