Estructura del consejo de administración y rendimiento de la empresa española cotizada

Several objectives are pursued in this work. First, a theoretical framework is established that lends support to the board of directors. A literature review then carried out in order to substantiate the relationship between board structure and the performance of the firm. This leads to five hypotheses. The empirical part of the study was then conducted by applying these hypotheses to companies listed in the Madrid Stock Exchange. An econometric model (multiple linear regression) is used to test the relationship between several features of the board (size, activity, independence, busyness and duality) and performance of the firms measured as Return on Equity (ROE) and Return on Assets (ROA), and Tobin's Q. It is concluded that the size and the activity of the board are the only two variables that correlate with the financial performance of the companies.