Board Composition in New Zealand: An Agency Perspective

Andrew K. Prevost · Ramesh P. Rao · Mahmud Hossain

95 citations0/0 files storedJournal of Business Finance &amp Accounting

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

Abstract

This paper looks at board composition determinants in New Zealand. We document that the proportion of outside board members is inversely related to insider equity ownership supporting the notion that these variables are substitute mechanisms in controlling agency problems. We also find that board composition is directly related to debt, ownership concentration, and profitability and inversely related to growth and firm size. There is evidence that firms with influential CEOs have lower outside board representation. Finally, we document that the passage of the legislation reforming company and securities laws in 1993 was associated with increased outside members on the board.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1983Separation of Ownership and Control 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 1977Determinants of corporate borrowing 1980Agency Problems and the Theory of the Firm 1986Large Shareholders and Corporate Control 1991The Theory of Capital Structure 1988Outside directors and CEO turnover

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