Endogeneity and the relationship between board structure and firm performance: a simultaneous equation analysis for the Athens Stock Exchange

Anastassios A. Drakos · Fivos V. Bekiris

33 citations0/0 files storedManagerial and Decision Economics

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Corporate Finance and Governance Gender Diversity and Inequality Corporate Governance and Financial Management

Abstract

The main goal of this paper is to examine the relationship between the three most important characteristics of the board of directors with firm performance. More specifically, we investigate whether the independence of the board, the leadership structure and the board size, are exogenous determinants to the firm's performance, using a simultaneous equations framework. Our database is composed of firms quoted in the ASE, starting from 146 observations in 2000 and ending with 232 firms in 2006. The findings suggest that the board independence and the leadership structure do not affect the firm performance. On the other hand, an inverse relationship between board size and firm performance is observed. Copyright © 2010 John Wiley & Sons, Ltd.

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References

1997A Survey of Corporate Governance 2021Econometric Analysis of Panel Data 1980Agency Problems and the Theory of the Firm 1993The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems 1996Higher market valuation of companies with a small board of directors 1991Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns 2007Boards: Does one size fit all☆1996Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders

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