An analysis of the association between firms' investment opportunities, board composition and firm performance

Hutchinson, Marion 2002, An analysis of the association between firms' investment opportunities, board composition and firm performance, Asia - Pacific journal of accounting and economics, vol. 9, no. 1, pp. 17-38.

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Title An analysis of the association between firms' investment opportunities, board composition and firm performance
Author(s) Hutchinson, Marion
Journal name Asia - Pacific journal of accounting and economics
Volume number 9
Issue number 1
Start page 17
End page 38
Total pages 22 p.
Publisher City University of Hong Kong, Department of Economics & Finance
Place of publication Kowloon, Hong Kong
Publication date 2002
ISSN 1608-1625
Keyword(s) Agency theory
Corporate governance
Investment opportunity set
Firm performance
Summary The purpose of this paper is to identify the variables that influence the board structure adopted by firms and the subsequent relationship to the firm's performance. The results of this study of 229 Australian firms show that firms' investment opportunities are strongly associated with a higher proportion of executive directors ("EDs") on the board. The results also show that the negative relationship between a firm's investment opportunity set ("IDS") and firm performance is weakened at higher levels of non-executive director board domination. These results have implications for policy setters and managers of firms with investment opportunities
Language eng
Field of Research 150105 Management Accounting
Socio Economic Objective 970115 Expanding Knowledge in Commerce, Management, Tourism and Services
HERDC Research category C1 Refereed article in a scholarly journal
Copyright notice ©2002, University of Hong Kong
Persistent URL http://hdl.handle.net/10536/DRO/DU:30001509

Document type: Journal Article
Collection: School of Accounting, Economics and Finance
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