The Impact of Board Diversity, CEO Characteristics, and Board Committees on Financial Performance in the Case of Romanian Companies

被引：5

作者：

Mihail, Bogdan Aurelian ^{[1
]}

Dumitrescu, Dalina ^{[2
]}

Micu, Carmen Daniela ^{[3
]}

Lobda, Adriana ^{[3
]}

机构：

[1] Bucharest Univ Econ Studies, Doctoral Sch Finance, 6 Piata Romana, Bucharest 010374, Romania

[2] Bucharest Univ Econ Studies, Dept Finance, 6 Piata Romana, Bucharest 010374, Romania

[3] Univ Reading, Henley Business Sch, Dept Masters Board Practice & Directorship, Greenlands Campus, Reading RG9 3AU, Berks, England

来源：

JOURNAL OF RISK AND FINANCIAL MANAGEMENT | 2022年 / 15卷 / 01期

关键词：

corporate governance; firm performance; board diversity; CEO characteristics; board committees; Romania; FIRM PERFORMANCE; DIRECTORS; DUALITY;

D O I：

10.3390/jrfm15010007

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper examines the impact of board diversity, CEO characteristics, and board committees on the financial performance of the companies listed on the Bucharest Stock Exchange (BSE). In order to test the influence of these characteristics, detailed data on more than 70 firms are collected by hand, for the 2016-2020 period, and comprehensive regression models are estimated. The findings show that there are positive effects of board diversity especially with regard to the independent board members. In terms of the board committees, the audit committee is found to have a favourable influence. The regression coefficients imply that a 10% increase in the share of independent board members would be associated with a 0.93% increase in ROE. Based on these findings, it can be argued that improving the corporate governance practices of the companies listed on the BSE would increase the performance and the value of these firms.

引用

页数：16

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