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Director Characteristics and Firm Performance

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Author Info

  • Pascal Gantenbein
  • Christophe Volonté

    ()
    (University of Basel)

Abstract

The traditional methodology examining optimal boards relates a simple board variable� (e.g., independence or board demography) to firm performance, however, ig- noring other board characteristics.� This paper investigates how the education and business� experience of directors affect firm� performance. The sample consists of 1,574 directorships from 224 listed firms� in Switzerland.� Using� OLS� and including control variables, the results show that graduates of minor Swiss universities are negatively related to Tobin’s Q, and industrial knowledge and Tobin’s Q are nega- tively� correlated if the firm� has more divisions.�� In� addition, director fixed effects (or unobserved characteristics) are significant, but improve the explanatory power of the models only by 5 percent.

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Bibliographic Info

Paper provided by Faculty of Business and Economics - University of Basel in its series Working papers with number 2011/11.

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Date of creation: 2011
Date of revision:
Handle: RePEc:bsl:wpaper:2011/11

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Related research

Keywords: Corporate governance: Board of directors; Director characteristics; Education and business experience;

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Cited by:
  1. Xu, Hongmei, 2013. "How much do the characteristics of independent directors and supervisory board members affect firm performance in China?," Discussion Papers of the Institute for Organisational Economics 12/2013, University of Münster, Institute for Organisational Economics.

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