Is information on boards useful for investors' appraisal of a firm's value

被引：1
|
作者：
Deschenes S. [1 ]
Rojas M. [2 ]
Morris T. [2 ]
机构：
[1] Accounting Department, Business School, Université de Moncton
[2] Department of Finance, Business School, Université de Moncton, Moncton, NB E1A 3E9, 18, Avenue Antonine-Maillet
来源：
International Journal of Disclosure and Governance | 2013年 / 10卷 / 4期
关键词：
board characteristics; board director ownership; board director remuneration; board director tenure; corporate governance; firm valuation;
D O I：
10.1057/jdg.2013.8
中图分类号：
学科分类号：
摘要：
This article examines if investors rely on certain kinds of information about board characteristics appearing in circulars, to appraise a firm's market value. The board traits considered in the study are independence, size, ratio of stock-based remuneration to total director remuneration, board ownership and director tenure. Our results show that the ratio of equity remuneration to total remuneration, director tenure and director ownership in dollar value can be positively connected with firm market capitalization. © 2013 Macmillan Publishers Ltd.
引用
收藏
页码：363 / 377
页数：14
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