Bouaziz, Zied and Triki, Mohamed (2012): L’impact du conseil d’administration sur la performance financière des entreprises Tunisiennes.
Download (198kB) | Preview
The Board of Directors plays a key role as a mechanism of internal corporate governance. Indeed, its effectiveness is dependent on the presence of several factors, the most important are related to characteristics that relate primarily to the independence of its members, board size, combining the functions of decision and control and the degree of independence of the audit committee and gender diversity of the board. To test the validity of our hypothesis, which states the existence of a deterministic characteristic of the board on financial performance measured by three different ratios, namely ROA, ROE and Tobin's Q, we have developed three linear regression models. Our empirical validation was conducted on a sample of 26 companies listed on the Tunisian stock exchange Tunis (Tunis Stock Exchange) over a period that spans four years (2007- 2010). The estimated models show satisfactory results showing the importance of the impact of board characteristics on financial performance of Tunisian companies.
|Item Type:||MPRA Paper|
|Original Title:||L’impact du conseil d’administration sur la performance financière des entreprises Tunisiennes.|
|English Title:||The impact of the Board of directors on the financial performance of Tunisian companies.|
|Keywords:||Board of Directors - financial performance -board size-the accumulation of functions-diversity of the board|
|Subjects:||G - Financial Economics > G3 - Corporate Finance and Governance > G38 - Government Policy and Regulation|
|Depositing User:||zied bouaziz|
|Date Deposited:||15. May 2012 14:09|
|Last Modified:||12. Feb 2013 10:29|
Abbott, L., & Parker S. 2000, “Auditor selection and audit committee characteristics.
Auditing” : A Journal of Practice and Theory 19 (2): pp 47-66.
Arcot S.R & Bruno V.G 2005, “one size does not fit to all, Evidence from corporategovernance” Working paper.
Adams, R.B & Ferreria, D 2009, “Women in the boardroom and their impact ongovernance and performance”, Journal of Financial Economics, Vol.94, pp.291-309.
Adams, R.B & Ferreria, D 2007, “A theory of friendly boards”, Journal of Finance,Vol.62, pp.217-250.
Adams , R.B & Ferreria ,D 2003, “Diversity andincentives: evidence from corporateboards”, Working Paper, University of Stockholm.
Adams, R &Mehran, H., 2003, “ Is corporate governance different for bank holdingcompanies? Federal Reserve Bank of New York” Economic Policy Review (April), pp123- 142.
Alexandre H & M. Paquerot ,2000, “Efficacité des structures de contrôle etenracinement des dirigeants”, Finance Contrôle Stratégie, vol 3, N°2,pp 5-29.
Anderson, R.C., Mansi S.A., & Reeb D.M., 2003a, “Founding family ownership and the agency cost of debt” , Journal of Financial Economics 68, 263-285.
Anderson, R.C., Mansi S.A., & Reeb D.M.,2004 “Board characteristics, accountingreport integrity and the cost of debt “ journal of accounting and economics, vol 37 ,pp 315-342.
Andrés, P., Azofra, V. & López, F.J , 2005, "Corporate Boards in some OECDcountries: size composition, functioning and effectiveness." Corporate Governance:An International Review. Vol. 13(2), pp 197-210.
Ang, J., Lauterbach, B., & Schreiber, B.Z , 2002a, . “Pay at the executive suite: How do US banks compensate their top management teams?” Journal of Banking &Finance 26, pp 1143-1169 .
Angbazo, L. & Narayanan, R. ,1997, “Top management compensation and thestructure of the board of directors in commercial banks” , Europen. Finance Review .1, pp 237–257.
Barro, R., 1990, “ Government spending in a simple model of endogenous growth” .Journal of Political Economy 98, pp 103-125.
Beasley , M.S& Salterio.S 2001” The relationship between board characteristics and voluntary improvement in audit committee composition and experience”, contemporary accounting research , vol 18 pp 539-570.
· Beiner S, Drobetz W, Schmid M M, & Zimmermann H, 2006 “An Integrated Framework of Corporate Governance and Firm Valuation” European Financial Management 12 (2), pp 249–283.
· Bhagat ,S. & Black, B , 2000, “ Board independence and long-term firm performance” working paper, University of Colorado.
· Bhagat, S.& Black B..2002, “The non-correlation between board independence and long-term firm performance». Journal of Corporation Law pp 231-274.
· Bhagat, S. & Black, B. 1999, “The uncertain relationship between board composition and firm value” , Business Lawyer N°54, pp 921-963. 27
· Bhagat, S. & Bolton , B., 2008, “Corporate governance and firm performance” , Journal of Corporate Finance, vol 14, N°3, pp 257-273.
