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An Analysis of Changes in Board Structure during Corporate Governance Reforms

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  • David Hillier
  • Patrick McColgan
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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." Copyright 2006 The Authors Journal compilation (c) 2006 Blackwell Publishing Ltd.

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    Bibliographic Info

    Article provided by European Financial Management Association in its journal European Financial Management.

    Volume (Year): 12 (2006)
    Issue (Month): 4 ()
    Pages: 575-607

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    Handle: RePEc:bla:eufman:v:12:y:2006:i:4:p:575-607

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    Cited by:
    1. Guest, Paul M., 2008. "The determinants of board size and composition: Evidence from the UK," Journal of Corporate Finance, Elsevier, vol. 14(1), pages 51-72, February.
    2. Charlie Weir & Oleksandr Talavera & Alexander Muravyev, 2011. "Performance effects of appointing other firms' executive directors," Working Papers 2011_12, Durham University Business School.
    3. Pieter-Jan Bezemer & Stefan Peij & Gregory Maassen & Han Halder, 2012. "The changing role of the supervisory board chairman: the case of the Netherlands (1997–2007)," Journal of Management and Governance, Springer, vol. 16(1), pages 37-55, February.
    4. Charlie Weir & Oleksandr Talavera & Alexander Muravyev, 2011. "The Return on Human Capital: the Case of UK Non-executive Directors that are also Executive Directors," University of East Anglia Applied and Financial Economics Working Paper Series 029, School of Economics, University of East Anglia, Norwich, UK..

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