Higher market valuation of companies with a small board of directors
发现1984至1991年间452家美国大工业公司的董事会规模与市场估值（托宾Q）呈负相关，小董事会公司财务比率更优，CEO薪酬和解雇威胁的激励更强。
I present evidence consistent with theories that small boards of directors are more effective. Using Tobin's Q as an approximation of market valuation, I find an inverse association between board size and firm value in a sample of 452 large U.S. industrial corporations between 1984 and 1991. The result is robust to numerous controls for company size, industry membership, inside stock ownership, growth opportunities, and alternative corporate governance structures. Companies with small boards also exhibit more favorable values for financial ratios, and provide stronger CEO performance incentives from compensation and the threat of dismissal.