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Bestyrelsessammensætning og finansiel performance i danske børsnoterede virksomheder

  • Rose, Casper

    (Department of Finance, Copenhagen Business School)

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    Abstract: This article presents an empirical analysis of board composition and financial performance using a unique sample of Danish listed firms. In 2002, a group consisting of four prominent business leaders formulated Denmark’s own code of good corporate governance, entitled the Nørby report, The report consists of various recommendations aiming at strengthen Danish firms competitiveness and value creation including some specific recommendations concerning board composition. However, the analysis shows that none of the recommendations impact Tobin’s Q. Specifically, board size, proportion of insiders, positions held by board members in other firms do not significantly impact Tobin’s Q. The analysis only finds that the average age of the board has a significantly negative impact on performance. Board diversity, measured by the fraction of women and foreigners in boards as well as the educational background of board members does not impact performance either.

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    File URL: http://openarchive.cbs.dk/cbsweb/handle/10398/7138
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    Paper provided by Copenhagen Business School, Department of Finance in its series Working Papers with number 2004-2.

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    Length: 38 pages
    Date of creation: 01 Jan 2004
    Date of revision:
    Handle: RePEc:hhs:cbsfin:2004_002
    Contact details of provider: Postal: Department of Finance, Copenhagen Business School, Solbjerg Plads 3, A5, DK-2000 Frederiksberg, Denmark
    Phone: +45 3815 3815
    Web page: http://www.cbs.dk/departments/finance/Email:


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