ABSTRACT

The purpose of this study empirically investigates the influence of corporate governance structure on the firm’s financial performance of the alcohol beverage industry in the United States. Secondary financial data were collected for the U.S.-based alcohol beverage firms. Bivariate correlation and fixed-effects model analyses were performed to examine the proposed impacts. A two-stage least-squares (2SLS) regression analysis was subsequently performed to examine the endogeneity. The analysis outcomes support the finding that certain corporate governance attributes significantly affect the financial performance of alcohol beverage firms. Theoretically, the findings reaffirmed the financial impact of industry-specific corporate governance structures (i.e., stewardship versus agency theory, and integrated traits of hospitality, retail, and distribution of the alcohol industry). Managerial implications are suggested in terms of the alcohol industry’s specific corporate governance models, such as the balance among common stock ownership, executive tenure, board-size increase, and levels of control by outside board members. As a relevant sector (e.g., festival) of the hospitality and tourism industry, corporate governance of the alcohol beverage industry has never been empirically nor theoretically studied. The governance attributes in this study are compared between stewardship and agency theory and provide a better understanding of alcohol beverage industry firms’ corporate governance structure.

摘要

本研究的目的是实证研究公司治理结构对美国酒精饮料行业公司财务业绩的影响。为美国酒精饮料公司收集了二级财务数据。进行了双变量相关和固定效应模型分析以检查拟议的影响。随后进行了两阶段最小二乘法 (2SLS) 回归分析以检查内生性。分析结果支持某些公司治理属性显着影响酒精饮料公司的财务业绩的发现。从理论上讲，调查结果重申了特定行业公司治理结构的财务影响（即管理与代理理论，以及酒店、零售、和酒精工业的分布）。根据酒类行业特定的公司治理模型，例如普通股所有权、高管任期、董事会规模增加和外部董事会成员控制水平之间的平衡，建议了管理影响。作为酒店和旅游业的相关部门（例如节日），酒精饮料行业的公司治理从未被实证或理论研究过。本研究中的治理属性在管理和代理理论之间进行了比较，可以更好地了解酒精饮料行业公司的公司治理结构。执行任期、董事会人数增加以及外部董事会成员的控制水平。作为酒店和旅游业的相关部门（例如节日），酒精饮料行业的公司治理从未被实证或理论研究过。本研究中的治理属性在管理和代理理论之间进行了比较，可以更好地了解酒精饮料行业公司的公司治理结构。执行任期、董事会人数增加以及外部董事会成员的控制水平。作为酒店和旅游业的相关部门（例如节日），酒精饮料行业的公司治理从未被实证或理论研究过。本研究中的治理属性在管理和代理理论之间进行了比较，可以更好地了解酒精饮料行业公司的公司治理结构。