BibTeX
@MISC{Lasfer02boardstructure,
author = {M. Ameziane Lasfer},
title = {Board Structure and . . . },
year = {2002}
}
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Abstract
... non-financial companies. I expect this relationship to be stronger for low growth firms if the board mitigates the free cash flow problem. Consistent with this hypothesis, I find that, for low growth firms, board structure, such as the proportion of non-executive directors and the presence of a non-executive as chairman is significantly related to firm value. In contrast, for high growth firms the relationship between board structure and firm value is weak or negative for the case of the split of the roles of CEO and chairman. The results suggest that internal corporate governance mechanisms are not homogenous but vary with firm specific factors.
