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    We all get stale. How do you freshen up?

    Performance Phd Research Time Management
    One of the big challenges of tackling a major project relates to vitality. When we set out to tackle something new, be it a hobby, a job, a long walk, a marriage or something other 'project'; we generally start with much hope and anticipation. However, over time, we can get a little stale, as the rigours and routines of the daily grind take precedence in our mind over the goal that we set out to achieve. Sound familiar?

    Regular readers will know that I've been working on a major research project in early 2012. The good news is that the end is now in sight. However, there is still much to do and the risk of getting stale is never far away. One of the techniques that I have used to keep fresh is to change the focus temporarily—by helping others solve gnarly real-world problems. Today for example, I had the privilege of working with a group of directors and a manager—helping them wrestle with their business, to try to get some clarity around core purpose and strategic priorities. The Chair's closing comment, "the morning was incredibly worthwhile", suggested that progress had been made. Next week, I have an independent review of another board to do. That board has some interesting challenges around focus; role; and, interaction with the Chief Executive.

    Small 'side' projects keep me mentally fresh. They get me out of the office and away from the routine of the research. Sitting with real people, and helping them wrestle with real problems, is so invigorating. Crucially, when I return to the research, I feel sharper and seem to work more effectively. How do you freshen up?
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    On corporate governance: circa 2012 and 2014. What's changed?

    Governance Performance Phd Readings Research Strategy
    I got a little bit fed-up with writing today, so I decided to read back through Musings, to see how the corporate governance discussion has changed over the last couple of years. Sadly, many of the topics discussed two years ago are still being discussed. Sure, the prevalence of articles about boardroom performance seems to be waxing, and the number of quota-based gender proposals has waned somewhat. That a very similar set of topics is being discussed is a shame. It suggests we are making slow progress. The following muse, originally written in October 2012, illustrates the point fairly well.
    Have you noticed the rising tide of news stories about corporate governance in recent months? While some have highlighted the fraudulent behaviours of some boards and directors, most of the articles have focussed on efforts to improve the quality of governance around the world. 

    Much of the current discussion is focussed on regulation and diversity. Some regulators, including those in Singapore, believe that good regulatory frameworks are key to investor confidence. Many others, including Hong Kong's Exchange HKEx and noted academic Dr Richard Leblanc, are promoting diversity as a means of improving the quality of governance. I applaud these moves, but question whether regulation and diversity are the variables that will reliably deliver the main goal of good governance: better company performance. Regulation, for example, is a compliance tool not a growth tool. While they provide important safeguards for shareholders and stakeholders, they don't help companies to grow.

    My conclusion, having reading hundreds of research reports and peer-reviewed articles, is that behavioural factors, social context and an active involvement in strategic decision-making are far more important than regulatory, structural or composition factors. As such, this is where our efforts to improve governance performance should lie. Ultimately though, the bottom line remains the same. Shareholders—whether professional investors or small business owners—need to know that the board is fulfilling its mandate to maximise company performance. If regulation or diversity helps achieve that, then well and good. If not, then let's move our attention to other factors—quickly—for the good of our economy and society.
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    The case for diversity in boardrooms

    Governance Performance Phd Research
    Over the past few years, I have read many articles propounding the benefits of diversity in the corporate boardroom. Much research has been conducted by well-regarded scholars and consultancy firms, and some great results have been achieved. Many correlations between a diversity variable (gender, race, religion, socio-economic, other) and some aspect of board or company performance have been identified. However, most of the articles also claim—either directly, or, more often, tacitly—that improved outcomes occur because the board is diverse.

    To say that company performance improves because there is a woman on the board (for example) is akin to claiming that red cars go faster because they are red. Such claims stretch things a bit far. They are also patronising to women. There is a world of difference between a correlation and causality. The debate needs to move from talking about the correlation between diversity and performance (most but not all research supports this linkage), to investigating why and how diversity is helpful to improved performance.

    One of the most coherent arguments for diversity that I have read in a long time was made by Andrew Leigh, Australian Federal MP, recently. A copy of his speech, delivered at a Progressive Policy Institute meeting in Washington, D.C., is available here. Leigh says that diversity opens hearts and minds to possibilities—a wide breadth of experience and thought is what is important, if high quality outcomes are the goal. In essence, Leigh's thesis is that better outcomes occur when diverse experiences and thought are brought to bear, not because some flavour of diversity is present. I agree. The challenge now is to apply Leigh's argument to board research, to discover what underlying mechanisms are necessary to effective governance and improved business performance.
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    And so the journey of discovery continues...

