Determinants of Board Members Financial Expertise - Empirical Evidence from France

Hervé Stolowy () and Thomas Jeanjean

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Abstract: Very few countries require directors to be financially literate. This article investigates the determinants of boards' financial expertise using a sample of 95 non-financial French listed firms. We construct a measure of financial expertise based on educational and career background data for 943 individuals occupying 1,140 posts in our sample and explore the determinants of average per-firm financial expertise using a Tobit analysis. We find that average financial expertise is negatively associated with board type (two-tier versus one-tier) and growth opportunities and positively associated with board independence, ownership concentration, and institutional ownership. These findings are robust to sensitivity analyses.

Keywords: Financial expertise; board of directors; supervisory board; corporate governance (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (17)

Published in International Journal of Accounting, 2009, Vol.44, nº4, pp.378-402. ⟨10.1016/j.intacc.2009.09.002⟩

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Journal Article: Determinants of board members' financial expertise -- Empirical evidence from France (2009)
Working Paper: Determinants of Board Members Financial Expertise - Empirical Evidence from France (2009)
Working Paper: Determinants of board members' financial expertise - Empirical evidence from France (2009)
Working Paper: Determinants of board members’ financial expertise – Empirical evidence from France (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-00491688

DOI: 10.1016/j.intacc.2009.09.002

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