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Department of Finance, Copenhagen Business School Working Paper Series, Department of Finance, Copenhagen Business School

No 2004-2:
Bestyrelsessammensætning og finansiel performance i danske børsnoterede virksomheder

Casper Rose

Abstract: Abstract: This article presents an empirical analysis of board composition and financial performance using a unique sample of Danish listed firms. In 2002, a group consisting of four prominent business leaders formulated Denmark’s own code of good corporate governance, entitled the Nørby report, The report consists of various recommendations aiming at strengthen Danish firms competitiveness and value creation including some specific recommendations concerning board composition. However, the analysis shows that none of the recommendations impact Tobin’s Q. Specifically, board size, proportion of insiders, positions held by board members in other firms do not significantly impact Tobin’s Q. The analysis only finds that the average age of the board has a significantly negative impact on performance. Board diversity, measured by the fraction of women and foreigners in boards as well as the educational background of board members does not impact performance either.

Keywords: na; (follow links to similar papers)

JEL-Codes: G30; (follow links to similar papers)

38 pages, January 1, 2004

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