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| Tekijä: | Mak, Y. T. Roush, M. L. |
| Otsikko: | Factors affecting the characteristics of boards of directors: An empirical study of New Zealand initial public offering firms |
| Lehti: | Journal of Business Research
2000 : FEB, VOL. 47:2, p. 147-159 |
| Asiasana: | Organization theory Organizational behaviour Companies Initial public offerings Asia |
| Vapaa asiasana: | Boards of directors |
| Kieli: | eng |
| Tiivistelmä: | This study examines the associations btw. the characteristics of boards of directors of IPO firms and the availability of growth opportunities and level of inside share ownership of these firms. Three characteristics of boards of directors are examined: 1. board size, 2. proportion of outside directors, and 3. the separation of the CEO and chairperson's roles (dual leadership). The impact of firm size on board characteristics is controlled for in the empirical tests. Based on a a sample of 110 New Zealand firms that made IPOs of equity securities over the period 1983 to 1987, the study finds among others that firms that have lower inside share ownership tend to employ larger boards. |
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