Company Performance and the Two-Tier Board Structure: Empirical Evidence from France

Ellen Rouyer
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Ellen Rouyer: Department of International Business, Tung Hai University, Taiwan PhD Program in Business Feng Chia University, Taiwan

International Journal of Business and Economics, 2013, vol. 12, issue 1, 45-58

Abstract: This study's objective is to assess the impact of board structure on company performance in France, where companies are allowed to choose between a one-tier or a two-tier board structure and to verify the specificities of companies with a two-tier board. To verify the specificities of companies with a two-tier board, we analyze 250 large publicly traded companies and find that the two-tier structure does have a significant impact on long-term performance, measured by Tobin's Q, yet no impact on cash holdings. Supervisory board size and the percentage of shares controlled by supervisors also have a significant impact on performance. Our findings are consistent with agency theory.

Keywords: corporate governance; performance; board structure (search for similar items in EconPapers)
JEL-codes: G34 (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (4)

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