The board of directors plays an important role in implementing corporate governance in the firm, as directors have a fiduciary duty to the firm’s shareholders. The effectiveness of directors is a key determinant of corporate value and they need to bring a range of skills and experience to the boardroom. This skill and experience cannot be developed solely within the firm, and most boards incorporate non-executive directors who are or have been directors of other firms. Current research on the benefits of interlocking directorships is mixed between the claim that they bring outside feedback to the table and open decision makers’ minds, and those who think outside directors are a waste of money and can reduce company performance. This paper investigates the extent of interlocking directorship in New Zealand and how it affects corporate performance. Our findings of largely no significant impact on firm performance are consistent with the management control theory of director interlocks; the exceptions support the class hegemony theory that links interlocking directorship with a negative firm performance.

中文翻译：

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新西兰上市公司的老男孩俱乐部

董事会在实施公司治理方面发挥着重要作用，因为董事对公司股东负有信托义务。董事的有效性是企业价值的关键决定因素，他们需要为董事会带来一系列技能和经验。这种技能和经验不能仅在公司内部培养，而且大多数董事会都包括现任或曾经担任其他公司董事的非执行董事。目前关于联锁董事的好处的研究在声称他们将外部反馈带到桌面和开放决策者的思想之间，以及那些认为外部董事是浪费金钱并且会降低公司绩效的人之间是混合的。本文调查了新西兰联锁董事的程度及其对公司业绩的影响。我们对公司绩效基本没有显着影响的发现与董事连锁的管理控制理论一致；例外情况支持将连锁董事与负面公司业绩联系起来的阶级霸权理论。