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Identifier to cite or link to this item: https://hdl.handle.net/10086/29288

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Title
Determinants of the Size and Structure of Corporate Boards: 1935-2000
Creator
Creator Name
Lehn, Kenneth Lehn, Kenneth
Affiliation
Affiliation Name
Graduate School of Business, University of Pittsburgh
Creator Name
Patro, Sukesh Patro, Sukesh
Affiliation
Affiliation Name
College of Business Administration, Kansas State University
Creator Name
Zhao, Mengxin Zhao, Mengxin
Affiliation
Affiliation Name
McCallum Graduate School of Business, Bentley College
Editor
Contributor Name
Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University
Affiliation
Affiliation Name
Institute of Economic Research, Hitotsubashi University
Key Word
Board size
board composition
mergers and acquisitions
firm size
growth opportunities
diversification
geographical diversification
firm performance
endogeneity
JEL
G32
G34
Abstract
We argue that the size and composition of corporate boards are determined by tradeoffs involving the information that directors bring to boards versus the coordination costs and free rider problems associated with their additions to boards. Our hypotheses lead to predictions that firm size and growth opportunities are important determinants of these board characteristics. Using a sample of 82 U.S. firms that survived over the period of 1935 through 2000, we find strong support for the hypotheses. The hypotheses also find support in the relation between changes in board size and firms' merger and divestiture activity, and changes in the geographical diversification of firms. We find no robust relation between firm performance and either board size or composition after accounting for the determinants of these board characteristics.
Description
December, 2007
Publisher
Institute of Economic Research, Hitotsubashi University
Issued Date
2008-04
Language
English(eng)
Resource Type
technical report
Version Type
VoR
Is Part OfRelation -
Related Title
CEI Working Paper Series ; No. 2008-13
Relation
Related Identifier
URI
  http://cei.ier.hit-u.ac.jp/index.html
NCID
AA11590659
Number of Pages
53
Appears in Collections
CEI Working Paper Series
URL
https://hdl.handle.net/10086/29288