haku: @indexterm board of directors / yhteensä: 520
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| Tekijä: | Coles, J.L. Daniel, N.D. Naveen, L. |
| Otsikko: | Boards: Does one size fit all? |
| Lehti: | Journal of Financial Economics
2008 : FEB, VOL. 87:2, p. 329-356 |
| Asiasana: | corporate governance board of directors executive remuneration management leadership companies USA |
| Kieli: | eng |
| Tiivistelmä: | The relation between firm value and board structure is re-examined. It is found that complex firms with greater advising requirements than simple firms, have larger boards with more outside directors (hereafter as: outs-dirs). The relation btw. Tobin's Q and board size is U-shaped, which suggests either very small or very large boards being optimal. Yet, this relation arises from differences btw. complex and simple firms. Tobin's Q increases (decreases) in board size for complex (simple) firms, and this relation is driven by the number of outs-dirs. There is found some evidence that R&D-intensive firms, for which the firm-specific knowledge of insiders is relatively important, have a higher fraction of insiders on the board etc. The findings challenge the notion of restrictions on board size and management representation on the board necessarily enhancing firm value. |
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