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Eigenschaften von Verwaltungsräten und Unternehmensperformance

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Author Info
Manuel Ammann
Markus Leuenberger
Heinrich von Wyss

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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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Publisher 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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Find related papers by JEL classification:
G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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  14. 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. [Downloadable!]
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