Composition, Structure of Board of Directors and Performance: The Case of American Firms (Composition, Structure du Conseil D'Administration et Performance des Entreprises: Application au Contexte Americain)

Abstract

The aim of this paper is to study the relationship between the characteristics of board of directors and firm performance in a sample of 100 american firms, over the period 2001-2003. We particularly focus on board independence and CEO duality. Our results indicate a positive impact of board independence on the firm performance. We also find a negative relationship between CEO duality and performance. Finally we can indicate that Results of our empirical test fail to support stewardship theory and provide support for agency theory.

Note: Downloadable document is in French.

Keywords: board of directors, leadership structure, performance, agency theory, stewardship theory

JEL Classification: G32, G34, K22