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Firms’ performance and board size: A simultaneous approach in the European and American contexts

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  • Mário Augusto
  • Rui Pascoal
  • Pedro Reis

Abstract

The relation between performance and board size (BS) is analysed in the American and European contexts. It is found that return on assets (ROA) depends on BS defined as an endogenous explanatory variable. This potentially non-monotonous effect is modelled by introducing firm size and number of segments by board member as explanatory variables for ROA. BS net effect after accounting for the indirect effect resulting from these variables is negative. Differences in the results obtained for Tobin’s Q, strategic investors’ weight and equity to total assets, between America and Europe, suggest a more preventive management control in Europe.

Suggested Citation

  • Mário Augusto & Rui Pascoal & Pedro Reis, 2020. "Firms’ performance and board size: A simultaneous approach in the European and American contexts," Applied Economics Letters, Taylor & Francis Journals, vol. 27(13), pages 1039-1043, June.
    • Handle: RePEc:taf:apeclt:v:27:y:2020:i:13:p:1039-1043
    DOI: 10.1080/13504851.2019.1659487
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