Impact of board’s capital on value of firms – the investment portfolios analysis (Wplyw kapitalu rad nadzorczych na wartosc spolek – analiza portfeli inwestycyjnych)

Piotr Jaworski () and Michal Zdziarski ()
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Piotr Jaworski: Wydzial Zarzadzania Uniwersytetu Warszawskiego
Michal Zdziarski: Wydzial Zarzadzania Uniwersytetu Warszawskiego

Research Reports, 2017, vol. 1, issue 23, 126-134

Abstract: The article presents the relationship between supervisory boards’ capital and the value of firms. Such capital is an indicator of efficient supervision and advice offered by supervisory boards to management boards. The link between supervisory boards’ capital and performance is examined by means of an analysis of investment in investment portfolios. Five alternative portfolios have been designed based on the value of 14 companies that had the highest supervisory capital in the population of all listed companies. Cumulative returns on portfolios are analysed, their position relative to the efficient frontier according to Markowitz’s theory is illustrated, and their behaviour towards the market is examined using regression models. The analysis results show a positive correlation for investments in portfolios consisting of stocks of companies with the highest supervisory capital.

Keywords: supervisory boards; board’s capital; value of firms; investment portfolio analysis; social network analysis (search for similar items in EconPapers)
JEL-codes: M1 M10 N2 N24 Z13 (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:sgm:resrep:v:1:i:23:y:2017:p:126-134

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