Title: A NEW FINDING FOR CORPORATE BOARD SIZE EFFECTS: EVIDENCE FROM JAPAN
Abstract:This paper reexamines the relation between firm performance and board size using the data of Japanese companies. We find a significantly positive relation between firm performance and board size when ...This paper reexamines the relation between firm performance and board size using the data of Japanese companies. We find a significantly positive relation between firm performance and board size when the board size is small, but a significantly negative relation when the board size is large. Our finding is different from major empirical research such as the work by Yermack, Eisenberg et al. and Coles et al. [Yermack, D (1996). Higher market valuation of companies with a small board of directors. Journal of Financial Economics, 40, 185–211; Eisenberg, T, S Sundgren and MT Wells (1998). Larger board size and decreasing firm value in small firms. Journal of Financial Economics, 48, 35–54; Coles, JL, ND Daniel and L Naveen (2008). Boards: Does one size fit all? Journal of Financial Economics, 87, 329–356].The empirical results regarding the relation between firm performance and board size might depend strongly on the characteristics of firms used in a given analysis.Read More
Publication Year: 2013
Publication Date: 2013-12-01
Language: en
Type: article
Indexed In: ['crossref']
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Cited By Count: 7
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