Internal Governance Mechanisms and Operational Performance: Evidence from Index Mutual Funds

被引：67

作者：

Adams, John C. ^{[3
]}

Mansi, Sattar A. ^{[2
]}

Nishikawa, Takeshi ^{[1
]}

机构：

[1] St Johns Univ, Peter J Tobin Coll Business, Queens, NY 11439 USA

[2] Virginia Tech, Pamplin Coll Business, Blacksburg, VA USA

[3] Univ N Florida, Coggin Coll Business, Jacksonville, FL 32224 USA

来源：

REVIEW OF FINANCIAL STUDIES | 2010年 / 23卷 / 03期

关键词：

IN-DIFFERENCES; DIRECTORS; BOARDS; INVESTORS;

D O I：

10.1093/rfs/hhp068

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We provide new evidence linking board characteristics and performance. Using manually collected governance data from the mutual fund industry, we find an inverse relation between board size and fund performance. We also find evidence that organizational form plays an important role in determining operational performance. Overall, the results are consistent with the notion that there may not be a single optimal board structure that is applicable to all funds, that attempts to regulate board attributes should he considered with caution, and that sponsor-level factors are important board structure considerations. (JEL G20, G32, G34)

引用

页码：1261 / 1286

页数：26

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