Larger board size and decreasing firm value in small firms

• 成果类型: Article
• 署名作者: Eisenberg, T; Sundgren, S; Wells, MT
• 署名单位: Cornell University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/S0304-405X(98)00003-8
• 发表日期: 1998
• 页码: 35-54
• 关键词: Board of directors; corporate governance

摘要

Several studies hypothesize a relation between board size and financial performance. Empirical tests of the relation exist in only a few studies of large U.S. firms. We find a significant negative correlation between board size and profitability in a sample of small and midsize Finnish firms. Finding a board-size effect for a new and different class of firms affects the range of explanations for the board-size effect. (C) 1998 Elsevier Science S.A. All rights reserved.