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
Board gender diversity and firm performance: A complexity theory perspective
Journal ArticleDOI
Corporate Governance Mechanisms, Privatization Method and the Performance of Privatized Companies in Jordan
TL;DR: In this article, the authors analyzed the effect of corporate governance mechanisms on the performance of privatized companies in the Jordanian market and found that the government's refusal to relinquish control has resulted in the lack of success of the privatization program in Jordan.
Is Earnings Management Opportunistic or Beneficial in Taiwan?Application of Panel Smooth Transition Regression Model
林鳳麗,王筱毓,Feng-Li Lin +2 more
TL;DR: In this article, the authors analyzed whether discretionary accruals affects firm value under the corporate governance mechanism via a panel of 277 Taiwanese listed companies from 1997 to 2007 and found that when managerial ownership is less than 9.67%, managers may engage in opportunistic earnings management.
The link between corporate governance and sustainability: Evidence from the oil and gas industry
TL;DR: The authors investigated the link between corporate governance and sustainability in oil and gas firms across two countries and found that Australian firms were more socially responsive while Canadian firms demonstrated higher levels of environmental quality.
Journal ArticleDOI
Ownership Structure, Firm Value and Investment Opportunities Set: Evidence from Mexican Firms
TL;DR: In this paper, the influence of ownership, board of directors, and financial leverage on companies' performance when these either face, or do not face, profitable growth opportunities was analyzed.
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.