The determinants of board composition in a transforming economy: Evidence from Russia

Journal of Corporate Finance

Volumn 14, Issue 5, 2008, Pages 532-549

  Iwasaki, Ichiro ^a  

^a HITOTSUBASHI UNIVERSITY   (Japan)

Author keywords

Board composition; Corporate governance; D21; D23; G34; K22; L22; Outsider directorship; P31; Russia

Indexed keywords

EID: 56349161084     PISSN: 09291199     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jcorpfin.2008.09.005     Document Type: Article

References (62)

1. Abe N. Keieisha turnover to keieisha insentibu mekanizumu (IER Discussion Paper Series No. A435) (2003), Institute of Economic Research of Hitotsubashi University, Tokyo (in Japanese)
2. Afanasiev M., Kuznetsov P., and Fominykh A. Korporativnoe upravlenie glazami direktorata: po materialam obsledovanii 1994-1996 gg. Voprosy Ekonomiki no. 5 (1997) 84-101 (in Russian)
3. Anderson R.C., Bates T.W., Bizjak J.M., and Lemmon M.L. Corporate governance and firm diversification. Financial Management 29 (2000) 5-22
4. Arthur N. Board composition as the outcome of an internal bargaining process: empirical evidence. Journal of Corporate Finance 7 (2001) 307-340
5. Baker M., and Gompers P.A. The determinants of board structure at the initial public offering. Journal of Law and Economics 46 (2003) 569-598
6. Beiner S., Drobetz W., Schmid F., and Zimmermann H. Is board size an independent corporate governance mechanism?. Kyklos 57 (2004) 327-356
7. Blasi J., and Shleifer A. Corporate governance in Russia: an initial look. In: Frydman R., Gray C.W., and Rapaczynski A. (Eds). Corporate Governance in Central Europe and Russia. Volume 2: Insiders and the State (1996), Central European University Press, Budapest 78-108
8. Black B., and Kraakman R. A self-enforcing model of corporate law. Harvard Law Review 109 (1996) 1911-1982
9. Boone A.L., Field L.C., Karpoff J.M., and Raheja C.G. The determinants of corporate board size and composition: an empirical analysis. Journal of Financial Economics 85 (2007) 66-101
10. Booth J.R., Cornett M.M., and Tehranian H. Boards of directors, ownership, and regulation. Journal of Banking and Finance 26 (2002) 1973-1996
11. Bozec R. Board of directors, market discipline, and firm performance. Journal of Business Finance and Accounting 32 (2005) 1921-1960
12. Broadman H.G. Reducing structural dominance and entry barriers in Russian industry. Review of Industrial Organization 17 (2000) 155-176
13. Chernykh L. Ultimate ownership and control in Russia. Journal of Financial Economics 88 (2008) 169-192
14. Coles J.L., Daniel N.D., and Naveen L. Boards: does one size fit all?. Journal of Financial Economics 87 (2008) 329-356
15. de Andres P., Azofra V., and Lopez F. Corporate boards in OECD countries: size, composition, functioning and effectiveness. Corporate Governance 13 (2005) 197-210
16. Denis D.J., and Sarin A. Ownership and board structures in publicly traded corporations. Journal of Financial Economics 52 (1999) 187-223
17. Dolgopyatova T. Restrukturizatsiya sobstvennosti i kontrolya v promyshlennosti. Predprinimatel'stvo v Rossii no. 3-4 (1995) 18-25 (in Russian)
18. Dolgopyatova T. Ownership and corporate control structures as viewed by statistics and surveys. Russian Economic Barometer 12 (2003) 12-20
19. Dolgopyatova T.G. Corporate ownership and control in Russian companies: trends and patterns. In: Dallago B., and Iwasaki I. (Eds). Corporate Restructuring and Governance in Transition Economies (2007), Palgrave Macmillan, Basingstoke 250-274
20. Dolgopyatova T.G., and Iwasaki I. Exploring Russian Corporations: Interim report on the Japan-Russia Joint Research Project on Corporate Governance and Integration Processes in the Russian Economy (IER Discussion Paper Series No. B35) (2006), Institute of Economic Research of Hitotsubashi University, Tokyo
21. Dolgopyatova, T.G., Iwasaki, I., Yakovlev, A.A.. (Eds.), in press. Organization and Development of Russian Business: A Firm-Level Analysis. Palgrave Macmillan: Basingstoke.
22. Eisenberg T., Sundgren S., and Wells M.T. Larger board size and decreasing firm value in small firms. Journal of Financial Economics 48 (1998) 35-54
23. Fich E.M., and Shivdasani A. Are busy boards effective monitors?. Journal of Finance 61 (2006) 689-724
24. Filatotchev I., Wright M., and Bleaney M. Privatization, insider control, and managerial entrenchment in Russia. Economics of Transition 7 (1999) 481-504
25. Guriev S., and Rachinsky A. The role of oligarchs in Russian capitalism. Journal of Economic Perspectives 19 (2005) 131-150
26. Hermalin B.E., and Weisbach M.S. The determinants of board composition. RAND Journal of Economics 19 (1988) 589-606
27. Hermalin B.E., and Weisbach M.S. Endogenously chosen board of directors and their monitoring of the CEO. American Economic Review 88 (1998) 96-118
28. Hill C.W., and Snell S.A. External control, corporate strategy, and firm performance in research-intensive industries. Strategic Management Journal 9 (1988) 577-590
29. Iwasaki I. Corporate law and governance mechanism in Russia. In: Dallago B., and Iwasaki I. (Eds). Corporate Restructuring and Governance in Transition Economies (2007), Palgrave Macmillan, Basingstoke 213-249
