The Effects of Corporate Board and CEO Characteristics on Firm Value: Empirical Evidence from Listed Companies on the Bucharest Stock Exchange

被引：15

作者：

Vintila, Georgeta ^{[1
]}

Onofrei, Mihaela ^{[2
]}

Gherghina, Stefan Cristian ^{[1
]}

机构：

[1] Bucharest Univ Econ Studies, Dept Finance, Fac Finance Insurance Banking & Stock Exchange, Bucharest 010374, Romania

[2] Alexandru Ioan Cuza Univ, Fac Econ & Business Adm, Dept Finance Money & Publ Adm, Iasi, Romania

来源：

EMERGING MARKETS FINANCE AND TRADE | 2015年 / 51卷 / 06期

关键词：

board characteristics; CEO characteristics; firm value; Romania; MARKET VALUATION; AGENCY COSTS; CASH FLOW; SIZE; PERFORMANCE; OWNERSHIP; INDEPENDENCE; GOVERNANCE;

D O I：

10.1080/1540496X.2015.1073518

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This article investigates the influence of characteristics of the corporate board and chief executive officer (CEO) on firm value, using a sample of companies listed on the Bucharest Stock Exchange from 2007 to 2011. We consider board independence, committees, size, and diversity as board characteristics, as well as CEO characteristics such as CEO age, tenure, dual roles of CEO and chairman, country of residence, and gender. We employ the Tobin's Q ratio as a proxy for firm value. We find evidence that board size negatively influences firm value, whereas curvilinear relationships are found among board independence, diversity, and firm value. Also, CEO tenure positively influences firm value, whereas the other governance variables are not statistically significant.

引用

页码：1244 / 1260

页数：17

共 50 条

[41] THE EFFECTS OF STOCK OPTIONS RECOGNITION ON CORPORATE GOVERNANCE: EVIDENCE FROM ITALIAN LISTED COMPANIES
Di Carlo, Ferdinando
Lucchese, Manuela
PROCEEDINGS OF THE 7TH INTERNATIONAL CONFERENCE ACCOUNTING AND MANAGEMENT INFORMATION SYSTEMS (AMIS 2012), 2012, : 444 - 455
[42] The Influence of the Independent Non-Executive Board Members on the Financial Performance of the Companies Listed in the Bucharest Stock Exchange
Mihail, Bogdan Aurelian
Micu, Carmen Daniela
JOURNAL OF RISK AND FINANCIAL MANAGEMENT, 2021, 14 (10)
[43] Association between firm characteristics and corporate voluntary disclosure: Evidence from Turkish listed companies
Uyar, Ali
Kilic, Merve
Bayyurt, Nizamettin
INTANGIBLE CAPITAL, 2013, 9 (04) : 1080 - 1112
[44] The assessment of corporate governance system quality in the Romanian sectors. Analysis of the companies listed on the Bucharest Stock Exchange
Achim, Monica-Violeta
Borlea, Sorin-Nicolae
EMERGING MARKETS QUERIES IN FINANCE AND BUSINESS (EMQ 2013), 2014, 15 : 617 - 625
[45] The Relativity between Board Characteristics and Corporate Performance An Empirical Study of Listed Companies in GEM
Shi, Jinlong
Zhu, Yunlu
2017 4TH INTERNATIONAL CONFERENCE ON EDUCATION REFORM AND MANAGEMENT INNOVATION (ERMI 2017), 2017, 96 : 437 - 442
[46] Effective Corporate Taxation in Romania Evidence from the Bucharest Stock Exchange
Lazar, Sebastian
EASTERN EUROPEAN ECONOMICS, 2013, 51 (04) : 50 - 83
[47] FIRM VALUE AND CORPORATE CASH HOLDINGS. EMPIRICAL EVIDENCE FROM THE POLISH LISTED FIRMS
Anton, Sorin Gabriel
Nucu, Anca Elena Afloarei
E & M EKONOMIE A MANAGEMENT, 2019, 22 (03): : 121 - 134
[48] ETHICS AND DISCLOSURE OF ACCOUNTING, FINANCIAL AND SOCIAL INFORMATION WITHIN LISTED COMPANIES. EVIDENCE FROM THE BUCHAREST STOCK EXCHANGE
Nicolescu, Michael Marian
Varzaru, Anca Antoaneta
2020 BASIQ INTERNATIONAL CONFERENCE: NEW TRENDS IN SUSTAINABLE BUSINESS AND CONSUMPTION, 2020, : 73 - 80
[49] Priorities for Corporate Social Responsibility Reporting: Evidence from Listed Turkish Companies in Istanbul Stock Exchange
Cetinkaya, Melek
Agca, Veysel
Ozutku, Hatice
JOURNAL OF ECONOMIC AND SOCIAL STUDIES, 2015, 5 (02): : 57 - 77
[50] ERP and firm profitability: Empirical evidence from Chinese listed companies
Lou, Run-Ping
Xue, Sheng-Jia
Xitong Gongcheng Lilun yu Shijian/System Engineering Theory and Practice, 2011, 31 (08): : 1460 - 1469

← 1 2 3 4 5 →