Article2011

Determinants of board and audit committee meeting frequency

83 citations0/0 files storedManagerial Auditing Journal

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Corporate Finance and Governance Auditing, Earnings Management, Governance Corporate Governance and Financial Management

Abstract

Purpose This purpose of this paper is to investigate the determinants of board and audit committee meeting frequency. Design/methodology/approach The determinants studied are related to the ownership structure and to the board characteristics. The study is conducted in an agency setting featured by high ownership concentration and large insider shareholders. Hypotheses are developed based on agency theory. The empirical evidence is provided by a sample of Italian listed companies. Negative binomial regression is used in the multivariate analysis to test the relationships. Robustness checks provide further empirical support. Findings The paper finds that insider ownership negatively impacts – either on the board or on the audit committee meeting frequency – whilst the proportion of independent directors in the board has a positive impact. This evidence is consistent with the hypothesis that insider ownership and board independent monitoring are substitute control mechanisms. The findings also show that audit committees are more active in larger firms. Originality/value The paper provides an agency theory‐based explanation of the board and the audit committee meeting frequency, in a setting featured by large controlling shareholders.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1983Separation of Ownership and Control 1997A Survey of Corporate Governance 1980Agency Problems and the Theory of the Firm 1993The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems 2005The economic implications of corporate financial reporting 2007Boards: Does one size fit all☆1992A Modest Proposal for Improved Corporate Governance

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