Board size and corporate performance: evidence from European countries

Martin J. Conyon · Simon I. Peck

300 citations0/0 files storedEuropean Journal of Finance

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

Abstract

This paper examines the effects of board size on corporate performance across a number of European economies. Agency models suggest that large boards may destroy corporate value. Our fixed effects econometric evidence demonstrates that the effect of board size on corporate performance is generally negative. A negative effect is isolated for all five European countries in question when performance is measured as return on equity; this inverse relationship is more difficult to isolate using market-based measures of performance.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1991Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations 1983Separation of Ownership and Control 2021Econometric Analysis of Panel Data 1980Agency Problems and the Theory of the Firm 1996Production, Information Costs and Economic Organization 1981Biases in Dynamic Models with Fixed Effects 1988The Theory of Industrial Organization

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