2019
DOI: 10.1108/cg-06-2018-0211
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The board of directors and firm performance: empirical evidence from listed companies

Abstract: Purpose This study aims to reconcile some of the conflicting results in prior studies of the board structure–firm performance relationship and to evaluate the effectiveness and applicability of agency theory in the specific context of Italian corporate governance practice. Design/methodology/approach This research applies a dynamic generalised method of moments on a sample of Italian listed companies over the period 2003-2015. Proxies for corporate governance mechanisms are the board size, the level of board… Show more

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Cited by 107 publications
(127 citation statements)
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“…CEO duality (when CEO at the same time is the chairman of the board) attracts a lot of attention and rightly so because this situation fits well into the debate on the impact of the separation of ownership and control (Merendino & Melville, 2019). And indeed there are differences between sole and dual board systems (R. B.…”
Section: Introductionmentioning
confidence: 99%
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“…CEO duality (when CEO at the same time is the chairman of the board) attracts a lot of attention and rightly so because this situation fits well into the debate on the impact of the separation of ownership and control (Merendino & Melville, 2019). And indeed there are differences between sole and dual board systems (R. B.…”
Section: Introductionmentioning
confidence: 99%
“…The board size is considered as one of the key factors that influence firm performance (Kumar & Singh, 2013;Merendino & Melville, 2019;Singla & Singh, 2019). Among the advantages of a large board of directors are enhanced opportunities to share information as well as the expanded experience of directors, greater variety of professional backgrounds, bigger panoply of expertise possessed by them and as a result much bigger skills set It is considered generally accepted that the role of non-executive directors and independent directors is to monitor the decisions and activities of the company's management and thus keep the executive branch accountable (Clifford & Evans, 1997;Graham et al, 2020).…”
Section: Introductionmentioning
confidence: 99%
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“…La evidencia encontrada sobre el efecto de tales atributos en el desempeño de las empresas no es concluyente; además, se observa una variabilidad en las metodologías aplicadas y medidas de desempeño utilizadas (Bozec y Dia, 2015;Merendino y Melville, 2019). A su vez, los estudios se centran en economías desarrolladas y de tradición anglosajona; son escasos los que se realizan en economías emergentes, en las que la legislación que protege a los inversionistas es diversa y difiere de manera sustantiva entre países (Briano-Turrent y Rodríguez-Ariza, 2016; Klapper y Love, 2004; Pavić-Kramarić, Aleksic y Pejic-Bach, 2018).…”
Section: Introductionunclassified