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 1354-7798Full text not available in this repository. (Request a copy from the Strathclyde author)
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.
|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|
|Depositing user:||Strathprints Administrator|
|Date Deposited:||16 Mar 2008|
|Last modified:||29 Apr 2016 08:30|