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The Effects of Corporate Board and CEO Characteristics on Firm Value: Empirical Evidence from Listed Companies on the Bucharest Stock Exchange


  • Georgeta Vintilă
  • Mihaela Onofrei
  • Ştefan Cristian Gherghina


This article investigates the influence of characteristics of the corporate board and chief executive officer (CEO) on firm value, using a sample of companies listed on the Bucharest Stock Exchange from 2007 to 2011. We consider board independence, committees, size, and diversity as board characteristics, as well as CEO characteristics such as CEO age, tenure, dual roles of CEO and chairman, country of residence, and gender. We employ the Tobin’s Q ratio as a proxy for firm value. We find evidence that board size negatively influences firm value, whereas curvilinear relationships are found among board independence, diversity, and firm value. Also, CEO tenure positively influences firm value, whereas the other governance variables are not statistically significant.

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  • Georgeta Vintilă & Mihaela Onofrei & Ştefan Cristian Gherghina, 2015. "The Effects of Corporate Board and CEO Characteristics on Firm Value: Empirical Evidence from Listed Companies on the Bucharest Stock Exchange," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 51(6), pages 1244-1260, November.
  • Handle: RePEc:mes:emfitr:v:51:y:2015:i:6:p:1244-1260
    DOI: 10.1080/1540496X.2015.1073518

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