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Eigenschaften von Verwaltungsräten und Unternehmensperformance

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Author Info

  • Manuel Ammann
  • Markus Leuenberger
  • Heinrich von Wyss

Abstract

We investigate the performance of 95 board members of listed Swiss companies over 12 years. We identify quantitatively measurable characteristics of board members and test for a relationship between board member characteristics and firm performance. As a proxy for firm performance, we use the performance of the firm's stock relative to a benchmark index. The number of board memberships appears to be negatively related to performance, possibly caused by loss of focus or excessive workload. On the other hand, the age of a board member as well as combined Chairman/CEO positions tend to affect performance positively. No significant relationship is found for duration of board membership, nationality or gender.

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File URL: http://www.sjes.ch/papers/2005-I-1.pdf
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Bibliographic Info

Article provided by Swiss Society of Economics and Statistics (SSES) in its journal Swiss Journal of Economics and Statistics.

Volume (Year): 141 (2005)
Issue (Month): I (March)
Pages: 1-22

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Handle: RePEc:ses:arsjes:2005-i-1

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Related research

Keywords: board member characteristics; firm performance;

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  1. Benjamin E. Hermalin & Michael S. Weisbach, 2003. "Boards of directors as an endogenously determined institution: a survey of the economic literature," Economic Policy Review, Federal Reserve Bank of New York, issue Apr, pages 7-26.
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  4. Agrawal, Anup & Knoeber, Charles R., 1996. "Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 31(03), pages 377-397, September.
  5. Yermack, David, 1996. "Higher market valuation of companies with a small board of directors," Journal of Financial Economics, Elsevier, vol. 40(2), pages 185-211, February.
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  7. Hermalin, B.E. & Weisbech, M.S., 1991. "The Effects of Board Composition and Direct Incentives on Firm Performance," Papers 91-02, Rochester, Business - Financial Research and Policy Studies.
  8. Klein, April, 1998. "Firm Performance and Board Committee Structure," Journal of Law and Economics, University of Chicago Press, vol. 41(1), pages 275-303, April.
  9. Jensen, Michael C, 1993. " The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems," Journal of Finance, American Finance Association, vol. 48(3), pages 831-80, July.
  10. Stefan Beiner & Wolfgang Drobetz & Frank Schmid & Heinz Zimmermann, 2004. "Is Board Size an Independent Corporate Governance Mechanism?," Kyklos, Wiley Blackwell, vol. 57(3), pages 327-356, 08.
  11. Morck, Randall & Shleifer, Andrei & Vishny, Robert W., 1988. "Management ownership and market valuation : An empirical analysis," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 293-315, January.
  12. Eisenberg, Theodore & Sundgren, Stefan & Wells, Martin T., 1998. "Larger board size and decreasing firm value in small firms," Journal of Financial Economics, Elsevier, vol. 48(1), pages 35-54, April.
  13. Newey, Whitney K & West, Kenneth D, 1987. "A Simple, Positive Semi-definite, Heteroskedasticity and Autocorrelation Consistent Covariance Matrix," Econometrica, Econometric Society, vol. 55(3), pages 703-08, May.
  14. Anup Agrawal & Charles R. Knoeber, . "Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders (Revision of 29-94)," Rodney L. White Center for Financial Research Working Papers 8-96, Wharton School Rodney L. White Center for Financial Research.
  15. Golec, Joseph H., 1996. "The effects of mutual fund managers' characteristics on their portfolio performance, risk and fees," Financial Services Review, Elsevier, vol. 5(2), pages 133-147.
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