Board structure and market performance: Does one solution fit all?
基于15个欧盟国家77,440个公司观测数据，研究董事会特征（规模、独立性、性别多样性、CEO二元性、分类董事会）与市场绩效的关系，发现CEO二元性负相关，独立董事和多样性正相关，且各国关系不同，不存在普遍适用的治理方案。
Abstract We investigate the relationship between internal corporate governance and market performance across multiple countries, utilizing a comprehensive data set comprising 77,440 firm observations from 15 European Union countries over the period 2002‐2018. Specifically, we examine the impact of board characteristics, including size, independence, gender diversity, CEO duality, and classified boards, on market performance. Our findings reveal that CEO duality is generally negatively related to returns, whereas independent directors and board diversity are positively related to market performance. We observe a positive association between staggered boards and market performance as well as Tobin's Q, aligning with the EU's emphasis on stakeholder investments. Upon analyzing the data at the country level, we identify that the links between board structure and performance vary by country, and there isn't a single variable that is consistently related to market returns or Tobin's Q. These divergent findings indicate that there is no universally applicable corporate governance solution that can be recommended for companies throughout Europe.