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Is Board Size an Independent Corporate Governance Mechanism?

  • Stefan Beiner
  • Wolfgang Drobetz
  • Frank Schmid
  • Heinz Zimmermann
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    En utilisant un système d'équations simultané, estimé sur l'ensemble des entreprises inscrites à la bourse suisse, nos résultats montrent que la taille du conseil d'administration résulte d'un mécanisme indépendant de gouvernance d'entreprise. Ceci implique qu'il existe véritablement un lien causal entre la taille du conseil d'administration et la valeur de l'entreprise. Néanmoins, contrairement aux études précédentes, nous n'avons pas découvert de relations significatives entre ces deux éléments, ce que l'on peut interpréter comme support pour l'hypothèse de l'existence d'une grandeur optimale du conseil d'administration. Le nombre de membres du conseil d'administration est en moyenne choisi de manière optimale. Ceci indique que la variation en coupe transversale de la taille du Conseil d'administration reflète en majeure partie des différences dans l'environnement de chaque enterprise plutôt que des mauvaises décisions. Copyright WWZ and Helbing & Lichtenhahn Verlag AG 2004.

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    Article provided by Wiley Blackwell in its journal Kyklos.

    Volume (Year): 57 (2004)
    Issue (Month): 3 (08)
    Pages: 327-356

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    Handle: RePEc:bla:kyklos:v:57:y:2004:i:3:p:327-356
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