{"title":"董事会结构、公司价值与股票绩效:法国股票的实证分析","authors":"Nicolas Felgueiras","doi":"10.2139/ssrn.1797773","DOIUrl":null,"url":null,"abstract":"In this paper, we investigate one particular dimension of corporate governance, namely board composition, and present empirical evidence regarding its relationship with performance on French equities. To this end, we build our own board index combining six board provisions which are commonly used in the literature and run regressions on governance-sorted portfolios to evaluate their performance. We find no statistically significant relationship between board composition and stock returns even after adjusting for market, size and book-to-market factors during the 2005-2010 period. In addition, we investigate the relationship between our index and its components with firm value, as measured with Tobin’s Q, and find no evidence that board composition and valuation are correlated.","PeriodicalId":168140,"journal":{"name":"Corporate Governance: Internal Governance","volume":"5 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2010-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Board Structure, Firm Value and Stock Performance: An Empirical Analysis of French Equities\",\"authors\":\"Nicolas Felgueiras\",\"doi\":\"10.2139/ssrn.1797773\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"In this paper, we investigate one particular dimension of corporate governance, namely board composition, and present empirical evidence regarding its relationship with performance on French equities. To this end, we build our own board index combining six board provisions which are commonly used in the literature and run regressions on governance-sorted portfolios to evaluate their performance. We find no statistically significant relationship between board composition and stock returns even after adjusting for market, size and book-to-market factors during the 2005-2010 period. In addition, we investigate the relationship between our index and its components with firm value, as measured with Tobin’s Q, and find no evidence that board composition and valuation are correlated.\",\"PeriodicalId\":168140,\"journal\":{\"name\":\"Corporate Governance: Internal Governance\",\"volume\":\"5 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2010-12-17\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Corporate Governance: Internal Governance\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.1797773\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Corporate Governance: Internal Governance","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.1797773","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Board Structure, Firm Value and Stock Performance: An Empirical Analysis of French Equities
In this paper, we investigate one particular dimension of corporate governance, namely board composition, and present empirical evidence regarding its relationship with performance on French equities. To this end, we build our own board index combining six board provisions which are commonly used in the literature and run regressions on governance-sorted portfolios to evaluate their performance. We find no statistically significant relationship between board composition and stock returns even after adjusting for market, size and book-to-market factors during the 2005-2010 period. In addition, we investigate the relationship between our index and its components with firm value, as measured with Tobin’s Q, and find no evidence that board composition and valuation are correlated.
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