Do board characteristics drive firm performance? An international perspective
comunitat-uji-handle:10234/9
comunitat-uji-handle2:10234/8648
comunitat-uji-handle3:10234/8649
comunitat-uji-handle4:
INVESTIGACIONMetadata
Title
Do board characteristics drive firm performance? An international perspectiveDate
2019-02Publisher
Springer Berlin HeidelbergISSN
1863-6683; 1863-6691Bibliographic citation
PUCHETA-MARTÍNEZ, María Consuelo; GALLEGO-ÁLVAREZ, Isabel. Do board characteristics drive firm performance? An international perspective. Review of Managerial Science, 2019, p. 1-47Type
info:eu-repo/semantics/articlePublisher version
https://link.springer.com/article/10.1007/s11846-019-00330-xVersion
info:eu-repo/semantics/acceptedVersionSubject
Abstract
The aim of our research is to analyze how board characteristics influence firm performance.
In this paper, we specifically examine how board size, board independence, CEO duality,
female directors and board compen ... [+]
The aim of our research is to analyze how board characteristics influence firm performance.
In this paper, we specifically examine how board size, board independence, CEO duality,
female directors and board compensation affect firm performance in a sample of international
firms. The final panel data sample is composed of 10,314 firm-year observations belonging to
34 countries that have been grouped into six geographic zones: Africa, Asia, Europe, Latin
America, North America and Oceania. Drawing on agency theory and dependence resource
theory, we posit five hypotheses. The results show that some board characteristics, such as
board size, board independence and having a female director, are positively associated with
firm performance, whereas CEO duality, contrary to our expectations, also impacts positively
on firm performance. Moreover, board compensation is not associated with firm performance.
Tobin’s Q was used to measure firm performance, although an accounting measure was also
employed for robustness analyses and to provide more validity to our results. [-]
Is part of
Review of Managerial Science, 2019, p. 1-47Investigation project
The authors acknowledge financial support from the Spanish Ministry of Economy, Industry and Competitiveness for the research project ECO 2017-82259-R and from the University Jaume I, Spain, for the research project UJI-B2018-15.Rights
"This is a post-peer-review, pre-copyedit version of an article published in Review of Managerial Science. The final authenticated version is available online at: https://doi.org/10.1007/s11846-019-00330-x”
http://rightsstatements.org/vocab/InC/1.0/
info:eu-repo/semantics/openAccess
http://rightsstatements.org/vocab/InC/1.0/
info:eu-repo/semantics/openAccess
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