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    STUDIA NEGOTIA - Issue no. 1 / 2012  
         
  Article:   CORPORATE BOARD STRUCTURE AND ORGANIZATIONAL PERFORMANCE: EVIDENCE FROM ROMANIAN FIRMS.

Authors:  CORINA GAVREA, ROXANA STEGEREAN.
 
       
         
  Abstract:  

Good corporate governance is an important ingredient of the image of an organization. This is one reason that led to the increase of the importance of this concept in the past years. This paper examines the impact of board characteristics (board size, CEO duality and board diversity) as a corporate governance variable on organizational performance. We decided to use these variables as a mean of cuantifing corporate governance because the effectiveness of the board of directors has become a global concern. Based on the existing literature we developed three hypotheses in order to analyze the relationship between board characteristics and organizational performance. Our results show a significant and negative impact of board size on firm performance which validates our first hypothesis. The second hypothesis is validated only when ROE is used as a performance measure. The third hypothesis is not validated for neighter of the two performance measures used in this study (ROA and ROE).

Keywords: corporate governance, organizational performance, board characteristics, CEO duality, board size, board meetings.

JEL Classification: G30, M10

 
         
     
         
         
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