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Determinants of board members' financial expertise - Empirical evidence from France

Abstract : Very few countries require directors to be financially literate. This article investigates he determinants of boards' financial expertise using a sample of 95 non-financial Frenh listed firms. We construct a measure of financial expertise based on educational and career background data for 943 individuals occupying 1,140 posts in our sample and explore the determinants of average per-firm financial expertise using a Tobit analysis. We find that average financial expertise is negatively associated with board type (two-tier versus one-tier) and growth opportunities and positively associated with board independence, ownership concentration, and institutional ownership. These findings are robust to sensitivity analyses.
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https://hal-hec.archives-ouvertes.fr/hal-00580151
Contributor : Antoine Haldemann <>
Submitted on : Saturday, March 26, 2011 - 4:55:43 PM
Last modification on : Thursday, January 11, 2018 - 6:19:32 AM

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  • HAL Id : hal-00580151, version 1

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Hervé Stolowy, Thomas Jeanjean. Determinants of board members' financial expertise - Empirical evidence from France. 2009. ⟨hal-00580151⟩

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