董事会与投资绩效:边际Q方法

Q3 Pharmacology, Toxicology and Pharmaceutics

Accounting Pub Date : 2022-01-01 DOI:10.5267/j.ac.2022.3.002

Sandra Gaitán, J. Saravia, Diego Téllez

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引用次数: 0

摘要

本文旨在对董事会特征对公司绩效影响的争论做出贡献。我们使用边际q来估计董事会特征对投资绩效的影响。使用1997年至2014年间在标准普尔(S&P) 1500指数上交易的1616家公司的数据，我们使用间效应和固定效应估计器来捕捉长期效应，并控制其他内生性问题(省略变量偏差)。我们发现董事会规模对投资绩效具有负向和统计学上显著的影响。对于所研究的样本，我们也发现了董事会独立性与投资绩效之间存在非线性关系的实证证据。最后，采用两种不同的测量方法，我们也发现董事会忙碌度与投资绩效之间存在非线性关系。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Board of directors and investment performance: A marginal Q approach

This paper aims to contribute to the debate on the effect of board characteristics on firm performance. We use marginal q to estimate the effect of board characteristics on investment performance. Using data of 1616 firms that traded on the Standard and Poor´s (S&P) 1500 between 1997 and 2014, we use between and fixed effects estimators to capture the long-run effects and control other endogeneity problems as omitted variable bias. We find a negative and statistically significant effect of board size on investment performance. For the sample under study, we also find empirical evidence on the nonlinear relation between board independence and investment performance. Finally, using two different measures, we also find a nonlinear relation between board busyness and investment performance.

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来源期刊

Accounting Pharmacology, Toxicology and Pharmaceutics-Pharmaceutical Science

自引率

0.00%

发文量

审稿时长

20 weeks