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Chairperson and CEO foreignness and CG quality of emerging markets MNCs: Moderating role of international board interlocks

Geofry Areneke Orcid Logo, Tunyi Tunyi Abongeh

International Journal of Finance and Economics, Volume: 27, Issue: 3, Pages: 3071 - 3092

Swansea University Author: Tunyi Tunyi Abongeh

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DOI (Published version): 10.1002/ijfe.2313

Abstract

We examine whether foreign chief executive officers (FCEOs) and foreign independent board chairpersons (FIBCs) improve on the corporate governance (CG) practices of emerging market multinational corporations (EMMNCs) through governance spill over. We use hand-collected data for 80 listed Nigerian mu...

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Published in: International Journal of Finance and Economics
ISSN: 1076-9307 1099-1158
Published: Wiley 2022
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URI: https://cronfa.swan.ac.uk/Record/cronfa65110
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first_indexed 2023-11-26T11:09:44Z
last_indexed 2023-11-26T11:09:44Z
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spelling v2 65110 2023-11-26 Chairperson and CEO foreignness and CG quality of emerging markets MNCs: Moderating role of international board interlocks eefe2792c8eed5b49feede33981dfa53 Tunyi Tunyi Abongeh Tunyi Tunyi Abongeh true false 2023-11-26 BAF We examine whether foreign chief executive officers (FCEOs) and foreign independent board chairpersons (FIBCs) improve on the corporate governance (CG) practices of emerging market multinational corporations (EMMNCs) through governance spill over. We use hand-collected data for 80 listed Nigerian multinational corporations for the period 2011–2016 (480 firm-years) and apply a three-stage least squares regression to address endogeneity issues. Our findings show international exposure of EMMNCs motivate appointment of FIBCs and FCEOs who positively affect their CG quality. In addition, international board interlocks positively moderate the likelihood of FCEOs to export and enhance EMMNCs' CG quality, but negatively moderate FIBCs impact on CG practices of EMMNCs. Finally, we develop a framework to show how EMMNCs' CG practices are exemplary to local firms in the home country who may mimic these governance practices. We contend the repeated game of governance spill-over and mimetic isomorphism drives the evolution of CG institutions and, potentially, will generate institutional change in CG practices in emerging markets. Journal Article International Journal of Finance and Economics 27 3 3071 3092 Wiley 1076-9307 1099-1158 Board international interlocks, Corporate governance quality, Emerging market multinational corporations, Foreign CEO, Foreign independent board chairman, Governance isomorphism, Repeated game 26 7 2022 2022-07-26 10.1002/ijfe.2313 http://dx.doi.org/10.1002/ijfe.2313 COLLEGE NANME Accounting and Finance COLLEGE CODE BAF Swansea University Not Required 2024-01-03T10:45:08.0748317 2023-11-26T11:08:53.9488167 Faculty of Humanities and Social Sciences School of Management - Accounting and Finance Geofry Areneke 0000-0001-6075-2747 1 Tunyi Tunyi Abongeh 2 65110__29348__2dc8de657dae489f9e96795736958d01.pdf 65110.VOR.pdf 2024-01-03T10:42:46.5604175 Output 1592108 application/pdf Version of Record true © 2021 The Authors. International Journal of Finance & Economics published by John Wiley & Sons Ltd. Distributed under the terms of a Creative Commons Attribution 4.0 International License (CC BY 4.0). true eng https://creativecommons.org/licenses/by/4.0/
title Chairperson and CEO foreignness and CG quality of emerging markets MNCs: Moderating role of international board interlocks
spellingShingle Chairperson and CEO foreignness and CG quality of emerging markets MNCs: Moderating role of international board interlocks
Tunyi Tunyi Abongeh
title_short Chairperson and CEO foreignness and CG quality of emerging markets MNCs: Moderating role of international board interlocks
title_full Chairperson and CEO foreignness and CG quality of emerging markets MNCs: Moderating role of international board interlocks
title_fullStr Chairperson and CEO foreignness and CG quality of emerging markets MNCs: Moderating role of international board interlocks
title_full_unstemmed Chairperson and CEO foreignness and CG quality of emerging markets MNCs: Moderating role of international board interlocks
title_sort Chairperson and CEO foreignness and CG quality of emerging markets MNCs: Moderating role of international board interlocks
author_id_str_mv eefe2792c8eed5b49feede33981dfa53
author_id_fullname_str_mv eefe2792c8eed5b49feede33981dfa53_***_Tunyi Tunyi Abongeh
author Tunyi Tunyi Abongeh
author2 Geofry Areneke
Tunyi Tunyi Abongeh
format Journal article
container_title International Journal of Finance and Economics
container_volume 27
container_issue 3
container_start_page 3071
publishDate 2022
institution Swansea University
issn 1076-9307
1099-1158
doi_str_mv 10.1002/ijfe.2313
publisher Wiley
college_str Faculty of Humanities and Social Sciences
hierarchytype
hierarchy_top_id facultyofhumanitiesandsocialsciences
hierarchy_top_title Faculty of Humanities and Social Sciences
hierarchy_parent_id facultyofhumanitiesandsocialsciences
hierarchy_parent_title Faculty of Humanities and Social Sciences
department_str School of Management - Accounting and Finance{{{_:::_}}}Faculty of Humanities and Social Sciences{{{_:::_}}}School of Management - Accounting and Finance
url http://dx.doi.org/10.1002/ijfe.2313
document_store_str 1
active_str 0
description We examine whether foreign chief executive officers (FCEOs) and foreign independent board chairpersons (FIBCs) improve on the corporate governance (CG) practices of emerging market multinational corporations (EMMNCs) through governance spill over. We use hand-collected data for 80 listed Nigerian multinational corporations for the period 2011–2016 (480 firm-years) and apply a three-stage least squares regression to address endogeneity issues. Our findings show international exposure of EMMNCs motivate appointment of FIBCs and FCEOs who positively affect their CG quality. In addition, international board interlocks positively moderate the likelihood of FCEOs to export and enhance EMMNCs' CG quality, but negatively moderate FIBCs impact on CG practices of EMMNCs. Finally, we develop a framework to show how EMMNCs' CG practices are exemplary to local firms in the home country who may mimic these governance practices. We contend the repeated game of governance spill-over and mimetic isomorphism drives the evolution of CG institutions and, potentially, will generate institutional change in CG practices in emerging markets.
published_date 2022-07-26T10:45:09Z
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score 11.013148

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