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Purpose This research aims to compare the effect of board of directors' characteristics on the firm's value in Egypt as an emerging country and USA as a developed country. Five characteristics have been exposed from the literature review that may influence the enhancement of a firm's value. In corporate governance, these characteristics are CEO duality, board independence, board size, board meetings and gender diversity. Design The model is developed and 84 Egyptian firms listed on the Egyptian stock exchange and 27 American firms listed on The Dow Jones Industrial Average (DJIA) are utilized in this research for testing this model. The research covers a six-year period (2012)(2013)(2014)(2015)(2016)(2017). Five main hypotheses and ten sub-hypotheses were derived from the model. GLS regression is used to test these hypotheses.
Salem et al. (Tue,) studied this question.