首页 | 本学科首页   官方微博 | 高级检索  
相似文献
 共查询到20条相似文献,搜索用时 218 毫秒
1.
刘洋  赵伟 《上海会计》2013,(11):5-8
董事会作为现在公司法人治理的核心,其专有特征会影响到其职能的发挥,进而影响公司的绩效。文章根据创业板上市公司的特点,利用创业板上市公司2009-2012年的最新数据,研究其董事会规模与稳定性对公司绩效的影响。研究发现,当以每股收益来衡量公司绩效时,董事会规模与公司绩效之间并不存在显著的相关关系;当以净资产收益率来衡量公司绩效时,董事会规模与公司绩效存在着显著的倒“U”型关系,并证实了董事会稳定性与公司以前年度的绩效具有显著的正相关关系,以及以前年度董事会稳定性低的公司在后续年度内其绩效会越来越差。为此建议公司在选择合适的董事会规模的同时要尽量保持董事会的稳定性。  相似文献   

2.
徐飞 《中国外资》2013,(10):112-113
本文选取A股沪深主板的400家上市公司作为研究样本,以净资产回报率作为公司经营绩效的衡量指标,使用多元回归分析方法对董事会结构与公司经营绩效之间的关系进行实证研究,结果表明:规模小的公司董事会规模与公司经营绩效正相关,规模大的公司董事会规模与公司经营绩效负相关;规模小的公司独立董事占比与公司经营绩效正相关,规模大的公司独立董事占比与公司经营绩效负相关;两职分离有利于规模小的公司经营绩效的提升,两职分离对规模大的公司经营绩效存在负面影响;董事会持股对规模小的公司经营绩效有着较为显著的正面影响,对于规模大的公司而言董事会持股与公司经营绩效之间不存在显著的相关性。  相似文献   

3.
本文以2010—2018年沪深A股上市公司的数据为样本,运用门槛效应模型实证分析了董事责任保险、董事会规模与诉讼风险的关系。研究发现,董事会规模的扩大对于上市公司的诉讼风险具有一定的抑制作用。进一步研究表明,董事责任保险对公司的机会主义效应存在基于董事会规模的"单一门槛效应"。在董事会规模较大的上市公司中,董事责任保险与诉讼风险显著正相关;在董事会规模较小的上市公司中,董事责任保险与诉讼风险的正相关关系较弱。最后,根据实证结果进行总结并提出相关建议。  相似文献   

4.
不确定的外部竞争环境和公司战略定位对企业的风险承担水平具有重要影响.以2005-2015年沪深A股上市公司为研究对象,以董事会规模作为门槛变量,分析当董事会人数在不同区间下多元化战略的实施对企业风险承担产生的影响.研究表明:随着董事会人数的增加,多元化战略与企业风险承担呈现先增后减的变化趋势,且二者存在基于董事会规模的双重门槛效应.  相似文献   

5.
董事会作为一个重要的内部控制工具,处于公司内部治理机构的核心。文章借鉴已有董事会特征与公司绩效研究成果,对创业板上市的59家公司进行了分析,分析证实了董事会规模和女性董事比例都与公司绩效之间存在倒U型的曲线关系这样两个假设。  相似文献   

6.
姚莎莎 《财会学习》2020,(2):225-226
文章以2009-2018年A股上市公司为研究样本,考察了公司规模与企业绩效之间的关系,研究发现公司规模与企业绩效二者呈现显著的倒U型关系。进一步考察管理层权力对二者关系的调节作用,发现管理层权力对二者之间的关系具有显著的负向调节作用。  相似文献   

7.
张安平 《时代金融》2013,(6):223-224
董事会作为公司的重要部分,具有决策、咨询、监督等重要作用。国内外学者对其规模和结构进行了大量研究,首先董事会规模在公司成长性不同的情况下,其规模存在明显的区别,在同类公司中不同的董事会规模对于公司治理存在很大影响,特别是在公司业绩上的表现很是不同,其次董事会的结构设置上,中国上市公司的外部董事的功能是否有所体现;本文意在研究中国上市公司中的上证180(代表成熟稳健的大型公司)、创业板(代表成长性较高的中小型公司)董事会规模、结构,且通过相关模型来进行分析。  相似文献   

