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http://dx.doi.org/10.18374/JIFE-21-2.3
FINANCE COMMITTEE, FINANCIAL DECISIONS, AND FIRM PERFORMANCE
Jane Q. Xie, St. Edward's University, Austin, Texas, U.S.A.
Matthew J. Behrend, St. Edward's University, Austin, Texas, U.S.A.
Joseph Nketia, St. Edward's University, Austin, Texas, U.S.A.
Published in
JOURNAL OF INTERNATIONAL FINANCE AND ECONOMICS
Volume 21, Issue 2, p29-41, June 2021
ABSTRACT
This paper studies whether a stand-alone finance committee is beneficial to shareholders and which finance committee characteristics play a key role. Using a sample of the Standard and Poor's 500 companies, we find that simply establishing a finance committee may not be beneficial. However, in firms with an established finance committee, firm performance improves if the chair of the finance committee is independent and the number of the chair's active board memberships is limited to three or fewer. The number of committee memberships the chair has in the same company does not negatively affect firm performance. The finance committee chair simultaneously serving on an audit committee does not significantly improve firm performance. Finally, finance committee size does not play a role in firm performance and finance decisions.
Keywords
Finance Committee, Board Committees, Firm Performance, Financial Decisions
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