Corporate Law and Corporate Governance
Higher Market Valuation of Companies with a Small Board of Directors
David Yermack
- Year
- 1996
- Venue
- Journal of Financial Economics
- Level
- Advanced
Summary
Studies board size and firm value in a sample of large U.S. industrial companies. The article reports an inverse association between board size and Tobin's Q and is a canonical reference for empirical debates over board coordination, monitoring, and governance effectiveness.
Citation
David Yermack. "Higher Market Valuation of Companies with a Small Board of Directors." Journal of Financial Economics, 1996.
DOI: 10.1016/0304-405X(95)00844-5
BibTeX
@article{Yermack1996Higher,
title = {Higher Market Valuation of Companies with a Small Board of Directors},
author = {David Yermack},
year = {1996},
journal = {Journal of Financial Economics},
doi = {10.1016/0304-405X(95)00844-5},
url = {https://doi.org/10.1016/0304-405X(95)00844-5}
}