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The effect of busy boards on Tobin's Q in Swedish firms: studying firm size and ownership concentration as potential modifiers
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
2016 (English)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
Abstract [en]

Increasingly there is debate concerning the number of board memberships a person can hold before loss of quality in their work. Previous research has not reached consensus regarding the effect of busy directors on firm performance. We therefore hypothesize there are modifying factors affecting that relationship, namely firm size and the presence of concentrated ownership. We designed a quantitative study to study first the effect of busyness on firm performance in Swedish listed companies, and secondly, to study the effect of the modifying factors on that relationship. It was found that busyness is positively related with firm performance measured by Tobin’s Q, and that concentrated ownership affects that relationship such that companies with more concentrated ownerships also have higher Tobin’s Q values. There was however partial support that firm size is a negative modifier on the relationship between busyness and firm performance. Overall our results indicate that more regulation that limits board busyness is not currently warranted.

Abstract [sv]

Det debatteras alltmer hur många styrelseuppdrag en styrelseledamot kan ha innan det börjar påverka kvaliteten på deras arbete negativt. Tidigare forskning har inte nått ett enhetligt svar på frågan om effekten av många styrelseuppdrag och ett företagets prestation. Vi tror därför att det finns modifierande variabler som inverkar på detta förhållande, nämligen företagets storlek och om företaget har en koncentrerad ägarkrets. Vi genomförde en kvantitativ studie för att undersöka effekten av många styrelseuppdrag på företagens prestation bland Svenska bolag noterade på Stockholmsbörsen. Våra resultat tyder på att ledamöter med många uppdrag har en positiv inverkan på måttet Tobin’s Q och att bolag med en hög ägarkoncentration påverkar detta samband än mer positivt. Det fanns delvis underlag för att företagets storlek påverkade sambandet negativt. Överlag indikerar våra resultat att utökad reglering som begränsar antalet styrelseuppdrag inte är motiverat i dagsläget.

Place, publisher, year, edition, pages
2016. , 38 p.
Keyword [en]
busyness, busy directors, firm performance, Tobin’s Q, finance, corporate governance, concentrated ownership, boards
Keyword [sv]
företagets prestation, styrelseproffs, bolagsstyrning, Tobin’s Q, finans, styrelser, koncentrerad ägarkrets
National Category
Business Administration
Identifiers
URN: urn:nbn:se:uu:diva-297738OAI: oai:DiVA.org:uu-297738DiVA: diva2:944025
Subject / course
Business Studies
Educational program
Bachelor Programme in Business and Economics
Supervisors
Examiners
Available from: 2016-06-29 Created: 2016-06-27 Last updated: 2016-06-29Bibliographically approved

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CiteExportLink to record
Permanent link

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Citation style
  • apa
  • ieee
  • modern-language-association
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
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  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
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