Corporate Performance, Board Structure and its Determinants in the Banking Industry
Corporate Performance, Board Structure and its Determinants in the Banking Industry
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银行业的公司绩效、董事会结构及其决定因素
DOI：
10.2139/ssrn.302593
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发表时间：
2005
期刊：
影响因子：
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通讯作者：
Hamid Mehran
中科院分区：
文献类型：
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作者：
Renee B. Adams;Hamid Mehran
我们使用 1959 年至 1999 年期间的银行公司样本来研究董事会结构（规模和组成）与公司绩效之间的关系。与非金融公司的证据相反，我们发现，就托宾 Q 而言，拥有较大董事会的银行公司的表现并不逊色于同行。我们认为，并购活动和银行控股公司组织形式的特征可能会使这些公司更需要较大的董事会，并证明董事会规模与我们样本公司结构的特征显着相关。即使在考虑了这些潜在的内生性来源之后，我们也没有发现董事会规模与托宾 Q 之间存在负相关关系。我们的研究结果表明，对银行业董事会规模的限制可能会适得其反。
We examine the relation between board structure (size and composition) and firm performance using a sample of banking firms during 1959-1999. Contrary to the evidence for non-financial firms, we find that banking firms with larger boards do not underperform their peers in terms of Tobin's Q. We argue that M&A activity and features of the bank holding company organizational form may make a larger board more desirable for these firms and document that board size is significantly related to characteristics of our sample firms' structures. Even after accounting for these potential sources of endogeneity, we do not find a negative relationship between board size and Tobin's Q. Our findings suggest that constraints on board size in the banking industry may be counter-productive.