Determinants of the Size and Composition of US Corporate Boards: 1935‐2000
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- 25 November 2009
- journal article
- Published by Wiley in Financial Management
- Vol. 38 (4) , 747-780
- https://doi.org/10.1111/j.1755-053x.2009.01055.x
Abstract
We examine the determinants of the size and composition of corporate boards for a sample of 82 US companies that survived during the period 1935‐2000. Our hypotheses lead to predictions that firm size, growth opportunities, merger activity, and geographical expansion are important determinants of these board characteristics. We find empirical evidence that the four variables are significant determinants of the size and/or composition of boards. After controlling for these determinants of board characteristics, we find no robust relation between firm performance and either board size or composition.Keywords
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