Board Governance and Tourism Firms' Performance: The Case of Taiwan

Chien Mu Yeh

27 citations0/0 files storedJournal of Quality Assurance in Hospitality & Tourism

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Abstract

The purpose of this research is to examine the influence of board independence, CEO duality and managerial ownership on performance of tourism firms, measured by return on assets (ROA). The sample included seven publicly traded hotels in Taiwan. Ordinary least square (OLS) regression and two-stage least square (2SLS) regression were performed to test the hypotheses. The results demonstrate that performance of hotel firms had a significantly positive relationship with board independence and CEO duality. Board independence, CEO duality and managerial ownership were confirmed as endogenous variables. The results can help hotel firms realize the influence of board governance on performance and accordingly establish governance systems.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1983Separation of Ownership and Control 2011External Control of Organizations: Resource Dependence Perspective 1989Agency Theory: An Assessment and Review 1979The External Control of Organizations: A Resource Dependence Perspective 1993The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems 1996Higher market valuation of companies with a small board of directors 1999Corporate governance, chief executive officer compensation, and firm performance

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