摘要：This paper examines the effect of board characteristics, especially board independence,on firm performance from a dynamic perspective through copula-based quantile regressionapproaches, which allow us to focus on changes at different points in the distribution of boardcharacteristics. We find that the effect of board independence on Tobin’s Q, a proxy of firm value,is negatively associated with firm value, using ordinary least squares (OLS) regression. This negativeeffect using the conditional mean of the firm value does not hold across the conditional quantiles ofthe distribution of Tobin’s Q, and this finding is still held under both the linear and the nonlinearquantile regressions. We even lessen the assumption of distributions of multivariate board variables byemploying parametric copula-based quantile regressions as well as nonparametric ones. The resultssupport our findings. Our results suggest that estimating the quantile effect of board variables onfirm value can provide more meaningful insight than just examining the conditional mean effect.
关键词：causal inference; board structure; corporate governance; linear quantile regression; copula based quantile regression
