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| Author: | Raheja, C.G. |
| Title: | Determinants of board size and composition: A theory of corporate boards |
| Journal: | Journal of Financial and Quantitative Analysis
2005 : VOL. 40:2, p. 283-306 |
| Index terms: | board of directors chief executive officers management theories |
| Language: | eng |
| Abstract: | This paper models the interaction of firm insiders and outsiders on a corporate board, addressing the question of the board's ideal composition and size. The optimal board structure is determined by the trade-off btw. maximizing the incentive for insiders to reveal their private information, minimizing coordination costs among outsiders and maximizing the ability of outsiders to reject inferior projects. It is shown that optimal board size and composition are functions of the directors' and the firm's characteristics. |
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