· Black, B S., Love, I & Rachinsky, A 2006, "Corporate Governance and Firms' Market Values: Time Series Evidence from Russia" . Emerging Markets Review, Vol. 7, pp. 361-379
· Brown, L D. &. Caylor L M, 2004, “Corporate governance and firm Performance” Georgia State University working paper.
· Brickley, J.A., Coles, J.L. & Jarrell , G., 1997, “Leadership structure: Separating the CEO and chairman of the board” , Journal of Corporate Finance, vol 3, pp 189-220.
· Burton P ,2000, “ Antecedents and Consequences of Corporate Governance Structures Corporate Governance” An International Review 8 (3), pp194–203.
· Byrd, J.W& Hickman, K.A., 1992.,”Do outside directors monitor managers? Evidence from tender offer bids” .Journal of Financial Economics 32, pp 195– 221.
· Cannella , A. & Lubtakin, M., 1993, “Succession as a sociopolitical process: Internal impediments to outsider succession” , Academy of Management Journal, vol 36, pp 763-793.
· Carapeto, M, Lasfer, M & Machera, K, 2005, "Does Duality Destroy Value?" Cass BusinessSchool Research Paper.
· Carter , D.A, Simkins , B.J. & Simpson , W.G, 2003, “Corporate governance, board diversity, and firm value”, The Financial Review, Vol.38, pp.33-53.
· Charreaux G, 1993, “Conseil d’administration et pouvoir dans l’entreprise”. Working Paper université de Bourgogne. 28
· Chen, J.P., Charles, & Jaggi, B. L. 2000 “The Association between independent nonexecutive directors, family control and financial disclosures in Hong Kong “. Journal of Accounting and Public Policy, 19(4-5), pp.285-310.
· Coles, J.L , Daniel N. D & Naveen , L , 2005, “ Boards: Does one size fit all?” Arizona State University - Finance Department , Purdue University and Purdue University .
· Core, J.E. & D.F. Larcker, 2002, “ Performance consequences of mandatory increases in executive stock ownership” , Journal of Financial Economics 64(3), pp 317-340.
· Dalton D.R., C.M. Daily, J.L. Johnson & A.E. Ellstrand, 1999 , “Number of directors and financial performance: a meta-analysis”, Academy of Management Journal, vol.42, n°6,p.674- 686.
· Davidson , W.N, Pilger.T & Szakmary. A 1998 “golden parachutes, board and committee composition and shareholder wealth “ The financial review pp 17-32
· Ehrhadto. O. & Nowake . E , 2002 , “ Private benefits and Minority Shareholder Expropriation. Empirical Evidence from IPOs of German Family-owned firms “, Working Paper, Humboldt University and Goethe University.
· Fama, E. F. & Jensen, M. C. 1983,”Agency problems and residual claims”. Journal of Law and Economics, 26(2): pp 327-49.
· Farell , K.A. & Hersch, P, 2005, “Additions to corporate boards: the effect of gender”, Journal of Corporate Finance, Vol.11, pp.85- 106.
· Godard L & A. Shatt; 2004, “Caractéristiques et fonctionnement des d’administration français : Un état des lieux», Cahier du FARGO, n° 104020, février.
· Godard L.,2002, “La taille du conseil d’administration : déterminants et impact sur la performance”, Revue Sciences de Gestion, 33, pp.125-148. 29
· Hermalin B & Weisbach M, 1991, “The effects of board composition and direct incentives on firm performance” Financial Management 20 pp 101-112.
· Holderness, C. G., & Dennis P ,1988, “The Role of Majority Shareholders in Publicly Held Corporations.” Journal of Financial Economics 20: pp 317-46.
· Jensen , M.C.& Meckling ,W.H, 1976, "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure", Journal of Financial Economics pp.305-360.
· Jensen, M.C.1993 ,”The modern industrial revolution, exit the failure of internal control systems”. Journal of Finance, vol 48(3), pp 831-880.
· Kang. E, Ding D.K & Charoenwong. C, 2009, “Investor reaction to women directors”, Journal of Business Research, (fortcoming)
· Kaymak, T. & Bektas , E, 2008, “East meets west? Board characteristics in an emerging market: Evidence from Turkish Banks”, Corporate Governance, vol 16, N°6, pp 550-561.
· Kennedy. P 1985, “A guide to econometrics”, Basil Blackwell, Southampton.
· Kiel, G .C & Nicholson, G .J, 2003, “ Board Composition and Corporate Performance: how the Australian experience informs contrasting theories of corporate governance Corporate Governance” An International Review 11 , pp 189–205.
· Klein, A. 1998 “firm performance and board committee structure” journal of law and economics Vol 41 pp 275-303.
· Klein, A. 2002, “Audit committee, board of director characteristics, and earnings management”. Journal of Accounting and Economics 33 pp 375-400. 30
· Kochan, T., Bezrukova, T.K, Ely R., Jackson S., Joshi A., Jehn K., Leonard J., Levine