Larger board size and decreasing firm value in small firms 1 We wish to thank Asiakastieto Oy for furnishing us with the data analyzed here, Clas Bergström, Jonathan Macey, David Yermack, and an anonymous referee for helpful comments, and Linda Bölling for excellent research assistance. Sundgren's research was supported by NÖDFOR and the Academy of Finland. Much of the work on this article was completed while Sundgren was a John M. Olin Fellow at Cornell Law School. Well's research was supported by NSF grant DMS 9625440. 1

Larger board size and decreasing firm value in small firms 1 We wish to thank Asiakastieto Oy for... Several studies hypothesize a relation between board size and financial performance. Empirical tests of the relation exist in only a few studies of large U.S. firms. We find a significant negative correlation between board size and profitability in a sample of small and midsize Finnish firms. Finding a board-size effect for a new and different class of firms affects the range of explanations for the board-size effect. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Financial Economics Elsevier

Larger board size and decreasing firm value in small firms 1 We wish to thank Asiakastieto Oy for furnishing us with the data analyzed here, Clas Bergström, Jonathan Macey, David Yermack, and an anonymous referee for helpful comments, and Linda Bölling for excellent research assistance. Sundgren's research was supported by NÖDFOR and the Academy of Finland. Much of the work on this article was completed while Sundgren was a John M. Olin Fellow at Cornell Law School. Well's research was supported by NSF grant DMS 9625440. 1

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Abstract

Several studies hypothesize a relation between board size and financial performance. Empirical tests of the relation exist in only a few studies of large U.S. firms. We find a significant negative correlation between board size and profitability in a sample of small and midsize Finnish firms. Finding a board-size effect for a new and different class of firms affects the range of explanations for the board-size effect.

Journal

Journal of Financial EconomicsElsevier

Published: Apr 1, 1998

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