Internal Governance Mechanisms and Operational Performance: Evidence from Index Mutual Funds

• 成果类型: Article
• 署名作者: Adams, John C.; Mansi, Sattar A.; Nishikawa, Takeshi
• 署名单位: St. John's University; Virginia Polytechnic Institute & State University; State University System of Florida; University of North Florida
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhp068
• 发表日期: 2010
• 页码: 1261
• 关键词: in-differences; DIRECTORS; boards; investors

摘要

We provide new evidence linking board characteristics and performance. Using manually collected governance data from the mutual fund industry, we find an inverse relation between board size and fund performance. We also find evidence that organizational form plays an important role in determining operational performance. Overall, the results are consistent with the notion that there may not be a single optimal board structure that is applicable to all funds, that attempts to regulate board attributes should he considered with caution, and that sponsor-level factors are important board structure considerations. (JEL G20, G32, G34)