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1、BritishAccountingReview(1998)30,383±407ArticleNo.ba980075THERELATIONSHIPBETWEENBOARDSTRUCTUREANDFIRMPERFORMANCEINTHEUKNIKOSVAFEASandELENATHEODOROUDepartmentofBusinessAdministration,UniversityofCyprusThisstudyexaminestherelationshipbetweenboardstructurewith®rmperformanceintheUKbyem
2、ployingdatafrom250publiclytraded®rms.Consistentwithgeneral®ndingsfromtheUSA,thetestsasawholedonotdiscernasigni®cantlinkbetweenboardstructure(directoraYliationandownership,chairmanaYliation,andcommitteecomposition)with®rmperformance.Theseresultsarerobusttoalternativemeasuresofperfo
3、rmance,outlierde®nitions,variousmodelspeci®cations,andstatisticalestimationtechniques.Themostsigni®cantdeterminantsofcorporateperformancearethelevelofR&Dspendingandcurrentoperatingperformance.Theseresultsareconsistentwithgovernanceneedsvaryingacross®rms,andcontrastthenotionthatuni
4、formboardstructuresshouldbemandated.Ó1998AcademicPressINTRODUCTIONThepotentiallycon¯ictinginterestsofmanagersandshareholdershavebeenintheforefrontofresearchinaccountingand®nanceatleastsinceJensenandMeckling's(1976)pioneeringwork.Muchofthisinquiryhasfocusedonthecorporategovernancem
5、echanismsthatmaybeemployedbya®rminordertomitigatemanager±shareholdercon¯icts.Thestudyofcorporategovernancehasimportantpublicpolicyimplicationsbecauseofanon-goingdebateabouttheroleofgovernmentandthemarketsindiscipliningmanagement.Proponentsofgovernmentinterventionincorporategov-ern
6、ancearguethatthereisapositiverelationshipbetweentheuseofeVectivegovernancevehiclesand®rmperformance.Therefore,propergovernancestructuresshouldbemandatedthroughlaw.Opponentsofgovernmentinterventionmainlyarguethateach®rmhasdiVerentgovernanceneedsWehavebene®tedfromhelpfulsuggestionsb
7、yJohnForker(theAssociateEditor)andtwoanonymousreferees,fromdiscussionswithApostolosBallas,PetrosHadjicostasandSteveZeVandfromthecommentsofparticipantsataUniversityofCyprusworkshop.Pleaseaddressallcorrespondenceto:NikosVafeas,DepartmentofBusinessAdministration,UniversityofCyprus,Ni
8、cosia,Cyprus.ReceivedSeptember199
