Article2006

Ownership, board structure, and performance in continental Europe

239 citations0/0 files storedThe International Journal of Accounting

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Corporate Finance and Governance Auditing, Earnings Management, Governance Corporate Governance and Financial Management

Abstract

This study examines the empirical validity of claims that the composition of boards of directors and ownership structures affect firms' profitability ratios (ROE, ROA, MTB) using data from 87 European firms, which were foreign U.S. registrants during 2000–2001. Results indicate a strong positive relation between the level of relational ownership and profitability ratios, and between the portion of independent directors on the board and profitability ratios. No strong relation was found between the portion of inside directors or level of managerial ownership and profitability in continental European companies.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 1980Agency Problems and the Theory of the Firm 1933The Modern Corporation and Private Property 1988Management ownership and market valuation 1996Higher market valuation of companies with a small board of directors 1985The Structure of Corporate Ownership: Causes and Consequences 1990Additional evidence on equity ownership and corporate value

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