Larger board size and decreasing firm value in small firms
发现芬兰中小企业的董事会规模与盈利能力显著负相关，为董事会规模效应提供了新证据，对研究公司治理的学者有参考价值。
Several studies hypothesize a relation between board size and financial performance. Empirical tests of the relation exist in only a few studies of large U.S. firms. We find a significant negative correlation between board size and profitability in a sample of small and midsize Finnish firms. Finding a board-size effect for a new and different class of firms affects the range of explanations for the board-size effect.