Bestyrelsessammensætning og finansiel performance i danske børsnoterede virksomheder: Er Nørbyrapportens anbefalinger til gavn for aktionærerne?

Research output: Working paperResearch

292 Downloads (Pure)


Abstract: This article presents an empirical analysis of board composition and financial performance using a unique sample of Danish listed firms. In 2002, a group consisting of four prominent business leaders formulated Denmark's own code of good corporate governance, entitled the Nørby report, The report consists of various recommendations aiming at strengthen Danish firms competitiveness and value creation including some specific recommendations concerning board composition. However, the analysis shows that none of the recommendations impact Tobin's Q. Specifically, board size, proportion of insiders, positions held by board members in other firms do not significantly impact Tobin's Q. The analysis only finds that the average age of the board has a significantly negative impact on performance. Board diversity, measured by the fraction of women and foreigners in boards as well as the educational background of board members does not impact performance either.
Original languageDanish
Place of PublicationKøbenhavn
PublisherCopenhagen Business School [wp]
Number of pages38
ISBN (Print)8790705777
Publication statusPublished - 2004

Cite this