30. Iwasaki I. Enterprise reform and corporate governance in Russia: a quantitative survey. Journal of Economic Surveys 21 (2007) 849-902
31. Iwasaki I. Legal forms of joint stock companies and corporate behavior in Russia. Problems of Economic Transition 50 (2007) 73-86
32. Iwasaki I. Endogeneous Board Formation and its Determinants in a Transition Economy: Evidence from Russia (CEI Working Paper Series No. 2007-1), Center for Economic Institutions of the Institute of Economic Research (2007), Hitotsubashi University, Tokyo
33. Jensen M.C. The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance 48 (1993) 831-880
34. Kaplan S.N., and Minton B.A. Appointments of outsiders to Japanese boards: determinants and implications for managers. Journal of Financial Economics 36 (1994) 225-258
35. Kim Y. Board network characteristics and firm performance in Korea. Corporate Governance 13 (2005) 800-808
36. In: Kostikova Iu. (Ed). Kodeks korporativnogo povedeniya - korporativnoe povedenie v Rossii (2003), Ekonomika, Moscow (in Russian)
37. Kuznetsov P., and Muravyev A. Gosudarstvennye kholdingi kak mekhanizm upravleniya predpriyatiyami gosudarstvennogo sektora. Voprosy Ekonomiki no. 9 (2000) 34-47 (in Russian)
38. Lazareva, O., Rachinsky, A., Stepanov, S., 2007. A Survey of Corporate Governance in Russia, Working Paper No. 103, Centre for Economic and Financial Research, New Economic School, Moscow.
39. Lehn, K., Patro, S., Zhao, M., 2005. Determinants of the Size and Structure of Corporate Boards: 1935-2000, Unpublished Working Paper, University of Pittsburgh.
40. Li J. Ownership structure and board composition: a multi-country test of agency theory predictions. Managerial and Decision Economics 15 (1994) 359-368
41. Linck J.S., Netter J.M., and Yang T. The determinants of board structure. Journal of Financial Economics 87 (2008) 308-328
42. Mayers D., Shivdasani A., and Smith C.W. Board composition and corporate control: evidence from the insurance industry. Journal of Business 70 (1997) 33-62
43. Mak Y.T., and Li Y. Determinants of corporate ownership and board structure: evidence from Singapore. Journal of Corporate Finance 7 (2001) 235-256
44. Murphy K.M., and Topel R.H. Estimation and inference in two-step econometric models. Journal of Business and Economic Statistics 3 (1985) 370-379
45. Peasnell K.V., Pope P.F., and Young S. Board monitoring and earnings management: do outsider directors influence abnormal accruals?. Journal of Business Finance and Accounting 32 (2005) 1311-1346
46. Peng M.W. Outsider directors and firm performance during institutional transitions. Strategic Management Journal 25 (2004) 453-471
47. Perotti E.C., and Gelfer S. Red barons or robber barons? Governance and investment in Russian financial-industrial groups. European Economic Review 45 (2001) 1601-1617
48. Prevost A.K., Rao R.P., and Hossain M. Determinants of board composition in New Zealand: a simultaneous equations approach. Journal of Empirical Finance 9 (2002) 373-397
49. Randøy T., and Jenssen J.I. Board independence and product market competition in Swedish firms. Corporate Governance 12 (2004) 281-289
50. Rediker K.J., and Seth A. Boards of directors and substitution effects of alternative governance mechanisms. Strategic Management Journal 16 (1995) 85-99
51. Roosenboom P. Bargaining on board structure at the initial public offering. Journal of Management and Governance 9 (2005) 171-198
52. Rosstat (the Federal Statistical Service). Rossiya v tsifrakh 2005: Kratkii statisticheskii sbornik (2005), Rosstat, Moscow (in Russian)
53. Shivdasani A., and Yermack D. CEO involvement in the selection of new board members: an empirical analysis. Journal of Finance 54 (1999) 1829-1853
54. Sugiura F. Economic transformation and corporate finance in the post-communist world. In: Dallago B., and Iwasaki I. (Eds). Corporate Restructuring and Governance in Transition Economies (2007), Palgrave Macmillan, Basingstoke 40-62
55. Tian J.J., and Lau C.M. Board composition, leadership structure and performance in Chinese shareholding companies. Asia Pacific Journal of Management 18 (2001) 245-263
56. van Ees H., Postma T., and Sterken E. Board characteristics and corporate performance in the Netherlands. Eastern Economic Journal 29 (2003) 41-58
57. Vefeas N., and Theodorou E. The relationship between board structure and firm performance in the UK. British Accounting Review 30 (1998) 383-407
58. Weisbach M.S. Outsider directors and CEO turnover. Journal of Financial Economics 20 (1988) 431-460
59. Whidbee D.A. Board composition and control of shareholder voting rights in the banking sector. Financial Management 26 (1997) 27-41
60. In: Yasin E. (Ed). Strukturnye Izmeneniya v Rossiiskoi Promyshlennosti (2004), Izdatel'skii dom GU VSHE, Moscow (in Russian)
61. Yeh Y.H., and Woidtke T. Commitment or entrenchment? Controlling shareholders and board composition. Journal of Banking and Finance 29 (2005) 1857-1885
62. Yermack D. Higher market valuation of companies with a small board of directors. Journal of Financial Economics 40 (1996) 185-211