Arbeitspapier
The Impact of Foreign Board Membership on Firm Value
This study examines the effect of foreign (Anglo-American) board membership on corporate performance measured in terms of firm value (Tobins Q). On a basis of firms with headquarters in Norway or Sweden the study indicates a significantly higher value for firms that have outsider Anglo-American board member(s), after a variety of firm-specific and corporate governance related factors have been controlled for. We argue that this superior performance reflects the fact that these companies have successfully broken away from a partly segmented domestic capital market by importing an Anglo-American corporate governance system. Such an import signals a willingness on the part of the firm to expose itself to improved corporate governance and enhances its reputation in the financial market.
- Language
-
Englisch
- Bibliographic citation
-
Series: IUI Working Paper ; No. 567
- Classification
-
Wirtschaft
Financial Aspects of Economic Integration
Corporate Finance and Governance: General
Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- Subject
-
Foreign Board Membership
Corporate Governance
Board Monitoring
Cross-Listing
Corporate Governance
Vorstand
Ausländer
Tobins Q
Schätzung
Schweden
Norwegen
Unternehmenswert
- Event
-
Geistige Schöpfung
- (who)
-
Oxelheim, Lars
Randøy, Trond
- Event
-
Veröffentlichung
- (who)
-
The Research Institute of Industrial Economics (IUI)
- (where)
-
Stockholm
- (when)
-
2001
- Handle
- Last update
-
10.03.2025, 11:42 AM CET
Data provider
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Object type
- Arbeitspapier
Associated
- Oxelheim, Lars
- Randøy, Trond
- The Research Institute of Industrial Economics (IUI)
Time of origin
- 2001