Empirical Study on the Effects of Board Characteristics on Enterprise Value Based on Life Cycle Theory

DOI

10.2991/icmesd-19.2019.50How to use a DOI?

Keywords

Firm life Cycle, Characteristics of board of directors, Enterprise value.

Abstract

Board structure is a vital part of corporate governance. Efficient board structure will contribute to the long-term development of the enterprises. Recent years, many researchers have studied the correlation between board characteristics and corporate value, but still haven’t got consensus. In this article, we use theoretical analysis and empirical analysis to study whether life cycle stages have impacts on the correlation between board characteristics and corporate value. To do the empirical study, we use the data of A-share manufacturing listed companies of 2012-2017 and constructing life cycle variable according to industry method. The results indicate that life cycle stages have impacts on board characteristics、corporate value and the correlation between them. So when discussing how the board characteristics affect corporate value, it is necessary to clear and define which life cycle stage the enterprise belongs to.

Copyright

© 2019, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Rui-Feng Bai
AU  - Xiao-Xu Wang
PY  - 2019/07
DA  - 2019/07
TI  - Empirical Study on the Effects of Board Characteristics on Enterprise Value Based on Life Cycle Theory
BT  - Proceedings of the 5th Annual International Conference on Management, Economics and Social Development (ICMESD 2019)
PB  - Atlantis Press
SP  - 340
EP  - 347
SN  - 2352-5428
UR  - https://doi.org/10.2991/icmesd-19.2019.50
DO  - 10.2991/icmesd-19.2019.50
ID  - Bai2019/07
ER  -