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The impact of foreign board membership on firm value

Författare:
Publiceringsår: 2003
Språk: Engelska
Sidor: 2369-2392
Publikation/Tidskrift/Serie: JOURNAL OF BANKING & FINANCE
Volym: 27
Nummer: 12
Dokumenttyp: Artikel
Förlag: ELSEVIER SCIENCE BV

Sammanfattning

This study examines the effect of foreign (Anglo-American) board membership on corporate performance measured in terms of firm value (Tobin's Q). Using a sample of firms with headquarters in Norway or Sweden the study indicates a significantly higher value for firms that have outsider Anglo-American board member(s), after a variety of firm-specific and corporate governance related factors have been controlled for. We argue that this superior performance reflects the fact that these companies have successfully broken away from a partly segmented domestic capital market by "importing" an Anglo-American corporate governance system. Such an "import" signals a willingness on the part of the firm to expose itself to improved corporate governance and enhances its reputation in the financial market.

Disputation

Nyckelord

  • Business and Economics
  • foreign board membership
  • cross-listing
  • board monitoring
  • corporate governance

Övriga

Published
Yes
  • ISSN: 0378-4266

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