Eigenschaften von Verwaltungsräten und Unternehmensperformance

Manuel Ammann, Markus Leuenberger and Heinrich von Wyss

Swiss Journal of Economics and Statistics (SJES), 2005, vol. 141, issue I, pages 1-22

Abstract: We investigate the performance of 95 board members of listed Swiss companies over 12 years. We identify quantitatively measurable characteristics of board members and test for a relationship between board member characteristics and firm performance. As a proxy for firm performance, we use the performance of the firm's stock relative to a benchmark index. The number of board memberships appears to be negatively related to performance, possibly caused by loss of focus or excessive workload. On the other hand, the age of a board member as well as combined Chairman/CEO positions tend to affect performance positively. No significant relationship is found for duration of board membership, nationality or gender.

Keywords: board member characteristics; firm performance (search for similar items in EconPapers)
JEL-codes: G10 G11 G18 G34 (search for similar items in EconPapers)
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