Pacific-Basin Finance Journal Available online 12 October 2016

种族、政治和公司表现：基于马来西亚的实证研究

作者: Ferdinand A. Gul (Deakin University, Australia), Sa’adiah Munir ( Monash University, Malaysia), Liang Zhang (Monash University, Malaysia)

摘要：关于董事种族多样性的作用目前并没有定论，基于此，本文以马来西亚公司为样本，探索了董事会成员种族多样性和公司表现性的关系。我们发现董事会成员种族多样性和公司表现性之间的关系是非线性的；当种族多样性处于低水平时，这个关系是正的，但是当种族多样性处于高水平时这个关系是负的。然而，当我们把公司分成政治相关和非政治相关公司时，发现这种关系只有在非政治相关公司中成立。更进一步，我们把政治相关的公司分为马来西亚国家控股和非马来西亚国家控股的公司，发现在这两组样本当中，董事会的种族多样性并不影响公司的表现。所有这些结论显示，在影响公司表现性方面，政治作用的存在能够削弱种族多样性的作用。

Ethnicity, Politics and Firm Performance: Evidence from Malaysia

Ferdinand A. Gul (Deakin University, Australia), Sa’adiah Munir ( Monash University, Malaysia), Liang Zhang (Monash University, Malaysia)

ABSTRACT

Motivated by the inconclusive evidence on the role of ethnic diversity of directors and the limited research, this study examines whether there is an association between board ethnic diversity in Malaysian firms and firm performance. We find that the association between ethnic diversity of boards and firm performance is non-linear; at low levels of ethnic diversity there is a positive association but at higher levels of ethnic diversity, the association is negative. However, when we split the sample into politically and non-politically connected firms, we find that this association only holds for non-politically firms. Further, when we split our politically connected sample into Malay and non-Malay dominant boards, we find generally, that in both groups of firms, board ethnic diversity does not influence firm performance. Overall, these results suggest that the presence of political connection could undermine the role of ethnic diversity in influencing firm performance.

原文链接：http://www.sciencedirect.com/science/article/pii/S0927538X16301883

翻译：阙江静