Board diversity has become a major issue within corporate governance where a number of studies seek to explore the impact of diversity on firm performance. The debate focuses on questions such as whether a corporation's board should reflect the firm's stakeholders or be more in line with society...

After the emergence of the Cadbury Report in 1992, several countries in the EU, including Denmark, issued their own guidelines of corporate governance. However, whether such recommendations benefit shareholders is a controversial question. This article presents an empirical analysis of financial...

Conventional wisdom argues that managerial ownership may alleviate agency costs due to the separation of ownership and control. The reason is that a higher ownership stake by insiders may help to align the interests of management and shareholders, since management, to a larger extent, becomes a...

We investigate the relationship between a firm's reputation and financial performance. Our results challenge the conventional wisdom since we find that corporate reputation does not impact firm value (the market to book value of equity) whereas corporate financial performance improves corporate...