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Board size and firm value: evidence from Australia

Author

Listed:
  • Pascal Nguyen

    (NEOMA Business School)

  • Nahid Rahman

    (University of Technology Sydney)

  • Alex Tong

    (University of Technology Sydney)

  • Ruoyun Zhao

    (University of Technology Sydney
    University of Technology Sydney)

Abstract

We study the effect of board size on firm value in Australia. Using a large sample of Australian firms over the period 2001–2011, we find strong evidence of a negative relationship. We show that firms with a large board are associated with CEO compensation that is sensitive to firm size, but not to firm performance. This incentive to accumulate assets is congruent with the fact that firms with a large board also exhibit lower operating performance and higher operating costs. Furthermore, we find that the effect of board size is stronger in small firms. This result might explain why earlier studies, which focused on large Australian firms, found board size to have little impact on firm value.

Suggested Citation

  • Pascal Nguyen & Nahid Rahman & Alex Tong & Ruoyun Zhao, 2016. "Board size and firm value: evidence from Australia," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 20(4), pages 851-873, December.
    • Handle: RePEc:kap:jmgtgv:v:20:y:2016:i:4:d:10.1007_s10997-015-9324-2
    DOI: 10.1007/s10997-015-9324-2
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    Cited by:

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    2. Zsolt Lakatos, 2020. "Do larger boards improve shareholder value creation? – Effects of the board size on business performance in Eastern Central Europe," Society and Economy, Akadémiai Kiadó, Hungary, vol. 42(3), pages 245-279, September.
    3. Taufik Taufik & Tertiarto Wahyudi & Agung Putra Raneo & Mu'izzuddin Mu'izzuddin & Mohamad Adam, 2018. "Do Traditional Accounting and Economic Value Added Mediate The Relationship Between Corporate Governance and Firm Value of Indonesian State-Owned Enterprises ?," International Journal of Economics and Financial Issues, Econjournals, vol. 8(3), pages 118-126.
    4. Shamsul Nahar Abdullah & Azbariyah Aziz & Aizulfithri Azani, 2022. "The Effect of Board Independence, Gender Diversity and Board Size on Firm Performance in Malaysia," Journal of Social Economics Research, Conscientia Beam, vol. 9(4), pages 179-192.
    5. Pham Thi Ngoc Bich & Nguyen Dinh Hoang Uyen, 2019. "Corporate governance and firm performance: Evidence from Vietnamese listed companies," HO CHI MINH CITY OPEN UNIVERSITY JOURNAL OF SCIENCE - ECONOMICS AND BUSINESS ADMINISTRATION, HO CHI MINH CITY OPEN UNIVERSITY JOURNAL OF SCIENCE, HO CHI MINH CITY OPEN UNIVERSITY, vol. 9(2), pages 74-93.
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    10. Laila Mohamed Alshawadfy Aladwey & Raghad Abdulkarim Alsudays, 2023. "Does the Cultural Dimension Influence the Relationship between Firm Value and Board Gender Diversity in Saudi Arabia, Mediated by ESG Scoring?," JRFM, MDPI, vol. 16(12), pages 1-21, December.
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    13. Abdullah A. Aljughaiman & Abdulateif A. Almulhim & Abdulaziz S. Al Naim, 2024. "Board Structure, CEO Equity-Based Compensation, and Financial Performance: Evidence from MENA Countries," IJFS, MDPI, vol. 12(1), pages 1-17, January.
    14. Wang, Boya, 2018. "Ownership, institutions and firm value: Cross-provincial evidence from China," Research in International Business and Finance, Elsevier, vol. 44(C), pages 547-565.
    15. Prior Jonson, Elizabeth & McGuire, Linda & Rasel, Sharif & Cooper, Brian, 2020. "Older boards are better boards, so beware of diversity targets," Journal of Management & Organization, Cambridge University Press, vol. 26(1), pages 15-28, January.
    16. James, Hui & Hsieh, Chialing & Wu, Chen Y., 2017. "Board structure of immigrant-founder firms," Journal of Multinational Financial Management, Elsevier, vol. 42, pages 11-23.
    17. Ahmed Jinjiri Bala & Aminu Hassan & Kabiru Isa Dandago & Attahir Babaji Abubakar & Zaharaddeen Salisu Maigoshi, 2021. "On the relationship between intellectual capital efficiency and firm value: evidence from the Nigerian oil and gas downstream sector," International Journal of Learning and Intellectual Capital, Inderscience Enterprises Ltd, vol. 18(3), pages 222-251.
    18. Renuka Sharma & Kiran Mehta & Archana Goel, 2023. "Non-linear relationship between board size and performance of Indian companies," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 27(4), pages 1277-1301, December.
    19. Shanyue Jin & Yuying Gao & Shufeng (Simon) Xiao, 2021. "Corporate Governance Structure and Performance in the Tourism Industry in the COVID-19 Pandemic: An Empirical Study of Chinese Listed Companies in China," Sustainability, MDPI, vol. 13(21), pages 1-22, October.
    20. Tim Heubeck & Reinhard Meckl, 2024. "Does board composition matter for innovation? A longitudinal study of the organizational slack–innovation relationship in Nasdaq-100 companies," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 28(2), pages 597-624, June.
    21. Pascal Nguyen & Nahid Rahman & Ruoyun Zhao, 2018. "CEO characteristics and firm valuation: a quantile regression analysis," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 22(1), pages 133-151, March.
    22. Tulung, Joy Elly & Ramdani, Dendi, 2017. "Independence, Size and Performance of the Board an emerging market research," MPRA Paper 112180, University Library of Munich, Germany, revised 12 Jan 2018.
    23. Yusheng Kong & Takuriramunashe Famba & Grace Chituku-Dzimiro & Huaping Sun & Ophias Kurauone, 2020. "Corporate Governance Mechanisms, Ownership and Firm Value: Evidence from Listed Chinese Firms," IJFS, MDPI, vol. 8(2), pages 1-26, April.
    24. Ngonadi Josiah Chukwuma & Takuriramunashe Famba & Huaping Sun & Isaac Adjei Mensah & Ophias Kurauone & Liang Li & Grace Chituku-Dzimiro, 2021. "The effect of firm performance on CEO compensation: the moderation role of SOE reform," SN Business & Economics, Springer, vol. 1(11), pages 1-32, November.
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    More about this item

    Keywords

    Board of directors; Corporate governance; Firm performance; CEO compensation;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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