The impact of foreign board membership on firm value

Journal of Banking and Finance

Volumn 27, Issue 12, 2003, Pages 2369-2392

  Oxelheim, Lars ^a   Randøy, Trond ^b  

^a LUND UNIVERSITY   (Sweden)

^b UNIVERSITY OF AGDER   (Norway)

Author keywords

Board monitoring; Corporate governance; Cross listing; Foreign board membership

Indexed keywords

EID: 0142118652     PISSN: 03784266     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0378-4266(02)00395-3     Document Type: Article

References (67)

1. Agrawal A. Knoeber C. Firm performance and mechanisms to control agency problems between managers and shareholders Journal of Financial and Quantitative Analysis 31 1996 377-397
2. Aguilera R. Cuervo-Cazurra A. 2000 Codes of good governance worldwide. Working paper 00-105, CIBER, University of Illinois at Urbana-Champaign
3. Angblad J. Berglöf E. Högfeldt P. Svancar H. Ownership and control in Sweden - strong owners, weak minorities and social control In: Barca F. Becht M. (Eds.), The Control of Corporate Europe 2001 Oxford University Press Oxford
4. Baysinger B. Butler H. Corporate governance and the board of directors: Performance effects of changes in board composition Journal of Law, Economics, and Organizations 1 1985 101-124
5. Bekaert G. Harvey C. Foreign speculators and emerging equity markets Journal of Finance 55 2000 565-613
6. Bhagat S. Black B. 2000 Board independence and long term firm performance. Working Paper. The Center for Law and Economics, Colombia Law School
7. Blass A. Yafeh Y. Vagabond shoes longing to stay: Why foreign firms list in the United States Journal of Banking and Finance 25 2001 555-572
8. Brush T. Bromiley P. Hendrickx M. The free cash flow hypothesis for sales growth and firm performance Strategic Management Journal 21 2000 455-472
9. Carlin W. Mayer C. 1999 Finance, Investment and Growth. Discussion Paper No. 2223. CEPR, London
10. Chhibber S. Majumdar K. Foreign ownership and profitability: Property rights, control, and the performance of firms in Indian industry Journal of Law and Economics 42 1999 209-238
11. Cho M-H. Ownership structure, investment, and the corporate value: An empirical analysis Journal of Financial Economics 47 1998 103-121
12. Chung K. Pruitt S. A simple approximation of Tobin's Q Financial Management 23 3 1994 70-74
13. Cohen W. Levinthal D. Absorptive capacity: A new perspective on learning and innovation Administrative Science Quarterly 35 1990 209-225
14. Dahlquist M. Robertsson G. Direct foreign ownership, institutional investors, and firm characteristics Journal of Financial Economics 59 2001 413-440
15. Dalton D. Daily C. Johnson J. Ellstrand A. Number of directors and financial performance: A meta-analysis Academy of Management Journal 42 1999 674-687
16. Danish Ministry of Finance, 1999. Debatopplæg om Aktivt Eierskap. Schultz Erhvervsboghandel, Copenhagen
17. Demsetz H. The structure of ownership and theory of the firm Journal of Law and Economics 26 2 1983 375-394
18. Demsetz H. Lehn K. The structure of corporate ownership: Causes and consequences Journal of Political Economy 93 6 1985 1155-1177
19. Economist, 2001. Global Equity Markets Survey. 5th May
20. Foerster S. Karolyi A. The effects of market segmentation and investor recognition on asset prices: Evidence from foreign stocks listing in the US Journal of Finance 54 1999 981-1013
21. Forbes D. Milliken F. Cognition and corporate governance: Understanding boards of directors as strategic decision-making groups Academy of Management Review 24 1999 489-505
22. Glaum M. Bridging the GAAP: The changing attitude of german managers towards Anglo-American accounting and accounting harmonization Journal of International Financial Management and Accounting 11 1 2000 23-47
23. Gillies J. Dickinson M. The governance of transnational firms: Some preliminary hypotheses Corporate Governance - an International Review 7 1999 237-247
24. Goergen M. 1998 Corporate Governance and Financial Performance. A Study of German and UK Initial Public Offerings. Edgar Elgar, Cheltenham, UK
25. Hermalin B. Weisbach M. The effects of board composition and direct incentives on firm performance Financial Management 20 4 1991 101-112
26. Hermalin B. Weisbach M. 2000 Boards of directors as an endogenously determined institution: A survey of the economic literature. Working Paper, University of Berkeley
27. Howe J. Kelm K. The stock price impact of overseas listings Financial Management 16 Autumn 1987 51-56
28. Howe J. Madura J. The impact of international listing on risk: Implications for capital market integration Journal of Banking and Finance 14 1990 1133-1142
29. Huse M. Eide D. Stakeholder management and the avoidance of corporate control Business and Society 35 1996 211-243
30. Jayaraman J. Khorana A. Nelling E. Covin J. CEO founder and firm financial performance Strategic Management Journal 21 2000 1215-1224
31. Jensen M. The modern industrial revolution, exit, and the failure of internal control systems Journal of Finance 48 1993 831-881
