Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/94928
Authors: 
Oxelheim, Lars
Randøy, Trond
Year of Publication: 
2001
Series/Report no.: 
IUI Working Paper 567
Abstract: 
This study examines the effect of foreign (Anglo-American) board membership on corporate performance measured in terms of firm value (Tobin’s Q). On a basis of firms with headquarters in Norway or Sweden the study indicates a significantly higher value for firms that have outsider Anglo-American board member(s), after a variety of firm-specific and corporate governance related factors have been controlled for. We argue that this superior performance reflects the fact that these companies have successfully broken away from a partly segmented domestic capital market by “importing” an Anglo-American corporate governance system. Such an “import” signals a willingness on the part of the firm to expose itself to improved corporate governance and enhances its reputation in the financial market.
Subjects: 
Foreign Board Membership
Corporate Governance
Board Monitoring
Cross-Listing
JEL: 
F36
G30
G32
Document Type: 
Working Paper

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