8.
本文研究发现:流通服务业上市公司的董事规模和董事变更幅度与公司价值存在显著的负相关关系;董事持股比例和董事会会议次数与公司价值存在显著的正相关关系;独立董事比例、董事会领导权结构、董事薪酬、董事教育水平对公司价值的影响不显著。这对于提升流通服务业上市公司的价值,促进流通业的又好又快发展具有重要理论与现实意义。  相似文献   

9.
李佳阳  刘欢 《中国外资》2012,(6):229+231
动量现象是近年来行为金融学领域研究的一个热点,而分析规模因素对动量现象强弱的研究较少。本文利用沪深300成分股自2010年1月至2011年12月的周收益数据,按照基准日流通股规模分成大公司组合,及小公司组合,并使用实证分析比较两者的动量现象特征。结果表明:沪深300成分股在该样本区间内,存在负动量现象,并且小公司的动量现象比大公司显著。  相似文献   

10.
公司流动性及其价值评估是公司金融和财务管理领域中崭新而具有挑战性的课题。本文以中国沪深两市上市公司为样本,实证研究了流动性对公司价值的影响,并对流动性与创新研发、公司规模之间的耦合或悖反关系进行了探讨,以进一步研究影响公司价值的相关因素和传导途径。研究发现:宽松的流动性确实提升了公司价值,但对于科研创新而言,流动性所能体现的作用尚不明显,无法排除流动性滞后效应的可能;公司规模大,极可能带来规模不经济并扭曲市场预期,这种“规模效应”对于流动性而言同样存在,大型公司在配以宽松流动性政策时,更容易出现公司价值的减损。  相似文献   

11.
Corporate governance in banking: The role of the board of directors   总被引:2,自引:0,他引:2  
We use a sample of large international commercial banks to test hypotheses on the dual role of boards of directors. We use a suitable econometric model (two step system estimator) to solve the well-known endogeneity problem in corporate governance literature, and demonstrate the empirical and theoretical superiority of system estimator over OLS and within estimators. We find an inverted U-shaped relation between bank performance and board size, and between the proportion of non-executive directors and performance. Our results show that bank board composition and size are related to directors’ ability to monitor and advise management, and that larger and not excessively independent boards might prove more efficient in monitoring and advising functions, and create more value. All of these relations hold after we control for the measure of performance, the weight of the banking industry in each country, bank ownership, and regulatory and institutional differences.  相似文献   

12.
Financial statement comparability enables weighing the similarities and differences in financial performance between firms. Prior studies mainly focus on the role of accounting standards in the production of comparability, but the role of economic agents has been largely overlooked. We find that a firm's audit committee size and financial expertise affect its financial statement comparability. Financial information tends to be more comparable among industry peers when audit committees are larger and more members have financial and accounting expertise. The effect of audit committee expertise on comparability is stronger for firms with less independent and smaller boards, for firms with non-Big 4 auditors and for firms with CEOs serving as the chairperson of the boards.  相似文献   

13.
Motivated by agency theory, we explore the potential impact of managerial entrenchment through staggered boards on dividend policy. The evidence suggests that firms with staggered boards are more likely to pay dividends. Among firms that pay dividends, those with staggered boards pay larger dividends. We also show that the impact of staggered boards on dividend payouts is substantially stronger (as much as two to three times larger) than the effect of all other corporate governance provisions combined. Overall, the evidence is consistent with the notion that dividends help alleviate agency conflicts. Thus, firms more vulnerable to managerial entrenchment, i.e., firms with staggered boards, rely more on dividends to mitigate agency costs. Aware of potential endogeneity, we demonstrate that staggered boards likely bring about, and are not merely associated with, larger dividend payouts. Our results are important, as they show that certain governance provisions have considerably more influence than others on critical corporate activities such as dividend payout decisions.
Pandej Chintrakarn (Corresponding author)Email:
  相似文献   

14.
This paper studies variation among OECD countries in the size of corporate income tax revenues relative to GDP over the time period 1979–2002. A decomposition explains such variation as a function of the statutory tax rate, the breadth of the tax base, corporate profitability, and the share of the corporate sector in GDP. Empirical results indicate a parabolic relationship between tax rates and revenues, implying a revenue-maximizing corporate income tax rate of 33% for the whole sample. This revenue-maximizing rate is found to decrease as economies are smaller and more integrated with the world economy. JEL Classification H25, H87  相似文献   

