Board structure in emerging markets: A simultaneous equation modeling

IF 3.3 Q1 BUSINESS, FINANCE
Ichiro Iwasaki , Xinxin Ma , Satoshi Mizobata
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引用次数: 0

Abstract

This paper unravels the board structure of 42,146 firms in China and 21 European emerging markets and empirically examines its determinants. Structural estimation of simultaneous equation models that endogenize board size, outside board chairmanship, and board independence produced evidence supporting our predictions about potential factors that determine these three variables, which are based on previous studies of developed economies. However, we found striking differences in the combination of factors that strongly affect board structure between China and European emerging markets and between public and private companies. Furthermore, the empirical results in this paper suggest that the close interdependence among board components requires analytical consideration.

新兴市场的董事会结构:同步方程模型
本文揭示了中国和 21 个欧洲新兴市场 42,146 家公司的董事会结构,并对其决定因素进行了实证研究。通过对内生董事会规模、外部董事会主席和董事会独立性的同步方程模型进行结构性估计,得出了支持我们对决定这三个变量的潜在因素的预测的证据,这些预测是基于以往对发达经济体的研究得出的。然而,我们发现,在强烈影响董事会结构的因素组合方面,中国与欧洲新兴市场之间以及上市公司与私营企业之间存在着显著差异。此外,本文的实证结果表明,董事会各组成部分之间的密切相互依存关系需要分析考虑。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
6.20
自引率
2.60%
发文量
31
期刊介绍: Journal of Economics and Business: Studies in Corporate and Financial Behavior. The Journal publishes high quality research papers in all fields of finance and in closely related fields of economics. The Journal is interested in both theoretical and applied research with an emphasis on topics in corporate finance, financial markets and institutions, and investments. Research in real estate, insurance, monetary theory and policy, and industrial organization is also welcomed. Papers that deal with the relation between the financial structure of firms and the industrial structure of the product market are especially encouraged.
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