Board composition and regulatory change: evidence from the enactment of new companies legislation in New Zealand.

Financial Management | March 22, 1999| | Copyright

Boards of directors are widely recognized as useful mechanisms for monitoring the performance of managers and protecting shareholders' interests (e.g., Fama and Jensen, 1983). Numerous studies (e.g., Hermalin and Weisbach, 1988; Bathala and Rao, 1995; and Rediker and Seth, 1995) have examined the determinants of board composition in terms of inside and outside directors.(1) However, these studies tend to focus on firm-specific characteristics and ignore important environmental factors that may also affect board composition. One critical environmental factor is the legal ...

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