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An Investigation into the Determinants of UK Board Structure Before and After Cadbury

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  • Elisabeth Dedman

Abstract

This paper investigates the determinants of the board structure of non‐financial firms prior to, and post, the implementation of the recommendations of the Cadbury Committee. It provides evidence that managerial entrenchment is reduced following Cadbury, with the power afforded to CEOs with high levels of stock ownership being significantly diminished following the imposition of new standards of ‘best practice’ regarding board structure. However, in spite of considerable pressure for institutional investors to play an active role in encouraging best practice regarding board structure in their investee companies, we find no evidence of such behaviour in either time period, even in the presence of poor firm performance.

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  • Elisabeth Dedman, 2000. "An Investigation into the Determinants of UK Board Structure Before and After Cadbury," Corporate Governance: An International Review, Wiley Blackwell, vol. 8(2), pages 133-153, April.
    • Handle: RePEc:bla:corgov:v:8:y:2000:i:2:p:133-153
    DOI: 10.1111/1467-8683.00191
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    Cited by:

    1. Dirk Akkermans & Hans Van Ees & Niels Hermes & Reggy Hooghiemstra & Gerwin Van der Laan & Theo Postma & Arjen Van Witteloostuijn, 2007. "Corporate Governance in the Netherlands: an overview of the application of the Tabaksblat Code in 2004," Corporate Governance: An International Review, Wiley Blackwell, vol. 15(6), pages 1106-1118, November.
    2. de Jong, A. & DeJong, D.V. & Mertens, G.M.H. & Wasley, C., 2001. "The Role of Self-Regulation in Corporate Governance," ERIM Report Series Research in Management ERS-2001-87-F&A, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    3. Niels Hermes & Theo J.B.M. Postma & Orestis Zivkov, 2007. "Corporate governance codes and their contents - An analysis of Eastern European codes," Journal of East European Management Studies, Rainer Hampp Verlag, vol. 12(1), pages 53-74.
    4. Ilir Haxhi & Ruth V. Aguilera, 2017. "An Institutional Configurational Approach to Cross-National Diversity in Corporate Governance," Journal of Management Studies, Wiley Blackwell, vol. 54(3), pages 261-303, May.
    5. Yu, Mei & Ashton, John K., 2015. "Board leadership structure for Chinese public listed companies," China Economic Review, Elsevier, vol. 34(C), pages 236-248.
    6. Tebogo Magang & Koketso Kube, 2018. "Compliance with Best Practice Governance Principles by State Owned Enterprises in Botswana," International Journal of Business and Management, Canadian Center of Science and Education, vol. 13(2), pages 149-149, January.
    7. Goh, Lisa & Gupta, Aditi, 2016. "Remuneration of non-executive directors: Evidence from the UK," The British Accounting Review, Elsevier, vol. 48(3), pages 379-399.
    8. Barbara, Petracci, 2011. "Trading when you cannot trade: Blackout periods in Italian firms," International Review of Law and Economics, Elsevier, vol. 31(3), pages 196-204, September.
    9. Pietro Previtali & Paola Cerchiello, 2019. "Patterns of compliance with soft regulation in Italian listed companies," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 16(1), pages 37-46, March.
    10. Talaulicar Till, 2011. "Normierungseffekte der Co-Regulierung von Standards guter Corporate Governance / Normative effects of co-regulatory regimes of corporate governance," ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, De Gruyter, vol. 62(1), pages 269-296, January.
    11. Dedman, Elisabeth & Lin, Stephen W. -J., 2002. "Shareholder wealth effects of CEO departures: evidence from the UK," Journal of Corporate Finance, Elsevier, vol. 8(1), pages 81-104, January.
    12. James Routledge & David Morrison, 2012. "Insolvency administration as a strategic response to financial distress," Australian Journal of Management, Australian School of Business, vol. 37(3), pages 441-459, December.
    13. Fatma Ben Slama & Hamadi Matoussi & Adel Karaa, 2005. "Gouvernance D'Entreprise Et Pertinence Des Benefices Comptables: Une Etude D'Association," Post-Print halshs-00581124, HAL.
    14. Elisabeth Dedman, 2003. "Executive turnover in UK firms: the impact of Cadbury," Accounting and Business Research, Taylor & Francis Journals, vol. 33(1), pages 33-50.
    15. YAN, Beibei & AERTS, Walter, 2014. "Rhetorical impression management in corporate narratives and institutional environment," Working Papers 2014014, University of Antwerp, Faculty of Business and Economics.
    16. Windsor, Duane, 2009. "Tightening corporate governance," Journal of International Management, Elsevier, vol. 15(3), pages 306-316, September.
    17. Till Talaulicar & Axel V. Werder, 2008. "Patterns of Compliance with the German Corporate Governance Code," Corporate Governance: An International Review, Wiley Blackwell, vol. 16(4), pages 255-273, July.
    18. de Jong, Abe & DeJong, Douglas V. & Mertens, Gerard & Wasley, Charles E., 2005. "The role of self-regulation in corporate governance: evidence and implications from The Netherlands," Journal of Corporate Finance, Elsevier, vol. 11(3), pages 473-503, June.
    19. Jacqueline Christensen & Pamela Kent & James Routledge & Jenny Stewart & Gary Monroe, 2015. "Do corporate governance recommendations improve the performance and accountability of small listed companies?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 55(1), pages 133-164, March.
    20. Eduard Alonso-Paulí, 2007. "The Adoption of a Code of Best Practice: Incentive Implications," Working Papers 07.18, Universidad Pablo de Olavide, Department of Economics.

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