Corporate governance (CG) is the set of rules and regulations through which organisations account to their stakeholders. An effective CG system promoting the efficient use of organisational resources is instrumental in the economic growth of a country. Based on the existing literature, this research identifies board structural features i.e., 'Board Independence', 'CEO Duality', 'Board Diversity', 'Number of Board Committees' and 'Audit Committee Independence' as key variables of an effective CG system. Previous studies have largely examined the direct relationship between CG systems and firm performance. This research develops a multi-theoretical model that links the Board structural characteristics with firm performance measured in Tobin's Q, Return on Assets and Return on Equity, via two crucial mediating variables, 'Board Size' and the 'Frequency of Board Meetings', and two additional moderating variables, 'Code of Corporate Governance' and 'Ownership Concentration'. The conceptual model that is developed is tested with the help of an econometric study based on a comprehensive set of balanced panel data of 265 companies listed on the Karachi Stock Exchange for a period of six years. The first panel (2009-2011) represents the time-period before the implementation of the revised Code, and the second panel (2013-2015) covers the time-period following the implementation of the revised Code. The results show that the Number of Board Committees (discussing strategic issues) is significantly related to performance and the 'Size of Board' significantly mediates the relationship between the number of board committees and performance. The relationship is also moderated by the Code of Corporate Governance and ownership concentration held by the largest shareholder. The results also show that the links between additional Board structural variables (board independence, CEO duality, board diversity and audit committee independence) and the financial performance are positive but not significant to draw conclusive result. Comparison between pre-and post-implementation of the revised Code of CG suggests that the intervening relationship between the board variables and the performance is stronger after the implementation of the revised Code. This research is a significant milestone in the country context of Pakistan that reflects the socio-economic set of several emerging economies. A key implication of this research is that the corporate sector in Pakistan needs to move away from the tick-box culture of CG. The sector needs to implement CG as a tool to mitigate business risks, appoint and empower non-executive directors to achieve an effective monitoring of management. The companies also need to establish their own ethical and governance principles applicable to the Board of Directors in order to deal with factors that are likely to reduce Directors' efficiency. The research offers new insights and conceptual framework for further research in this area.

Yes / The purpose of this paper is to investigate the effect of corporate board attributes, ownership structure and firm-level characteristics on both corporate mandatory and voluntary disclosure behaviour. Multivariate regression techniques are used to estimate the effect of corporate board and ownership structures on mandatory and voluntary disclosures of a sample of Libyan listed and non-listed firms between 2006 and 2010. First, the authors find that board size, board composition, the frequency of board meetings and the presence of an audit committee have an impact on the level of corporate disclosure. Second, results indicate that ownership structures have a non-linear effect on the level of corporate disclosure. Finally, the authors document that firm age, liquidity, listing status, industry type and auditor type are positively associated with the level of corporate disclosure. Future research could investigate disclosure practices using other channels of corporate disclosure media, such as corporate websites. Useful insights may be offered also by future studies by conducting in-depth interviews with corporate managers, directors and owners regarding these issues. The evidence relating to the important role that corporate governance mechanisms play in shaping the expectations relating to the level of corporate voluntary and/or mandatory disclosures may be useful in informing investor decisions, as well as future policy and regulatory initiatives. This paper contributes to the existing literature by examining the governance-disclosure nexus relating to both mandatory and voluntary disclosures in both listed and non-listed firms operating in a developing country setting.

Over the past 25 years, health care organization scholars have observed the dramatic emergence of hospital-based clusters in local markets throughout the U.S. These important organizational forms require same-system ownership of multiple general, acute care hospitals operating within a single local market, and as such they include multi-hospital systems that are entirely contained in a single urban market as well as clustered extensions or subsystems of larger regional and national systems. However, despite their noted growth as powerful forces in local markets, relatively few studies have examined these clusters, and as a result there remains a significant gap in our knowledge regarding their continued growth or the diverse components and configurations they may exhibit. This study endeavors to both describe and explain the diversity observed across hospital-based clusters. To fulfill this objective, a national inventory of clusters is updated to reflect cluster membership as of 2012, and a catalog of cluster components – including their hospital-based and non-hospital-based sites – is created, acknowledging that clusters today consist of more than just general, acute care hospitals. Cluster analysis methods are then employed to develop a taxonomy of cluster forms, using a sample of 114 clusters from local markets in Florida, Maryland, Nevada, Texas, Virginia, and Washington. Applying a conceptual framework informed by concepts from contingency theory and strategic management theory, cluster analysis methods yield a five-group solution, which is then externally validated using a multi-theoretical perspective synthesizing arguments from population ecology, institutional theory, industrial organization economics, transaction cost economics, and resource dependence theory. Results from descriptive and multinomial logistic regression analyses identify organizational and environmental factors that are significantly associated with various cluster forms. The study’s results suggest that today’s hospital-based clusters continue to grow and vary according to the dimensions of differentiation-configuration and integration-coordination. These findings provide a foundation for future examinations of hospital-based clusters, including their provision of services within and outside of hospital walls. These results also accentuate the importance of accounting for geographic considerations when examining health care organization forms, and they display the utility and value of employing a multi-theoretical perspective to examine and explain such complex forms.