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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Journal ArticleDOI
The comparative and interactive effects of political, academic and financial directors
TL;DR: In this article, the authors consider directors with political, academic, or financial backgrounds and examine their comparative strengths/weaknesses and their interactive effects, finding that academic directors are associated with better firm performance, stronger monitoring effects, enhanced innovation results, and easier access to finance.
Dissertation
Corporate Governance and the Incidence of Sanctions in the Indonesian Capital Market
TL;DR: A lack of prudent corporate governance practice has been identified as a significant contributor to the Asian economic crisis, which hit the region, including Indonesia, in 1997 as discussed by the authors, in response to the crisis aftermath, in 2001, Indonesia implemented an improved set of corporate governance principles through the establishment of a national committee and corporate governance code.
Journal ArticleDOI
Corporate Governance, Agency Costs, and Corporate Sustainable Development: A Mediating Effect Analysis
TL;DR: Wang et al. as discussed by the authors examined the relationship among corporate governance, agency costs, and corporate sustainable development for a panel sample of 690 state-owned firms in China during 2015-2019.
Book ChapterDOI
Board Members Diversity and Financial Statements Fraud: Malaysian Evidence
TL;DR: In this paper, the authors investigated whether the board member diversity: gender, ethnic, and roles diversity, are associated with the likelihood of financial statement fraud, and they found that there is a significant relationship between governance characteristics (board size, board meeting, and chairman dual role) and financial statements fraud, concluding that firms engaging with fraud are dominated by Chinese ethnicity, have high proportion of independent directors and the chairman and Chief Executives Officer (CEO) or Managing Director are the same person/director.
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.
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.