Board conditioning factors of firm performance

Detalhes bibliográficos
Autor(a) principal: Roda, Bruno Loïc
Data de Publicação: 2013
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.8/1115
Resumo: Dissertação de Mestrado em Finanças Empresariais apresentada à ESTG - Escola Superior de Tecnologia e Gestão do Instituto Politécnico de Leiria.
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spelling Board conditioning factors of firm performanceCorporate governanceFirm performanceBoard sizeIndependent directorsBoard diversityMeeting frequencyDissertação de Mestrado em Finanças Empresariais apresentada à ESTG - Escola Superior de Tecnologia e Gestão do Instituto Politécnico de Leiria.The generous amount of recent empirical works attempting to find a relationship between corporate governance mechanisms and firm performance show that this research field continues to be a matter of interest. Our study analyses the impact of board size, the proportion of independent directors on the board, the presence of both women and foreign directors on the board, and meetings’ frequency, on firm performance, in a sample of 398 companies from eleven European countries, over the fiscal year of 2010. We carried out the statistical analysis through ordinary least squares regressions, where firm performance measure Tobin’s Q is the dependent variable. In all models, we controlled for firm performance, firm size and the level of debt. In order to test for the sensitivity of our results, we alternatively controlled for the industry, country and system effect. We find that our results are more robust when controlling for the system effect. Moreover, when testing for endogeneity, we find that our sample firms do not suffer from this problem for board size, but show suspicions regarding an endogenous relationship between board independence and firm performance. As for the results: our most outstanding outcome is that the presence of foreign directors on the board is significant and positively linked to Tobin’s Q. When controlling for the system effect, the proportion of independent directors exerts a significant positive impact on firm performance. Board meetings exhibit a significant negative impact on Tobin’s Q, also when controlling for the system effect. Regarding our control variables: return-on-assets ratio (positive), the natural logarithm of assets (negative) and debt-to-assets ratio (positive) are found to be significantly related to firm performance.Canadas, Natália Maria Prudêncio RafaelJorge, Maria João da SilvaIC-OnlineRoda, Bruno Loïc2014-11-24T15:12:06Z2013-10-292014-11-242013-10-29T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.8/1115TID:201879964enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-01-17T15:42:24Zoai:iconline.ipleiria.pt:10400.8/1115Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T01:45:51.750707Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Board conditioning factors of firm performance
title Board conditioning factors of firm performance
spellingShingle Board conditioning factors of firm performance
Roda, Bruno Loïc
Corporate governance
Firm performance
Board size
Independent directors
Board diversity
Meeting frequency
title_short Board conditioning factors of firm performance
title_full Board conditioning factors of firm performance
title_fullStr Board conditioning factors of firm performance
title_full_unstemmed Board conditioning factors of firm performance
title_sort Board conditioning factors of firm performance
author Roda, Bruno Loïc
author_facet Roda, Bruno Loïc
author_role author
dc.contributor.none.fl_str_mv Canadas, Natália Maria Prudêncio Rafael
Jorge, Maria João da Silva
IC-Online
dc.contributor.author.fl_str_mv Roda, Bruno Loïc
dc.subject.por.fl_str_mv Corporate governance
Firm performance
Board size
Independent directors
Board diversity
Meeting frequency
topic Corporate governance
Firm performance
Board size
Independent directors
Board diversity
Meeting frequency
description Dissertação de Mestrado em Finanças Empresariais apresentada à ESTG - Escola Superior de Tecnologia e Gestão do Instituto Politécnico de Leiria.
publishDate 2013
dc.date.none.fl_str_mv 2013-10-29
2013-10-29T00:00:00Z
2014-11-24T15:12:06Z
2014-11-24
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.8/1115
TID:201879964
url http://hdl.handle.net/10400.8/1115
identifier_str_mv TID:201879964
dc.language.iso.fl_str_mv eng
language eng
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
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collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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