boards does one size fit all - university of georgia.pdf

boards does one size fit all - university of georgia.pdf

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boards does one size fit all - university of georgia

Boards: Does one size fit all? Jeffrey L. Coles Department of Finance W.P. Carey School of Business Arizona State University Jeffrey.Coles@asu.edu Tel: (480) 965-4475 Naveen D. Daniel Department of Financ e Georgia State University nav@gsu.edu Tel: (404) 651-2691 Lalitha Naveen Department of Finance Georgia State University lalitha@gsu.edu Tel: (404) 651-2632 This Version: Jan 1, 2004 JEL classification code: G32; G34; K22 Key words: Corporate governance; directors; board composition; board size; Tobin’s Q * We thank Vikas Agarwal, Anup Agrawal, Sebastien Pouget, Mike Rebello, Kumar Venkatraman, and seminar participants at the Atlanta Finance Workshop and University of Alabama for helpful comments. The authors gratefully acknowledge research grants from Georgia State University Research Foundation and BSI Gamma Foundation. Boards: Does one size fit all? Abstract This paper reexamines the effect of board composition and board size on Tobin’s Q. We find that Tobin’s Q increases in board

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