新興市場企業の取締役会構造, Corporate Board Structure in China and Eastern Europe : A Comparative Analysis

本稿は，中国及び欧州新興市場21 カ国に所在する総計42,146 社の取締役会構造を解明するとともに，その決定要因を実証的に分析した．取締役会規模，取締役会長社外登用確率及び取締役会独立性を内生化した連立方程式モデルの構造推定は，先進国企業研究に基礎付けられたこれら3 変数の潜在的影響因子に関する筆者らの理論的予測を支持した．しかしながら同時に，取締役会構造に強く作用する影響因子の組み合わせは，中国と欧州諸国及び上場企業と非上場企業の間で，顕著に異なる事実も併せて明らかとなった．更に，本稿の実証結果は，取締役会構造を特徴付ける上記3 変数の間には相互に緊密な相互依存関係が生じており，この点への分析的な配慮の必要性を強く示唆した．, In this study, we use a large firm-level dataset to explore the structure of the corporate boards of listed and unlisted companies in China and Eastern European countries. It is found that, with the exception of East European listed firms, these economies have problems with corporate governance systems, with the majority of directors appointed internally and the resulting weak presence of outside directors on the board when compared to advanced economies. Furthermore, our empirical analysis of the determinants of board structure reveals that Chinese and Eastern European firms are likely to organize their boards of directors according to the economic logic that has been repeatedly verified in advanced economies. Simultaneously, however, we also find striking differences in the combination of factors that strongly affect board structure between China and Europe and between listed and unlisted firms.