    Governance Phd Research
    My doctoral journey, to discover how boards influence company performance outcomes, has turned into a pilgrimage of a kind. I have been journeying, full-time, for three years so far (if you include the six months spent doing pre-requisite work). Some days have been diamonds, some have been stone. The journey has become all-consuming, however the end seems to be in sight! The data collection is done, the analysis is well advanced, and the writing of the thesis document is underway. At this stage, I'm hopeful of reaching a major milestone in December: the submission of the thesis for examination. Here's a snapshot of how I have been allocating my time in recent weeks:
    • About one-quarter of my time has been spent analysing data (over 6GB of sound recording files, 650MB of board papers and 1000 pages of related documentation), to try to make sense of what's really going on beneath the surface, because there is more to it than what can be seen.
    • Another quarter of my time is spent writing. The thesis document is starting to take shape. A couple of chapters are now completed to a "solid draft" stage, and the rest are starting to take shape. I have also written three conference papers and reviewed several others this year.
    • Another quarter is spent in board meetings (I have one directorship at present) or facilitating the Institute of Directors' professional development courses.
    • The remainder of my time is spent thinking. Well, that's what I call it anyway—reading articles and journals, debating the merits of various concepts and pondering ideas. Most of the pondering happens when I am out on my bike, so it's not all bad!

    Looking ahead, the main priority is to draw everything together. Writing will start to dominate, particularly as the analysis effort winds down. In fact, apart from preparing two presentations—for my talks at the British Academy of Management (Belfast, Northern Ireland, 9–11 Sep) and at the European Conference on Management, Leadership and Governance (Zagreb, Croatia, 13–14 Nov)—the focus is writing.

    And so the journey continues. There is plenty to keep me busy over the next few months, but at least the journey is more downhill than up now! Thank you to the many folk who have offered encouragement and support along the way, I appreciate it. If you have any questions, comments or suggestions, either about the research or the way I'm tackling things, please get in touch.
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    Know your audience: Should I write in two "languages"?

    Governance Phd Research
    My wife and I had a wonderful dinner last night, with some newfound friends at their home. The four of us have quite different backgrounds, so the evening was primed for a wide-ranging conversation. And so it came to pass: we explored a rich tapestry of business, social, political, cultural and spiritual ideas. 

    During the conversation, Jane asked about my research, because she wanted to understand its practical application to business owners, boards and managers. She had heard a little about governance and boards. However, some of the stories in the media and suggestions that "every one should have a board" were a bit frightening. She said she had read some of my research papers, which she found interesting but hard to read. While she understood the words, some of the concepts and their practical application were harder to fathom. Jane asked why I write as I do.

    "For my audience", I said.
    "OK, that's great; but if you are uncovering some interesting things, to help boards perform better, why don't you write in a way that your audience can understand?"

    Jane perceived that my audience is (or should be) business owners, boards and managers, whereas my papers are actually written for, and to meet the expectations of, the research community. I have long planned to re-write my findings into a book format—after the doctoral journey is completed. However, the question set me thinking: should I write two versions of each paper: one for academic consumption and another, more accessible version, for boards and managers? Would this idea be helpful, or are the musings posted on this blog sufficient until the book appears?
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    Paper accepted for international conference

    Conferences Governance Phd Research
    I'm both thrilled and humbled by some news that arrived overnight. A paper that I prepared some time ago, The crucial importance of access to the advancement of governance research (read abstract), has passed through the double-blind review process and been accepted onto the programme of the 10th European Conference on Management, Leadership and Governance (ECMLG)! The conference is being held at VERN', in Zagreb, Croatia, in November.

    The paper discusses the difficulties that governance researchers face when their research is limited to the analysis of secondary data—typically interviews, surveys and questionnaires. It suggests that if researchers study what boards actually do, by observing board meetings directly, then it should be possible to learn enough to provide an explanation of how boards influence company performance outcomes (or not). The paper also includes some preliminary insights, which emerged from a series of boardroom observations conducted as part of my doctoral research. It will be interesting to see how this paper is received. Hopefully, it will give folk the confidence to press on and try different approaches to corporate governance research, to discover if and how boards create value, or whether they simply impose cost.

    The full paper will be available on the Research page immediately after it is presented at the conference.