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The Effect of Board Composition and Ownership Structure on Firm Value: Evidence from Jordan
Rafat Salameh SALAMEH(Rafat Salameh SALAMEH ),Osama J. AL-NSOUR(Osama J. AL-NSOUR ),Khalid Munther LUTFI(Khalid Munther LUTFI ),Zaynab Hassan ALNABULSI(Zaynab Hassan ALNABULSI ),Eyad Abdel-Halym HYASA 한국유통과학회 2023 The Journal of Asian Finance, Economics and Busine Vol.10 No.2
This study aims to investigate the effect of the composition of the board and ownership structure on a firm’s value in Jordanian firms. Specifically, it aims to determine the effect of board size, (CEO) duality, and family, foreign, institutional, and government ownership on a firm’s value. An ordinary least square regression (OLS) was employed to examine the study hypotheses in a sample of 35 Jordanian industrial firms (175 firm-year observation) for a period of five years from 2016–2020. As measured by Tobin’s Q (Q ratio) and marketto- book (MB ratio) for Jordanian industrial firms listed on Amman Stock Exchange (ASE). The result found that foreign ownership, institutional ownership, and family ownership have a significant and positive effect on firm value. By contrast, government ownership does not have a significant effect on firm value. With respect to board composition (CEO duality and board size), the study results found no evidence to support the effect of board composition on firm value. The study recommended the concerned authorities with several recommendations, most notably: taking the necessary measures to ensure the continuity and growth of family businesses because of their positive impact on the value of the company and economic growth, spreading awareness about how governance protects the interests of investors.