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An analysis of changes in board structure during corporate governance reforms

McColgan, P. and Hillier, D.J. (2006) An analysis of changes in board structure during corporate governance reforms. European Financial Management, 12 (4). pp. 575-607. ISSN 1354-7798

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Abstract

This study examines the evolution of company board structure during a period of corporate governance reform. Using data over a time period following the publication of the Cadbury Report (1992) we present evidence of an increase in the independence of UK boards, as measured by an increased willingness to employ independent non-executive directors, and to separate the positions of the CEO and the Chairman of the Board. In examining the determinants of these changes, we find that boards change more readily in response to changes in managerial control, equity issuance and corporate performance than changes in the firm-specific operating environment of companies.

Item type: Article
ID code: 5588
Keywords: board size, board composition, firm-specific characteristics, ownerspecific characteristics, Commerce, Economics, Econometrics and Finance(all), Accounting
Subjects: Social Sciences > Commerce
Department: Strathclyde Business School > Accounting and Finance
Related URLs:
    Depositing user: Strathprints Administrator
    Date Deposited: 16 Mar 2008
    Last modified: 04 Sep 2014 17:11
    URI: http://strathprints.strath.ac.uk/id/eprint/5588

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