CORPORATE BOARD SIZE, COMPOSITION AND CORPORATE FAILURES IN RETAILING INDUSTRY[1]

Rajeswararao Chaganti · Vijay Mahajan · Subhash Sharma

591 citations0/0 files storedJournal of Management Studies

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Corporate Finance and Governance Corporate Insolvency and Governance Corporate Governance and Law

Abstract

ABSTRACT In recent years some activists have advanced proposals to reform corporate boards, notably their structure and process, to assure desirable corporate governance. the empirical question, however, is whether such formal board changes would guarantee good governance. This paper examines this issue by studying the differences in the board size and board composition of 21 pairs of failed and non‐failed firms. the results suggest that the non‐failed retailing firms, as compared to failed ones, tend to have bigger boards within the size range suggested by the activists. the differences in the percent of outsider directors and multiple offices held by C.E.O.s between the failed and non‐failed firms were not significant. Implications of the results for the evaluation of board reforms are discussed.

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References

1972Size and Composition of Corporate Boards of Directors: The Organization and its Environment 1977ZETATM analysis A new model to identify bankruptcy risk of corporations 1971Directors: Myth and Reality

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