The link between performance and changes in the size and stability of a firm's officers and directors

Naughton, A, Heaney, R, Truong, T, Davidson, S, Fry, T and Mckenzie, M 2005, 'The link between performance and changes in the size and stability of a firm's officers and directors', in C. Kearney (ed.) 12th Global Conference, Dublin, Dublin, Ireland, 27-29 June 2005.


Document type: Conference Paper
Collection: Conference Papers

Title The link between performance and changes in the size and stability of a firm's officers and directors
Author(s) Naughton, A
Heaney, R
Truong, T
Davidson, S
Fry, T
Mckenzie, M
Year 2005
Conference name 12th Global Conference, Dublin
Conference location Dublin, Ireland
Conference dates 27-29 June 2005
Proceedings title 12th Global Conference, Dublin
Editor(s) C. Kearney
Publisher GFC
Place of publication Dublin, Ireland
Abstract If corporate governance works effectively, size and stability of the firm's officer/director group will be sensitive to firm performance. This should be most evident during periods of unusual firm performance and so we focus on a sample of 9817 firms drawn from 52 countries with 2001 performance measures and officer/director effects in the following 12-month period. Cross-sectional analysis indicates a positive relationship between prior period performance and changes in size and stability of the officer/director group. While the change in size relationship appears to be explained by the USA firms in the sample, the stability relationship is more broadly based. We also find that these results are sensitive to legal system with a firm's officer/director group showing greater sensitivity to past performance in common law countries.
Subjects Finance
DOI - identifier 10.1016/j.mulfin.2006.03.001
Copyright notice © 2006 Elsevier
ISSN 1042-444X
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