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A New Finding For Corporate Board Size Effects: Evidence From Japan

Author

Listed:
  • JUN XIE

    (Department of Finance, School of Economics and Management, Wuhan University, Hubei 430072, China)

  • YUKIO FUKUMOTO

    (Department of Economics, Osaka University of Economics, 2-2-8 Osumi, Higashiyodogawa-ku, Osaka 533-8533, Japan)

Abstract

This paper reexamines the relation between firm performance and board size using the data of Japanese companies. We find a significantly positive relation between firm performance and board size when the board size is small, but a significantly negative relation when the board size is large. Our finding is different from major empirical research such as the work by Yermack, Eisenberget al.and Coleset al.[Yermack, D (1996). Higher market valuation of companies with a small board of directors.Journal of Financial Economics, 40, 185–211; Eisenberg, T, S Sundgren and MT Wells (1998). Larger board size and decreasing firm value in small firms.Journal of Financial Economics, 48, 35–54; Coles, JL, ND Daniel and L Naveen (2008). Boards: Does one size fit all?Journal of Financial Economics, 87, 329–356].The empirical results regarding the relation between firm performance and board size might depend strongly on the characteristics of firms used in a given analysis.

Suggested Citation

  • Jun Xie & Yukio Fukumoto, 2013. "A New Finding For Corporate Board Size Effects: Evidence From Japan," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 58(04), pages 1-12.
  • Handle: RePEc:wsi:serxxx:v:58:y:2013:i:04:n:s0217590813500318
    DOI: 10.1142/S0217590813500318
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    Cited by:

    1. Christina Philippou, 2019. "Towards a unified framework for anti-bribery in sport governance," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 16(2), pages 83-99, July.

    More about this item

    Keywords

    Board of directors; corporate governance; Japanese companies; firm performance; G30;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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