Hubungan Saling Pengaruh Lembaga Pengarah Dan Prestasi Firma: Perspektif Rangkaian Sosial

Roslina Yati Mansor, Selamat Kundari, Norman Mohd Saleh

Abstract


ABSTRAK

Hubungan saling pengaruh atau berkongsi ahli lembaga pengarah, juga merupakan antara isu dalam tadbir urus korporat yang penting. Menurut teori pergantungan sumber, hubungan saling pengaruh boleh menjadi sumber pergantungan yang boleh meningkatkan prestasi firma sesuai dengan persekitaran perniagaan di Malaysia yang dicirikan sebagai ekonomi berangkai (networked economy). Sebaliknya, hubungan secara bersilang atau terhubung dalam rangkaian turut dikaitkan dengan kronisme sosial yang boleh memberi kesan buruk kepada firma. Maka, penyiasatan perlu dilakukan untuk melihat pertembungan antara dua penjelasan ini. Secara khusus, berbeza daripada kajian lepas, kajian ini bertujuan untuk memeriksa pengaruh corak hubungan saling pengaruh ke atas prestasi firma dan pengaruh konsentrasi hubungan saling pengaruh ke atas prestasi firma. Menggunakan 240 data firma-tahun bagi firma teknologi yang tersenarai di Papan Utama dan Pasaran ACE antara tempoh 2008 hingga 2010, keputusan ujian menunjukkan bahawa hubungan saling pengaruh pengarah bukan eksekutif, dan konsentrasi hubungan saling pengaruh tidak mempengaruhi prestasi firma. Sementara itu, hasil kajian juga mendapati hubungan saling pengaruh pengarah eksekutif memberi kesan negatif kepada prestasi. Ini membuktikan pengarah eksekutif yang juga pengarah kepada firma luar, dikatakan berada dalam kedudukan yang mungkin meningkatkan berlakunya risiko konflik kepentingan. Selari dengan penerangan tentang modal sosial berhubung kesan rangkaian, dapatan kajian ini menyokong kajian lalu mengenai kronisme dalam rangkaian pengarah.

Kata kunci: Hubungan saling pengaruh; tadbir urus korporat; rangkaian pengarah; kesan rangkaian; pengarah bukan eksekutif; prestasi firma, rangkaian sosial

ABSTRACT

Interlocking or shared directorship is among important issues in corporate governance. According to resource dependence theory, interlocking directorship can become resources that can improve firm performance. This explanation is in line with business environment in Malaysia that can be categorized as networked economy. On the other hand, interlocking directorships can also be related to social cronyism that can have negative impacts on firms. As such, an investigation should be made to examine these conflicting arguments on interlocking directorships. In particular, different than prior research, this study aims at examining the influence of interlocking directorship patterns and the impact of interlocking directorship’s concentration on firm performance. Using 240 firm-years data of technology firms listed on the Main and ACE Markets, the results of tests reveal that interlocking non-executive directorships and interlocking directorship’s concentration did not influence firm performance. Nonetheless, the result also suggests that interlocking executive directorships have negative impact on performance. This result proves that executive directors who are also directors of other firms are in the position that may increase the risk of conflict of interests. In line with social capital explanation, the findings support prior literature on cronyism in directors’ networking.

Keywords: Interlocking; shared directorship; corporate governance; directors’ networking; impact of networks; non-executive directorships; firm performance; social networking


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