Utilize este identificador para referenciar este registo: http://hdl.handle.net/10400.8/1115
Título: Board conditioning factors of firm performance
Autor: Roda, Bruno Loïc
Orientador: Canadas, Natália Maria Prudêncio Rafael
Jorge, Maria João da Silva
Palavras-chave: Corporate governance
Firm performance
Board size
Independent directors
Board diversity
Meeting frequency
Data de Defesa: 29-Out-2013
Resumo: The generous amount of recent empirical works attempting to find a relationship between corporate governance mechanisms and firm performance show that this research field continues to be a matter of interest. Our study analyses the impact of board size, the proportion of independent directors on the board, the presence of both women and foreign directors on the board, and meetings’ frequency, on firm performance, in a sample of 398 companies from eleven European countries, over the fiscal year of 2010. We carried out the statistical analysis through ordinary least squares regressions, where firm performance measure Tobin’s Q is the dependent variable. In all models, we controlled for firm performance, firm size and the level of debt. In order to test for the sensitivity of our results, we alternatively controlled for the industry, country and system effect. We find that our results are more robust when controlling for the system effect. Moreover, when testing for endogeneity, we find that our sample firms do not suffer from this problem for board size, but show suspicions regarding an endogenous relationship between board independence and firm performance. As for the results: our most outstanding outcome is that the presence of foreign directors on the board is significant and positively linked to Tobin’s Q. When controlling for the system effect, the proportion of independent directors exerts a significant positive impact on firm performance. Board meetings exhibit a significant negative impact on Tobin’s Q, also when controlling for the system effect. Regarding our control variables: return-on-assets ratio (positive), the natural logarithm of assets (negative) and debt-to-assets ratio (positive) are found to be significantly related to firm performance.
Descrição: Dissertação de Mestrado em Finanças Empresariais apresentada à ESTG - Escola Superior de Tecnologia e Gestão do Instituto Politécnico de Leiria.
URI: http://hdl.handle.net/10400.8/1115
Designação: Mestrado em Finanças Empresariais
Aparece nas colecções:Mestrado em Finanças Empresariais

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Loïc Roda (2013) Board Conditioning Factors of Firm Performance.pdf1,49 MBAdobe PDFVer/Abrir


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