Ownership structure and board composition: A multi‐country test of agency theory predictions

Research output: Journal PublicationArticlepeer-review

102 Citations (Scopus)

Abstract

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.

Original languageEnglish
Pages (from-to)359-368
Number of pages10
JournalManagerial and Decision Economics
Volume15
Issue number4
DOIs
Publication statusPublished - 1994
Externally publishedYes

ASJC Scopus subject areas

  • Business and International Management
  • Strategy and Management
  • Management Science and Operations Research
  • Management of Technology and Innovation

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