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The Effects of Corporate Board and CEO Characteristics on Firm Value: Empirical Evidence from Listed Companies on the Bucharest Stock Exchange

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  • Georgeta Vintilă
  • Mihaela Onofrei
  • Ştefan Cristian Gherghina

Abstract

This article investigates the influence of characteristics of the corporate board and chief executive officer (CEO) on firm value, using a sample of companies listed on the Bucharest Stock Exchange from 2007 to 2011. We consider board independence, committees, size, and diversity as board characteristics, as well as CEO characteristics such as CEO age, tenure, dual roles of CEO and chairman, country of residence, and gender. We employ the Tobin’s Q ratio as a proxy for firm value. We find evidence that board size negatively influences firm value, whereas curvilinear relationships are found among board independence, diversity, and firm value. Also, CEO tenure positively influences firm value, whereas the other governance variables are not statistically significant.

Suggested Citation

  • Georgeta Vintilă & Mihaela Onofrei & Ştefan Cristian Gherghina, 2015. "The Effects of Corporate Board and CEO Characteristics on Firm Value: Empirical Evidence from Listed Companies on the Bucharest Stock Exchange," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 51(6), pages 1244-1260, November.
    • Handle: RePEc:mes:emfitr:v:51:y:2015:i:6:p:1244-1260
    DOI: 10.1080/1540496X.2015.1073518
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    Cited by:

    1. Mariana Bunea & Liliana Ionescu Feleaga & Bogdan Stefan Ionescu, 2023. "The CEO characteristics and Romanian banks performance," E&M Economics and Management, Technical University of Liberec, Faculty of Economics, vol. 26(4), pages 99-118, December.
    2. Đặng, Rey & Houanti, L’Hocine & Reddy, Krishna & Simioni, Michel, 2020. "Does board gender diversity influence firm profitability? A control function approach," Economic Modelling, Elsevier, vol. 90(C), pages 168-181.
    3. Corina MURAFA & Theodor COJOIANU, 2023. "Financial Instruments for Decarbonization: Likely Pathways in the Romanian Economy," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 24(2), pages 198-209, May.
    4. Bogdan Aurelian Mihail & Carmen Daniela Micu, 2021. "The Influence of the Independent Non-Executive Board Members on the Financial Performance of the Companies Listed in the Bucharest Stock Exchange," JRFM, MDPI, vol. 14(10), pages 1-14, October.
    5. Neeraj Gupta & Jitendra Mahakud, 2020. "CEO characteristics and bank performance: evidence from India," Managerial Auditing Journal, Emerald Group Publishing Limited, vol. 35(8), pages 1057-1093, August.
    6. Hyejeong Shin & Su-In Kim, 2018. "The Effect of Corporate Governance on Earnings Quality and Market Reaction to Low Quality Earnings: Korean Evidence," Sustainability, MDPI, vol. 11(1), pages 1-17, December.
    7. Rupinder Kaur & Balwinder Singh, 2018. "CEOs’ Characteristics and Firm Performance: A Study of Indian Firms," Indian Journal of Corporate Governance, , vol. 11(2), pages 185-200, December.
    8. Stefan Milojević & Marko Milašinović & Aleksandra Mitrović & Jasmina Ognjanović & Jelena Raičević & Nebojša Zdravković & Snežana Knežević & Malči Grivec, 2023. "Board Gender Diversity and Banks Profitability for Business Viability: Evidence from Serbia," Sustainability, MDPI, vol. 15(13), pages 1-16, July.

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