Using a unique dataset consisting of firms listed on the Singapore Exchange, I show that there is a positive relation between firm value and board size. Consistent with previous literature on board structure, firm value decreases as the proportion of insiders on the board increases. Firm size, age and ownership structure are crucial factors determining the size and composition of boards.
board structure, firm value, board composition
MSc in Finance
Business Administration, Management, and Operations | Finance and Financial Management
Board Structure and Firm Value of Companies Listed on the Singapore Exchange. (2011). Dissertations and Theses Collection (SMU Access Only).
Available at: http://ink.library.smu.edu.sg/etd_coll_smu/21
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