Working Paper No. 567

The Impact of Foreign Board Membership on Firm Value

Publicerad: December 10, 2001 Antal sidor: 37Nyckelord: Foreign Board Membership; Corporate Governance; Board Monitoring; Cross-ListingJEL-koder: F36; G30; G32

The Impact of Foreign Board Membership on Firm Value Lars Oxelheim and Trond Randøy


This study examines the effect of foreign (Anglo-American) board membership on corporate performance measured in terms of firm value (Tobin’s 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.

 

Lars Oxelheim

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Europaperspektiv 2019

EU och nationalstatens återkomst

eu-och-nationalstatens-aterkomst-europaperspektiv-2019.gif

Detta är den tjugoandra årgången av Europaperspektiv. Lars Oxelheim, IFN och Lunds universitet, är en av bokens redaktörer. I nio kapitel diskuterar ledande svenska forskare hur EU påverkar och påverkas av nationalstatens återkomst i Europa. Magnus Henrekson och Özge Öner, IFN, är medförfattare till ett av kapitlen i boken.

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