Mínguez, Antonio; Ugedo, Juan Francisco Martín - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2003
This paper investigates the relationship between board of directors¿characteristics and firm value. We find a positive relationship between board ofdirectors¿ shareholdings and Tobin¿s Q. Endogenous treatment of these variables alsoreveals a positive relationship between Tobin¿s Q and board...