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Determinants of the Size and Composition of US Corporate Boards: 1935‐2000
Author(s) -
Lehn Kenneth M.,
Patro Sukesh,
Zhao Mengxin
Publication year - 2009
Publication title -
financial management
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.647
H-Index - 68
eISSN - 1755-053X
pISSN - 0046-3892
DOI - 10.1111/j.1755-053x.2009.01055.x
Subject(s) - composition (language) , business , accounting , sample (material) , empirical evidence , econometrics , demographic economics , economics , philosophy , linguistics , chemistry , chromatography , epistemology
We examine the determinants of the size and composition of corporate boards for a sample of 82 US companies that survived during the period 1935‐2000. Our hypotheses lead to predictions that firm size, growth opportunities, merger activity, and geographical expansion are important determinants of these board characteristics. We find empirical evidence that the four variables are significant determinants of the size and/or composition of boards. After controlling for these determinants of board characteristics, we find no robust relation between firm performance and either board size or composition .