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The inner workings of the board: evidence from emerging markets

De Hass, Ralph, Ferreira, Daniel and Kirchmaier, Thomas ORCID: 0000-0002-8938-2206 (2020) The inner workings of the board: evidence from emerging markets. Emerging Markets Review. ISSN 1566-0141

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Identification Number: 10.1016/j.ememar.2020.100777


We survey non-executive directors in emerging markets to obtain detailed information about the inner workings of corporate boards across a variety of institutional settings. We document substantial variation in the structure and conduct of boards as well as in directors’ perceptions of the local legal environment. Our analysis indicates that directors who feel adequately empowered by local legislation are less likely to vote against board proposals. They also form boards that play a stronger role in the company’s strategic decision-making. The evidence suggests that a supportive legal environment allows directors to focus more on their advisory role rather than on their monitoring role.

Item Type: Article
Official URL:
Additional Information: © 2020 Elsevier B.V.
Divisions: Finance
Subjects: H Social Sciences > HC Economic History and Conditions
JEL classification: G - Financial Economics > G3 - Corporate Finance and Governance > G30 - General
G - Financial Economics > G3 - Corporate Finance and Governance > G38 - Government Policy and Regulation
K - Law and Economics > K2 - Regulation and Business Law > K22 - Corporation and Securities Law
Date Deposited: 29 May 2019 10:57
Last Modified: 20 Oct 2021 02:39

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