15.
The study aimed to analyze between families of different economic sectors of the BM&FBovespa Brazilian companies are those listed in different levels of governance, boards of smaller and independent directors had a better quality of accounting information. Quantitative research conducted with 96 family companies. To analyze the quality of information, we used four characteristics: (Bushman et al., 2004) persistence of the results and cash flow (Dechow e Schrand, 2004), conservatism (Ball e Shivakumar, 2005) and opportunity; relevance (Ohlson, 1995). In relation to corporate governance, it is concluded that the adoption of different levels of governance BM&FBovespa and greater independence of the board influence to greater persistence, conservatism, opportunism and relevance of accounting information occurs. However, it was not possible to conclude that the size of the board influences the quality of accounting information.  相似文献   

16.
This study examines the effect of board composition on the likelihood of corporate failure in the UK. We consider both independent and non-independent (grey) non-executive directors (NEDs) to enhance our understanding of the impact of NEDs' personal or economic ties with the firm and its management on firm performance. We find that firms with a larger proportion of grey directors on their boards are less likely to fail. Furthermore, the probability of corporate failure is lower both when firms have a higher proportion of grey directors relative to executive directors and when they have a higher proportion of grey directors relative to independent directors. Conversely, there is a positive relationship between the likelihood of corporate failure and the proportion of independent directors on corporate boards. The findings discussed in this study support the collaborative board model and the view that corporate governance reform efforts may have over emphasised the monitoring function of independent directors and underestimated the benefits of NEDs' affiliations with the firm and its management.  相似文献   

17.
This study explores the relationship between credit risks of banks and the corporate governance structures of these banks from the perspective of creditors. The cumulative default probabilities are estimated for a sample of US commercial and savings banks to measure their risk taking behavior. The results show that one year and five year cumulative default probabilities are time‐varying, with a significant jump observed in the year prior to the financial crisis of 2008–09. Generally speaking, corporate governance structures have a greater impact on US commercial banks than on savings institutions. We provide evidence that, after controlling for firm specific characteristics, commercial banks with larger boards and older CFOs are associated with significantly lower credit risk levels. Lower ownership by institutional investors and more independent boards also have lower credit risk levels, although these effects are somewhat less significant. For all the banks in our sample, large board size, older CFO, and less busy directors are associated with lower credit risk levels. When we restrict the sample to consider the joint effects of the governance variables, the results on board size and busy directors are maintained.  相似文献   

18.
This paper examines the effects of board size on corporate performance across a number of European economies. Agency models suggest that large boards may destroy corporate value. Our fixed effects econometric evidence demonstrates that the effect of board size on corporate performance is generally negative. A negative effect is isolated for all five European countries in question when performance is measured as return on equity; this inverse relationship is more difficult to isolate using market-based measures of performance.  相似文献   

19.
公司绩效、公司治理与管理者报酬实证研究   总被引:3,自引:0,他引:3  
本文以中国深、沪两市在2004年上市公司样本作为公司绩效、公司治理与管理者报酬研究对象,从公司绩效、股权结构的安排以及董事会治理三个方面,通过构建最小二乘模型进行多元线性回归,来研究公司内部治理机制对公司管理层报酬的影响。研究结果表明:公司绩效、国有股比例、董事会规模、两职兼任均对管理者报酬产生显著的影响。  相似文献   

20.
We examine financially distressed firms and document how governance characteristics affect (1) a firm’s ability to avoid bankruptcy and (2) the power of financial/accounting information to predict bankruptcy. Overall, our findings indicate that a distressed firm’s governance characteristics significantly affect its probability of bankruptcy. We find that smaller and more independent boards with a higher ratio of non-inside directors and with larger ownership stakes of inside directors are more effective at avoiding bankruptcy once distress is indicated. These results are consistent with the belief that these types of governance structures induce more effective monitoring. The results are also consistent with the view that the inclusion of governance characteristics enhances the power of financial accounting models in predicting bankruptcy.
Steve L. SlezakEmail:
  相似文献   

设为首页 | 免责声明 | 关于勤云 | 加入收藏

Copyright©北京勤云科技发展有限公司  京ICP备09084417号