Purpose

Regulatory documents and the literature recommend individuals with various characteristics to be included on a board, which should improve the efficiency of the board and promote company performance. Stakeholders have different expectations from a company, for which the literature holds the board accountable. Shareholders, for example, want superior returns, while government requires the implementation of transformation initiatives, especially in South Africa. It will therefore be valuable to several interested parties to know which board characteristics are likely to promote their objectives.

Design/methodology/approach

Binary logistic regression is used to analyse the relationship between various board characteristics and the risk-adjusted performance of a company. The dataset comprised 170 companies, from the 13 largest sectors/subsectors of the Johannesburg Stock Exchange for the period 2009 to 2015.

Findings

Percentage female (negative), chief executive officer remuneration (negative), chairman remuneration (positive) and non-executive director remuneration (positive) and the payment gap (positive) showed statistically significant relationships with the odds that a company is categorised as a top performer based on its risk-adjusted return.

Practical implications

The findings inform various parties whether the benefits ascribed to the various board characteristics, by the literature and regulations, are actually obtained.

Originality/value

The study moved away from the practice of looking for linearity in corporate relationships and expanded the list of board characteristics reviewed. It used a risk-adjusted performance measure, introduced innovative diversity measures, and focussed on South Africa.

中文翻译：

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董事会特征与南非公司经风险调整后的回报之间的关联

目的

监管文件和文献建议将具有各种特征的个人包括在董事会中，这应提高董事会的效率并提高公司绩效。利益相关者对公司的期望与公司不同，文献要求董事会对此负责。例如，股东希望获得丰厚的回报，而政府则要求实施转型计划，尤其是在南非。因此，对于几个有兴趣的各方来说，了解哪些董事会特征可能会促进其目标将很有价值。

设计/方法/方法

二元逻辑回归用于分析各种董事会特征与公司经风险调整的绩效之间的关系。该数据集包括2009年至2015年期间约翰内斯堡证券交易所13个最大行业/子行业中的170家公司。

发现

女性百分比（负），首席执行官薪酬（负），董事长薪酬（正）和非执行董事薪酬（正）以及薪酬差距（正）与统计意义上显着的关系与公司被归类为最高的几率相关绩效基于其风险调整后的收益。

实际影响

调查结果告知各方，是否确实获得了根据文献和法规赋予董事会各种特征的利益。

创意/价值

该研究摆脱了寻找公司关系线性度的做法，并扩大了所审查的董事会特征的清单。它使用了风险调整后的绩效指标，引入了创新的多样性指标，并重点关注南非。