Journal of Financial Economics
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Опубликовано на портале: 22-06-2006David Yermack Journal of Financial Economics. 2003. Vol. 40. No. 2. P. 185-211.
The author presents evidence consistent with theories that small boards of directors are more effective. Using Tobin's Q as an approximation of market valuation, he finds an inverse association between board size and firm value in a sample of 452 large U.S. industrial corporations between 1984 and 1991. The result is robust to numerous controls for company size, industry membership, inside stock ownership, growth opportunities, and alternative corporate governance structures. Companies with small boards also exhibit more favorable values for financial ratios, and provide stronger CEO performance incentives from compensation and the threat of dismissal
Опубликовано на портале: 03-10-2003Myeong-Hyeon Cho Journal of Financial Economics. 1998. Vol. 47. No. 1. P. 103-121.
This paper examines the relation among ownership structure, investment, and corporate value, focusing on whether ownership structure affects investment. Ordinary least squares regression results suggest that ownership structure affects investment and, therefore, corporate value. However, simultaneous regression results indicate that the endogeneity of ownership may affect these inferences, suggesting that investment affects corporate value which, in turn, affects ownership structure. The evidence shows that corporate value affects ownership structure, but not vice versa. These findings raise questions regarding the assumption that ownership structure is exogenously determined, and bring into question the results in studies that treat ownership structure as exogenous.