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)
23 Pages Posted: 8 Aug 2008 Last revised: 10 Aug 2008
Date Written: August 6, 2008
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.
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Keywords: board of directors, leadership structure, performance, agency theory, stewardship theory
JEL Classification: G32, G34, K22
Suggested Citation: Suggested Citation