Journal ArticleDOI
Size really matters: Further evidence on the negative relationship between board size and firm value
Y.T. Mak,Yuanto Kusnadi +1 more
TLDR
In this article, the authors examined the impact of corporate governance mechanisms on the firm value of Singapore and Malaysia firms (as measured by Tobin's Q) and found that there is an inverse relationship between board size and firm value in both countries.Abstract:
This study examines the impact of corporate governance mechanisms on the firm value of Singapore and Malaysia firms (as measured by Tobin's Q ) We find little evidence of relationships between most corporate governance mechanisms and Tobin's Q However, consistent with Yermack [Higher market valuation of firms with a small board of directors J Financ Econ 40 (1996), 185–211] and Eisenberg et al [Larger board size and decreasing firm value in small firms J Financ Econ 48 (1998), 35–54], we find that there is an inverse relationship between board size and firm value in both countries This suggests that the negative relationship between board size and firm value transcends different corporate governance systemsread more
Citations
More filters
Journal ArticleDOI
Do Cash Holding and Corporate Governance Structure Matter for the Performance of Firms? Evidence from KMI 30- and KSE 100-Indexed Firms in Pakistan:
TL;DR: In this paper, the authors investigate the combined impact of cash holding and corporate governance on the performance of non-financial firms, including 30 Islamic-based firms, in terms of their performance.
Journal ArticleDOI
Corporate governance characteristics and valuation: Inferences from quantile regression
Fekri Ali Shawtari,Milad Abdelnabi Salem,Hafezali Iqbal Hussain,Omar Alaeddin,Omer Bin Thabit +4 more
TL;DR: In this article, the authors investigate the relationship between corporate governance and performance using OLS and further explore the impact of corporate governance mechanisms on performance using quantile regression so as to compare and to shed light on whether there is heterogeneity in the influence of these variables on the performance of listed companies across quantiles.
Posted Content
The Impact of Corporate Governance on the Performance of Lebanese Banks
TL;DR: In this paper, the authors examined the impact of corporate governance on financial performance of Lebanese banks during five years (from 2006 to 2010). Based on 182 observations, a quantitative method of data analysis was employed to investigate the relevance of corporate Governance mechanisms.
Posted Content
The Impact of Board Size on Firm Performance: Evidence from the UK
TL;DR: This article examined the impact of board size on firm performance for a large sample of 2,746 UK listed firms over 1981-2002 and found that board size has a strong negative impact on profitability, Tobin's Q and share returns.
Journal ArticleDOI
Does governance structure have any effect on firm performance during the financial crisis: Evidence from selected Indian companies
TL;DR: In this article, the effect of board structure parameters on the performance of non-financial listed firms in India during the period of financial crisis of 2008-2009 was examined, and the authors found that a larger board has a negative effect on the firm's financial performance.
References
More filters
Journal ArticleDOI
Management Ownership and Market Valuation: An Empirical Analysis
TL;DR: This article investigated the relationship between management ownership and market valuation of the firm, as measured by Tobin's Q. In a 1980 cross-section of 371 Fortune 500 firms, they found evidence of a significant nonmonotonic relationship.
Journal ArticleDOI
The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems
TL;DR: The last two decades indicate corporate internal control systems have failed to deal effectively with these changes, especially slow growth and the requirement for exit as mentioned in this paper, which is a major challenge for Western firms and political systems as these forces continue to work their way through the worldwide economy.
Journal ArticleDOI
Higher market valuation of companies with a small board of directors
TL;DR: In this paper, the authors present evidence consistent with theories that small boards of directors are more effective, using Tobin's Q as an approximation of market valuation, and find an inverse association between board size and firm value in a sample of 452 large U.S. industrial corporations.
Journal ArticleDOI
Additional evidence on equity ownership and corporate value
John J. McConnell,Henri Servaes +1 more
TL;DR: The authors investigated the relation between Tobin's Q and the structure of equity ownership for a sample of 1,173 firms for 1976 and 1,093 firms for 1986 and found a significant curvilinear relation between Q and common stock owned by corporate insiders.
Journal ArticleDOI
The separation of ownership and control in east asian corporations
TL;DR: The authors examined the separation of ownership and control for 2,980 corporations in nine East Asian countries and found that voting rights frequently exceed cash-ow rights via pyramid structures and cross-holdings.