This paper examines the role of the board of governances in influencing the value of the firm. In particular, we study the impact of the five most important characteristics of corporate governance on firm value of the Italian listed firms during the period 2003-2013. The empirical findings, based on sample of 193 firms-year and 1613 total observations, show the predominance of the benefits deriving of stewardship theory and resource dependence theory rather than the disadvantages related to agency theory. The results, obtained using panel data analysis, show that performance are positively affected by the presence of Busy governances and Board Size. On contrary to our expectations, CEO duality, Independent and Female Governances do not influence firm value.
Tenuta, P., Cambrea, D. R., Consiglio di amministrazione e valore d’impresa, <<IMPRESA PROGETTO>>, 2016; (1): 1-36 [http://hdl.handle.net/10807/151449]
Consiglio di amministrazione e valore d’impresa
Cambrea, Domenico Rocco
2016
Abstract
This paper examines the role of the board of governances in influencing the value of the firm. In particular, we study the impact of the five most important characteristics of corporate governance on firm value of the Italian listed firms during the period 2003-2013. The empirical findings, based on sample of 193 firms-year and 1613 total observations, show the predominance of the benefits deriving of stewardship theory and resource dependence theory rather than the disadvantages related to agency theory. The results, obtained using panel data analysis, show that performance are positively affected by the presence of Busy governances and Board Size. On contrary to our expectations, CEO duality, Independent and Female Governances do not influence firm value.
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