Larger board size and decreasing firm value in small firms

Journal of Financial Economics - Tập 48 - Trang 35-54 - 1998
Theodore Eisenberg1, Stefan Sundgren2, Martin T. Wells3
1Cornell Law School, Cornell University, Ithaca, NY 14853, USA
2Swedish School of Economics and Business Administration, Vasa, Finland
3Social Statistics, Cornell University, Ithaca, NY 14853, USA

Tài liệu tham khảo

Agresti, 1990 Arrow, 1971 Bhagat, S., Black, B., 1996. Do independent directors matter? (March 1996 paper presented at the American Law and Economics Association Meeting, Chicago, May 10–11, 1996). Cary, 1995 Eisenberg, 1995 Gilson, 1993, Understanding the Japanese keiretsu: overlaps between corporate governance and industrial organization, Yale Law Journal, 102, 871, 10.2307/796835 Hermalin, 1988, The determinants of board composition, Rand Journal of Economics, 19, 589, 10.2307/2555459 Jensen, 1993, The modern industrial revolution, exit, and the failure of internal control systems, Journal of Finance, 48, 831, 10.1111/j.1540-6261.1993.tb04022.x Lipton, 1992, A modest proposal for improved corporate governance, Business Lawyer, 48, 59 Ohlson, 1980, Financial ratios and the probabilistic prediction of bankruptcy, Journal of Accounting Research, 18, 109, 10.2307/2490395 Pratt, 1964, Risk aversion in the small and in the large, Econometrica, January–April, 1964, 122 Roe, 1994 Titman, 1988, The determinants of capital structure choice, Journal of Finance, 43, 1, 10.1111/j.1540-6261.1988.tb02585.x White, 1980, A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity, Econometrica, 48, 817, 10.2307/1912934 White, 1982, Maximum likelihood estimation of misspecified models, Econometrica, 50, 1, 10.2307/1912526 Yermack, 1996, Higher market valuation of companies with a small board of directors, Journal of Financial Economics, 40, 185, 10.1016/0304-405X(95)00844-5