Research output: Contribution to Journal/Magazine › Journal article › peer-review
Research output: Contribution to Journal/Magazine › Journal article › peer-review
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TY - JOUR
T1 - Board Size and Corporate Performance: Evidence from European Countries
AU - Conyon, Martin
AU - Peck, S
PY - 1998
Y1 - 1998
N2 - This paper examines the effects of board size on corporate performance across a number of European economies. Agency models suggest that large boards may destroy corporate value. Our fixed effects econometric evidence demonstrates that the effect of board size on corporate performance is generally negative. A negative effect is isolated for all five European countries in question when performance is measured as return on equity; this inverse relationship is more difficult to isolate using market-based measures of performance.
AB - This paper examines the effects of board size on corporate performance across a number of European economies. Agency models suggest that large boards may destroy corporate value. Our fixed effects econometric evidence demonstrates that the effect of board size on corporate performance is generally negative. A negative effect is isolated for all five European countries in question when performance is measured as return on equity; this inverse relationship is more difficult to isolate using market-based measures of performance.
KW - Corporate Governance
KW - Boards Of Directors
KW - Corporate Performance
U2 - 10.1080/135184798337317
DO - 10.1080/135184798337317
M3 - Journal article
VL - 4
SP - 291
EP - 304
JO - European Journal of Finance
JF - European Journal of Finance
SN - 1351-847X
IS - 3
ER -