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Journal ArticleDOI

Size really matters: Further evidence on the negative relationship between board size and firm value

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 systems

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Citations
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Journal ArticleDOI

Ipo returns, board composition and committee characteristics: some australian evidence of signalling attributes

TL;DR: In this article, the association between corporate governance attributes and IPO return behavior in the Australian share market was investigated and significant associations were reported between IPO initial returns and board size, board independence and leadership structure.
Book ChapterDOI

The Relationship Between Corporate Governance Mechanisms and Firm’s Performance

TL;DR: In this article, the authors examined the relationship between board independence, CEO duality, board size and directors' remuneration on firm performance, based on two measurements, namely Return on Assets (ROA) and Tobin's Q following MCCG 2012.
Journal ArticleDOI

Corporate governance and maximisation of the shareholder value: theoretical evidence from CFA zone in Africa

TL;DR: In this paper, the theoretical impact of corporate governance on shareholder value maximization in some countries of the CFA zone in Africa was studied. But the theoretical results showed that, though highly dispersed, both within and between enterprises, corporate boards in the selected countries are relatively not independent.
Journal ArticleDOI

Do larger boards improve shareholder value creation? – Effects of the board size on business performance in Eastern Central Europe

TL;DR: In this paper, the impact of board size on a firm's operational and market performance at the largest East Central European listed non-financial, non-public utility firms was analyzed. But the authors did not consider the effect of supervisory board size.
Journal Article

Corporate Governance and Profitability of Listed Food and Beverages Firms in Nigeria

TL;DR: In this article, the authors explored the relationship between corporate governance and profitability of firms, employing eight food and beverages firms listed in the Nigerian Stock Exchange from 2004 to 2014, and the data were analysed using basic descriptive and inferential statistics with Ordinary Least Square multiple regression in a panel data setting.
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

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.
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