TY - JOUR
T1 - Ownership structure and board composition
T2 - A multi‐country test of agency theory predictions
AU - Li, Jiatao
PY - 1994
Y1 - 1994
N2 - Patterns of corporate governance and control differ significantly across countries because of national differences in structures of ownership and composition of boards of directors. Based on agency theory, we examine the relationship between ownership structure and the composition of the board of directors of 390 large manufacturing firms based in Japan, Western Europe and the United States. In particular, we examine how ownership concentration, bank control and state ownership affect the percentage of outside directors on the corporate boards. The results show that, consistent with predictions of agency theory, ownership structure has significant effects on board composition.
AB - Patterns of corporate governance and control differ significantly across countries because of national differences in structures of ownership and composition of boards of directors. Based on agency theory, we examine the relationship between ownership structure and the composition of the board of directors of 390 large manufacturing firms based in Japan, Western Europe and the United States. In particular, we examine how ownership concentration, bank control and state ownership affect the percentage of outside directors on the corporate boards. The results show that, consistent with predictions of agency theory, ownership structure has significant effects on board composition.
UR - https://openalex.org/W3121356693
UR - https://www.scopus.com/pages/publications/84986746863
U2 - 10.1002/mde.4090150409
DO - 10.1002/mde.4090150409
M3 - Journal Article
SN - 0143-6570
VL - 15
SP - 359
EP - 368
JO - Managerial and Decision Economics
JF - Managerial and Decision Economics
IS - 4
ER -
