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An Empirical Research of Board Size and the Stability of Corporate Performance and Dividend Policies

Author: WangGuanMin
Tutor: WangZhiQiang
School: Xiamen University
Course: Business management
Keywords: The size of the board Performance stability Dividend stability
CLC: F276.6
Type: Master's thesis
Year: 2008
Downloads: 348
Quote: 8
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Abstract


The size of the board of the efficiency of the Board, is an important issue in the area of ??corporate governance. In empirical research, scholars usually through the research board size indirect impact on company performance test board size on the efficiency of the Board. Empirical research on board size affect the company's results and dividend policy stability is the size of the board affect the results of the extension study to further explore the relationship between board size and performance of the company and the dividend policy stability law, the promotion of corporate governance in China improve and enhance the performance of the board of directors of listed companies in China has important reference value. This article is based on annual data for seven consecutive years from 1999 to 2005, China's Shanghai and Shenzhen A-share listed company, select the observed sample of 575 listed companies in 4025, listed companies in China board size and performance of the company and dividend policy stability, findings: 1. the size of the Board of Directors of the Company, the stronger the greater the stability of the performance of the company. In this paper, ROA, Tobin's Q, the profit margin of the main business the BPS and monthly stock returns five indicators to measure the performance of the company, with their standard deviation to measure the stability of the performance of the company. Regression analysis showed that: There was a significant negative correlation between board size and ROA, Tobin's Q, the main business profit margins and BPS standard deviation. Than the agent, communication and coordination problems in large-scale under the Board of Directors is the performance of the company enhance the stability of the main factors. Into the general manager of influence by the General Manager (Chairman concurrently) as control variables based on the introduction of further interaction variables - the size of the board of the natural product of the number and general manager of influence, to test the large-scale under the Board of Directors to communicate coordination problems and agency problems both exactly which performance of the company increased stability plays a major role. Regression analysis showed that: was a significant negative correlation at the same time, the regression coefficient of the interaction variable is not significant in the size of the board and the main business profit margins as well as the standard deviation of BPS. The Board of Directors of the Company the larger, the stronger the stability of the company's dividend policy. Send to switch to the dividend per share, per share after-tax dividends, bonus shares per share, per share capital four indicators to measure the level of company's dividend distribution to their standard deviation to measure the stability of the company's dividend distribution. Regression analysis showed that: There was a significant negative correlation between board size and dividend per share to send transfer and per share after-tax dividends standard deviation.

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CLC: > Economic > Economic planning and management > Enterprise economy > A variety of enterprise and economic > Company
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