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L’impact du conseil d’administration sur la performance financière des entreprises Tunisiennes
[The impact of the Board of directors on the financial performance of Tunisian companies]

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  • Bouaziz, Zied
  • Triki, Mohamed

Abstract

The Board of Directors plays a key role as a mechanism of internal corporate governance. Indeed, its effectiveness is dependent on the presence of several factors, the most important are related to characteristics that relate primarily to the independence of its members, board size, combining the functions of decision and control and the degree of independence of the audit committee and gender diversity of the board. To test the validity of our hypothesis, which states the existence of a deterministic characteristic of the board on financial performance measured by three different ratios, namely ROA, ROE and Tobin's Q, we have developed three linear regression models. Our empirical validation was conducted on a sample of 26 companies listed on the Tunisian stock exchange Tunis (Tunis Stock Exchange) over a period that spans four years (2007- 2010). The estimated models show satisfactory results showing the importance of the impact of board characteristics on financial performance of Tunisian companies.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 38672.

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Date of creation: 04 Jan 2012
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Handle: RePEc:pra:mprapa:38672

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Keywords: Board of Directors - financial performance -board size-the accumulation of functions-diversity of the board;

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  1. Bhagat, Sanjai & Bolton, Brian, 2008. "Corporate governance and firm performance," Journal of Corporate Finance, Elsevier, Elsevier, vol. 14(3), pages 257-273, June.
  2. Brickley, James A. & Coles, Jeffrey L. & Jarrell, Gregg, 1997. "Leadership structure: Separating the CEO and Chairman of the Board," Journal of Corporate Finance, Elsevier, Elsevier, vol. 3(3), pages 189-220, June.
  3. Hervé Alexandre & Mathieu Paquerot, 2000. "Efficacité des structures de contrôle et enracinement des dirigeants," Working Papers CREGO, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations 1000601, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
  4. Core, John E. & Larcker, David F., 2002. "Performance consequences of mandatory increases in executive stock ownership," Journal of Financial Economics, Elsevier, Elsevier, vol. 64(3), pages 317-340, June.
  5. Coles, Jeffrey L. & Daniel, Naveen D. & Naveen, Lalitha, 2008. "Boards: Does one size fit all," Journal of Financial Economics, Elsevier, Elsevier, vol. 87(2), pages 329-356, February.
  6. Klein, April, 1998. "Firm Performance and Board Committee Structure," Journal of Law and Economics, University of Chicago Press, University of Chicago Press, vol. 41(1), pages 275-303, April.
  7. Laurence Godard & Alain Schatt, 2004. "Caractéristiques et fonctionnement des conseils d'administration français : un état des lieux," Post-Print halshs-00593824, HAL.
  8. Laurence Godard, 2000. "La taille du conseil d'administration:déterminants et impact sur la performance," Working Papers CREGO, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations 1010702, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations, revised Jul 2001.
  9. Klein, April, 2002. "Audit committee, board of director characteristics, and earnings management," Journal of Accounting and Economics, Elsevier, Elsevier, vol. 33(3), pages 375-400, August.
  10. Renee Adams & Hamid Mehran, 2003. "Is corporate governance different for bank holding companies?," Economic Policy Review, Federal Reserve Bank of New York, Federal Reserve Bank of New York, issue Apr, pages 123-142.
  11. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, Elsevier, vol. 3(4), pages 305-360, October.
  12. Geoffrey C. Kiel & Gavin J. Nicholson, 2003. "Board Composition and Corporate Performance: how the Australian experience informs contrasting theories of corporate governance," Corporate Governance: An International Review, Wiley Blackwell, Wiley Blackwell, vol. 11(3), pages 189-205, 07.
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