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
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Does Corporate Governance affect Bank Profitability? Evidence from Nigeria
TL;DR: In this article, the authors examined the relationship between corporate governance and banks profitability in Nigeria and made four recommendations to encourage banks to have small but qualitative board size that is made up of financial and legal professionals.
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Board structure: an empirical study of firms in Anglo-American governance environments
TL;DR: In this paper, the authors examined the impact of board structure on firm value in large US and UK firms using the lenses of agency and resource dependence theories using a sample of firms in the USA and the UK from 2000 to 2007.
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The impact of corporate governance code on earnings management in listed non-financial firms: Evidence from Kenya
TL;DR: In this paper, the authors examined whether the voluntary corporate governance (CG) code issued in 2002 constrain earnings management (EM) among listed non-finance companies in Kenya and found that the overall results show that DA is not significantly related to CG suggesting that the voluntary CG code does not deter EM in non-financier companies.
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The impact of corporate governance attributes on intellectual capital disclosure: A longitudinal investigation of Nigerian banking sector
TL;DR: In this article, the authors examined the role of corporate governance and ownership structure attributes in intellectual capital (IC) disclosure practices of Nigerian banking sector, following the recent restructuring and regulatory changes in the banking sector.
Corporate governance as a driver of organizational efficiency in courier service firms: Empirical findings from Nigeria
TL;DR: In this paper, the authors examined the relationship between corporate governance and organizational efficiency in courier service firms and found that corporate governance code, board size, internal audit, separation of board chair from CEO and the number of non-executive directors were positively associated with organizational efficiency.
References
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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.
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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.
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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.
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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.
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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.