32. John K. Senbet L. Corporate governance and board effectiveness Journal of Banking and Finance 22 1999 371-403
33. Kaplan S. Corporate governance and incentives in German companies: Evidence from top executive turnover and firm performance European Financial Management 1 1995 23-36
34. Karolyi A. Why do companies list shares abroad? A survey of the evidence and its managerial implications Financial Markets, Institutions and Instruments 7 1 1998 1-60
35. Lannoo K. A European perspective on corporate governance Journal of Common Market Studies 37 1999 269-294
36. La Porta R. Lopez-de-Silanes F. Shleifer A. Corporate ownership around the world Journal of Finance 54 1999 471-517
37. La Porta R. Lopez-de-Silanes F. Shleifer A. Vishny R. Legal determinants of external finance Journal of Finance 52, 1997 1131-1150
38. La Porta R. Lopez-de-Silanes F. Shleifer A. Vishny R. Law and finance Journal of Political Economy 106 1998 1113-1155
39. La Porta R. Lopez-de-Silanes F. Shleifer A. Vishny R. Investor protection and corporate valuation Journal of Financial Economics 58 1-2 2000 3-27
40. McConaughy D. Walker M. Henderson G. Mishra C. Founding family controlled firms: Efficiency and value Review of Financial Economics 7 1998 1-19
41. McConnell J. Servaes H. Additional evidence on equity ownership and corporate value Journal of Financial Economics 27 1990 595-612
42. McKinsey & Company, 2000. Investor opinion survey. London. http://www.mckinsey.com/features/investor_opinion/index.html
43. Miller D. The market reaction to international cross-listing: Evidence from depositary receipts Journal of Financial Economics 51 1999 103-123
44. Mishra C. Randøy T. Jenssen J. The effect of founding family influence on firm value and corporate governance: A study of Norwegian firms Journal of International Financial Management and Accounting 12 2001 235-259
45. Modén K. Oxelheim L. Why issue equity abroad - corporate efforts and stock market responses Management International Review 37 1997 223-241
46. Morck R. Shleifer A. Vishny R. Management ownership and market valuation: An empirical analysis Journal of Financial Economics 20 1988 293-315
47. OECD, 1998 Corporate governance: Improving competitiveness and access to capital in global markets. Organization for Economic Cooperation and Development Document, Paris
48. OECD, 1999 OECD principles of corporate governance, organization for economic cooperation and development. Available: http://www.oecd.org/daf/governance/principles.htm.
49. Oslo Stock Exchange, 1999. Foreign ownership by country and investment sector. Available: http://www.ose.no/relevant_statistics/9902.pdf.
50. Oxelheim L. Routes to equity market integration - the interplay between politicians, investors and managers Journal of Multinational Financial Management 11 2001 183-211
51. Oxelheim L. Stonehill A. Randøy T. Vikkula K. Dullum K. Modén K. Corporate Strategies to Internationalise the Cost of Capital 1998 Copenhagen Business School Press Copenhagen
52. Peace C. Osmond C. From workplace attitudes and values to a global pattern of nations: An application of latent class modeling Journal of Management 25 1999 759-778
53. Perfect S. Wiles K. Alternative constructions of Tobin's Q: An empirical comparison Journal of Empirical Finance 1 1994 313-341
54. Randøy T. Goel S. 2003 Ownership structure, founding family leadership, and performance in Norwegian SMEs. Journal of Business Venturing, forthcoming (special issue on The Evolving Family/Entrepreneurial Business Relationship)
55. Randøy T. Oxelheim L. Stonehill A. Global financial strategies and corporate competitiveness European Management Journal 19 2001 659-669
56. Reese W. Jr. Weisback M. 2001 Protection of minority shareholder interests, cross-listings in the United States, and subsequent equity offerings. Working Paper no. 8164, NBER
57. Rosenstein S. Wyatt J. Outside directors, board independence, and shareholder wealth Journal of Financial Economics 26 1990 175-192
58. Shleifer A. Vishny R. Large shareholders and corporate control Journal of Political Economy 94 1986 461-488
59. Shleifer A. Vishny R. A survey of corporate governance Journal of Finance 52 1997 737-783
60. Spender J. Making knowledge the basis of a dynamic theory of the firm Strategic Management Journal 17 1996 45-62
61. Stulz R. Globalization, corporate finance and the cost of capital Journal of Applied Corporate Finance 12 3 1999 8-25
62. Sundaram A. Logue D. Valuation effect of foreign company listings on US exchanges Journal of International Business Studies 27 1996 67-88
63. Sundqvist S. 1999 Ägarna och Makten i Sveriges Börsföretag, Dagens Nyheters förlag, Stockholm, Sweden
64. Useem M. Corporate leadership in a globalizing equity market Academy of Management Executive 12 4 1998 43-59
65. Verbeek M. A guide to modern econometrics 2000 John Wiley & Sons Chichester
66. Volpin P. 2002 Governance with poor investor protection: Evidence from top executive turnover in Italy. Journal of Financial Economics 64 61-90
67. Yermack D. Higher market values of companies with a small board of directors Journal of Financial Economics 40 1996 185-211