%0 Journal Article
	%A Mădălina Maria Gîrbină and  Cătălin Nicolae Albu and  Nadia Albu
	%D 2012
	%J International Journal of Economics and Management Engineering
	%B World Academy of Science, Engineering and Technology
	%I Open Science Index 69, 2012
	%T Board Members' Financial Education and Firms' Performance: Empirical Evidence for Bucharest Stock Exchange Companies
	%U https://publications.waset.org/pdf/2153
	%V 69
	%X After the accounting scandals and the financial crisis, regulators have stressed the need for more financial experts on boards. Several studies conducted in countries with developed capital markets report positive effects of board financial competencies. As each country offers a different context and specific institutional factors this paper addresses the subject in the context of Romania. The Romanian capital market offers an interesting research field because of the heterogeneity of listed firms. After analyzing board members education based on public information posted on listed companies websites and their annual reports we found a positive association between the proportion of board members holding a postgraduate degree in financial fields and market based performance measured by Tobin q. We found also that the proportion of Board members holding degrees in financial fields is higher in bigger firms and firms with more concentrated ownership.

	%P 2343 - 2347