Ownership structure, board composition and investment performance

Johan Erik Eklund · Johanna Palmberg · Daniel Wiberg

64 citations0/0 files storedCorporate Ownership and Control

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Corporate Finance and Governance Financial Markets and Investment Strategies Gender Diversity and Inequality

Abstract

This paper explores the relation between ownership structure, board composition and firm performance among Swedish listed firms. The descriptive statistics show that Swedish board of directors has become more diversified in terms of gender. The analysis shows that board size has a significant negative effect on investment performance. Gender diversity has a small but negative effect on investment performance, and the same holds for CEO being on the board. When incorporating all the explanatory variables into the same equation the negative effect of larger boards dilutes the effect of gender diversity and having the CEO on the board.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1983Separation of Ownership and Control 1993The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems 1933The Modern Corporation and Private Property 1996Higher market valuation of companies with a small board of directors 2005How do family ownership, control and management affect firm value?2003Corporate Governance, Board Diversity, and Firm Value 2007Boards: Does one size fit all☆

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