The Impact of Corporate Board Characteristics on Firm Value: A Literature Survey

2018 ◽  
pp. 1-27
Author(s):  
Ismail Lahlou
Keyword(s):  
Firm Value ◽  
Literature Survey ◽  
Corporate Board ◽  
Board Characteristics ◽  
The Impact

scholarly journals Does board structure drive dividends payout? Evidence from the Sultanate of Oman

2021 ◽  
Vol 18 (4) ◽  
pp. 218-230
Author(s):  
Badar Alshabibi ◽  
Shanmuga Pria ◽  
Khaled Hussainey
Keyword(s):  
Institutional Environment ◽  
Gender Diversity ◽  
Board Structure ◽  
Corporate Board ◽  
Listed Firms ◽  
Board Characteristics ◽  
Oil Crisis ◽  
And Gender ◽  
The Impact ◽  
New Evidence

The study investigates whether corporate board characteristics influence dividends policy in Omani listed firms. It also examines whether this relationship is determined by the recent global oil crisis. Using a sample of 109 listed firms in Muscat Securities Exchange between 2009 and 2019, we find that dividends payout is positively associated with board independence, board activity, and board nationality diversity. Though, no evidence is found that board size and gender diversity have an impact on dividends payout. Interestingly, when controlling for the global oil crisis, none of the corporate board attributes influence dividends payout. This study presents new evidence on the influence of board structure on dividends policy. The findings suggest that the impact of corporate board characteristics on dividends policy is contingent on the surrounding institutional environment (i.e., the recent global oil crisis).

scholarly journals The Diversity of Board of Directors Characteristics and Firm Value

2020 ◽  
Vol 5 (2) ◽  
pp. 233-245
Author(s):  
Jonathan Steven John ◽  
Ricky Raharja Sudiono ◽  
Luciana Haryono ◽  
Yang Elvi Adelina
Keyword(s):  
Board Of Directors ◽  
Firm Value ◽  
Gender Diversity ◽  
Resource Dependence Theory ◽  
Educational Background ◽  
Generational Diversity ◽  
Board Characteristics ◽  
Upper Echelons Theory ◽  
Market Approach ◽  
The Impact

The research contributes to provide insights on how characteristics of board of directors can affect firm value by analyzing board characteristics such as gender diversity, age and educational background to firm value of public firms in Indonesia. Generational diversity is being considered as an independent variable as it has never been assessed in Indonesia. Resource dependence theory and upper echelons theory are used in this research among other available concepts to explain the impact of board characteristics during the decision-making process and its access to resources. ROA is used in this research as the profitability approach indicator of firm value, while Tobin’s Q is used as the market approach indicator of firm value. Samples used in this research amounts to 1.151 samples from 411 companies. The results show that educational background and board age significantly affects firm value positively when measured by profitability approach indicator. While gender diversity and generational diversity both have no significant effect on firm value when measured by either profitability approach indicator or market approach indicator due to homogeneity. The results indicate that the appointment of directors with older age while possessing higher education can increase a company’s firm value which is measured by profitability indicators.

The Short-Term and Long-Term Impacts of Sarbanes-Oxley Act on Composition and Characteristics of Corporate Board of Directors

2015 ◽  
Vol 5 (4) ◽  
Author(s):  
Halil Kaya ◽  
Gaurango Banerjee
Keyword(s):  
Board Composition ◽  
Corporate Boards ◽  
Corporate Accountability ◽  
Corporate Board ◽  
Short Term ◽  
Dual Roles ◽  
Board Characteristics ◽  
Sarbanes Oxley ◽  
Over Time

The paper examines the Sarbanes-Oxley (2002) Acts immediate impact on board composition and characteristics as well as possible reversals in its impact over time. Effects on directors age and tenure are analyzed over the 2001-06 sample period. Female participation in corporate boards is also studied in the pre-SOX and post-SOX periods. The dual roles of directors in being a member of the board as well as serving as either CEO, CFO, Chairman, Co-Chair, Founder, or Lead Director of their respective companies is also examined. We observe a short-term impact of SOX on board compositions due to changes seen in board characteristics between 2001 (pre-SOX), and 2003-05 short-term period (post-SOX). Also, we observe a reversal of board characteristics in 2006 to pre-SOX levels implying that the effects of SOX on board composition were short-lived, and needs to be monitored over time to ensure adherence to corporate accountability guidelines over the long-term.

Does Board Independence Increase Firm Value? Evidence from Closed-End Funds

2019 ◽  
pp. 1-24
Author(s):  
Matthew E. Souther
Keyword(s):  
Instrumental Variables ◽  
Firm Value ◽  
Board Independence ◽  
Difference In Differences ◽  
Cross Sectional ◽  
Closed End Funds ◽  
The Impact ◽  
New Evidence

Researchers disagree about the impact of board independence on firm value. The disagreement generally stems from the endogenous nature of board appointments. I add new evidence to this discussion by using a sample of closed-end funds to document the value-enhancing effects of independent boards. Using cross-sectional, difference-in-differences, and instrumental variables techniques, I address these endogeneity concerns and find consistent evidence that board independence is associated with higher firm value.

The effect of the 2018 Giro d’Italia on Israel’s tourism firm value

2019 ◽  
Vol 25 (7) ◽  
pp. 1070-1083 ◽  
Author(s):  
Juan Luis Nicolau ◽  
Abhinav Sharma ◽  
Tal Zarankin
Keyword(s):  
Conceptual Model ◽  
Firm Value ◽  
Market Value ◽  
The Impact ◽  
First Time

On September 18, 2017, the organizers of the 2018 Giro d’Italia announced that for the first time in its history, this world famous event would begin outside of Europe—in Israel. This article contributes to the literature by taking advantage of this unique opportunity of analysis; in particular, it tests the effect that this announcement had upon Israeli tourism companies’ market value. The results show that on the very same day the announcement was made, there was an increment in the firm value of these companies. We propose a conceptual model and argue that the hype generated helps enhance the country’s image, leading to higher expectations of incoming tourism. This article presents a contribution to the growing evidence regarding the impact of such announcements upon actual market value of tourism companies.

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