Determinants of boardmembers' financial expertise-Empirical evidence from France

被引：33

作者：

Jeanjean, Thomas ^{[1
]}

Stolowy, Herve ^{[1
]}

机构：

[1] HEC Paris, Jouy En Josas, France

来源：

INTERNATIONAL JOURNAL OF ACCOUNTING | 2009年 / 44卷 / 04期

关键词：

Financial expertise; Board of directors; Supervisory board; Corporate governance;

D O I：

10.1016/j.intacc.2009.09.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Very few countries require directors to be financially literate. This article investigates the determinants of boards' financial expertise using a sample of 95 nonfinancial French listed firms. We construct a measure of financial expertise based on educational and career background data for 943 individuals occupying 1140 posts in our sample and explore the determinants of average per-firm financial expertise using a Tobit analysis. We find that average financial expertise is negatively associated with board type (two-tier versus one-tier) and growth opportunities and positively associated with board independence, ownership concentration, and institutional ownership. These findings are robust to sensitivity analyses. (C) 2009 University of Illinois. All rights reserved.

引用

页码：378 / 402

页数：25

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