IDEAS home Printed from https://ideas.repec.org/p/ebg/heccah/0903.html
   My bibliography  Save this paper

Determinants of board members’ financial expertise – Empirical evidence from France

Author

Listed:
  • Stolowy, Hervé

    ()

  • Jeanjean, Thomas

    ()

Abstract

This article investigates the determinants of boards’ financial expertise using a sample of 95 non-financial French listed firms.

Suggested Citation

  • Stolowy, Hervé & Jeanjean, Thomas, 2008. "Determinants of board members’ financial expertise – Empirical evidence from France," Les Cahiers de Recherche 903, HEC Paris.
  • Handle: RePEc:ebg:heccah:0903
    as

    Download full text from publisher

    File URL: http://www.hec.fr/var/fre/storage/original/application/665b18d938846e15f929f13afab553ed.pdf
    Download Restriction: no

    Other versions of this item:

    References listed on IDEAS

    as
    1. Gary K Meek & Clare B Roberts & Sidney J Gray, 1995. "Factors Influencing Voluntary Annual Report Disclosures By U.S., U.K. and Continental European Multinational Corporations," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, pages 555-572.
    2. Benston, George J. & Hartgraves, Al L., 2002. "Enron: what happened and what we can learn from it," Journal of Accounting and Public Policy, Elsevier, pages 105-127.
    3. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 301-325, June.
    4. Shleifer, Andrei & Vishny, Robert W, 1997. " A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
    5. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-838, May.
    6. repec:hrv:faseco:30728046 is not listed on IDEAS
    7. Shleifer, Andrei & Vishny, Robert W, 1986. "Large Shareholders and Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 461-488, June.
    8. Bernard Black & Brian Cheffins & Michael Klausner, 2005. "Liability Risk for Outside Directors: a Cross-Border Analysis," European Financial Management, European Financial Management Association, vol. 11(2), pages 153-171.
    9. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December.
    10. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    11. Debreceny, Roger & Gray, Glen L. & Rahman, Asheq, 2002. "The determinants of Internet financial reporting," Journal of Accounting and Public Policy, Elsevier, pages 371-394.
    12. James Patton & Ivan Zelenka, 1997. "An empirical analysis of the determinants of the extent of disclosure in annual reports of joint stock companies in the Czech Republic," European Accounting Review, Taylor & Francis Journals, pages 605-626.
    13. Shahrokh M Saudagaran & Gary C Biddle, 1995. "Foreign Listing Location: A Study of MNCs and Stock Exchanges in Eight Countries," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, pages 319-341.
    14. McDonald, John F & Moffitt, Robert A, 1980. "The Uses of Tobit Analysis," The Review of Economics and Statistics, MIT Press, pages 318-321.
    15. Burak Güner, A. & Malmendier, Ulrike & Tate, Geoffrey, 2008. "Financial expertise of directors," Journal of Financial Economics, Elsevier, vol. 88(2), pages 323-354, May.
    16. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, pages 323-329.
    17. Raheja, Charu G., 2005. "Determinants of Board Size and Composition: A Theory of Corporate Boards," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 40(02), pages 283-306, June.
    18. Fama, Eugene F, 1980. "Agency Problems and the Theory of the Firm," Journal of Political Economy, University of Chicago Press, vol. 88(2), pages 288-307, April.
    19. Melinda Muth & Lex Donaldson, 1998. "Stewardship Theory and Board Structure: a contingency approach," Corporate Governance: An International Review, Wiley Blackwell, pages 5-28.
    20. Benjamin E. Hermalin & Michael S. Weisbach, 2003. "Boards of directors as an endogenously determined institution: a survey of the economic literature," Economic Policy Review, Federal Reserve Bank of New York, issue Apr, pages 7-26.
    21. Mark L. Defond & Rebecca N. Hann & Xuesong Hu, 2005. "Does the Market Value Financial Expertise on Audit Committees of Boards of Directors?," Journal of Accounting Research, Wiley Blackwell, vol. 43(2), pages 153-193, May.
    22. Xiao, Jason Zezhong & Yang, He & Chow, Chee W., 2004. "The determinants and characteristics of voluntary Internet-based disclosures by listed Chinese companies," Journal of Accounting and Public Policy, Elsevier, pages 191-225.
    23. Amemiya, Takeshi, 1984. "Tobit models: A survey," Journal of Econometrics, Elsevier, pages 3-61.
    24. Paul Collier & Mahbub Zaman, 2005. "Convergence in European Corporate Governance: the audit committee concept," Corporate Governance: An International Review, Wiley Blackwell, pages 753-768.
    25. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Nicolas Aubert, 2016. "Does the Catering Theory of Dividend Apply to the French Listed Firms?," Bankers, Markets & Investors, ESKA Publishing, issue 145, pages 27-38, November-.
    2. Aymen Ammari & Sarra Amdouni & Ahmed Zemzem & Abderrazak Ellouze, 2016. "The Effect of Monitoring Committees on the Relationship between Board Structure and Firm Performance," Journal of Risk and Financial Management, MDPI, Open Access Journal, vol. 9(4), pages 1-13, December.
    3. Vassili Joannides & Nicolas Berland & Danture Wickramasinghe, 2010. "Post-Hofstede diversity/cultural studies: what contributions to accounting knowledge?," Grenoble Ecole de Management (Post-Print) hal-01661685, HAL.
    4. Kamal Anouar & Nicolas Aubert, 2016. "Does the catering theory of dividend apply to the French listed firms?," Working Papers halshs-01401867, HAL.
    5. Quoc-Anh Do & Bang Dang Nguyen & Raghavendra- University Of Cambridge, Cambridge Judge Business School) Rau, 2013. "Sugar and Spice and Everything Nice: What Are Good Directors Made of?," Sciences Po publications info:hdl:2441/69eil0vrec8, Sciences Po.
    6. repec:ipg:wpaper:2014-054 is not listed on IDEAS
    7. Christophe Volonté & Pascal Gantenbein, 2016. "Directors’ human capital, firm strategy, and firm performance," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 20(1), pages 115-145, March.
    8. Vassili Joannides & Nicolas Berland & D. T. Wickramasinghe, 2010. "Post-Hofstede diversity/cultural studies: what contributions to accounting knowledge?," Grenoble Ecole de Management (Post-Print) hal-00676570, HAL.

    More about this item

    Keywords

    Financial expertise; board of directors; supervisory board; corporate governance;

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ebg:heccah:0903. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Antoine Haldemann). General contact details of provider: http://edirc.repec.org/data/hecpafr.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.