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Corporate Boards in some OECD countries: Size, composition, functioning and effectiveness

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Author Info
Andrés Alonso, Pablo de
Azofra Palenzuela, Valentín () (Departamento de Economía Financiera y Contabilidad, Facultad de Ciencias Económicas y Empresariales, Universidad de Valladolid)
López-Iturriaga, Félix

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Abstract

In recent years, the debate about the efficiency of corporate governance mechanisms has focused on the activity of corporate boards of directors. This paper joins this debate by analyzing the effect of board size, composition and structure on firm value in a sample of 450 non-financial companies from ten Western Europe and North American countries. The econometric method combines uniequational regression analysis with simultaneous equations in order to control for the possibility of board size and composition endogeneity. The results show a negative relationship between firm value and the board of directors size. This relation holds when we control for alternative definitions of firm size and for board composition, board structure, country effect and industry effect. We find no significant relationship between outside directors and firm value. These results are consistent, in an international framework, with previous relevant papers.

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Publisher Info
Paper provided by Interuniversitary Doctorate Program "New Trends on Business Administration", Universities of Valladolid, Burgos and Salamanca (Spain). Programa de Doctorado Interuniversitario "Nuevas Tendencias en Dirección de Empresas", Universidades de Valladolid, Burgos y Salamanca (España). in its series Documentos de Trabajo "Nuevas Tendencias en Dirección de Empresas". Working Papers "New Trends on Business Administration". with number 2000-10.

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Date of creation: Dec 2000
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Publication status: Published in Corporate Governance: An International Review, vol. 13, no. 2, 20005, pages 197-210.
Handle: RePEc:ntd:wpaper:2000-10

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Related research
Keywords: Corporate governance board of directors.

Find related papers by JEL classification:
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure
G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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