Board size and corporate performance: evidence from European countries

Martin J. Conyon ()

European Journal of Finance, 1998, vol. 4, issue 3, pages 291-304

Abstract: This paper examines the effects of board size on corporate performance across a number of European economies. Agency models suggest that large boards may destroy corporate value. Our fixed effects econometric evidence demonstrates that the effect of board size on corporate performance is generally negative. A negative effect is isolated for all five European countries in question when performance is measured as return on equity; this inverse relationship is more difficult to isolate using market-based measures of performance.

Keywords: Corporate Governance Boards Of Directors Corporate Performance (search for similar items in EconPapers)
Date: 1998
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