Working Paper Series, Department of Finance, Copenhagen Business School
Bestyrelsessammensætning og finansiel performance i danske børsnoterede virksomheder
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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