Professional Board Members and Firm＇s Performance
Professional Board Members and Firm＇s Performance
摘要
This paper explores the connection between company director membership of a professional institute of directors and the financial performance of their companies. Prior research has established links between various governance variables and financial performance, and this study extends this work to the realm of professional directors. It is timely in New Zealand to ask whether directors need to be members of a professional body as the financial markets authority is now prosecuting directors of failed companies and has promulgated new regulations concerning the offering of financial advice. Would directors who are bound by an ethics code and committed to ongoing professional development be good for shareholders？ The issue whether membership enhances financial performance is addressed in this paper. An ordinary least square regression was employed and a statistically significant positive relationship among boards that had institute of director （IOD） members and financial performance was found.
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