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Delegation of board work to committees in Europe

机译:将董事会工作下放给欧洲委员会

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摘要

A sample of 6169 firm year observations in 14 western European countries between 2002 and 2009 is used to investigate how committee practice within boards of directors is related to company characteristics, and to the existence of alternative corporate governance instruments in place. We find that committees in Europe are prevalent in larger companies, and in companies with large and independent boards. However, we also find that leverage, director interlocking, concentrated ownership, and the presence of managers on the board mitigate the use of committees, suggesting that committee use is limited by the existence of alternative governance mechanisms. Consequently, recent regulatory changes in Europe that promote the creation of committees within boards may be unsuited for certain types of company, especially smaller companies and those with concentrated ownership.
机译:在2002年至2009年期间,我们从14个西欧国家/地区的6169个公司年度观察样本中调查了董事会内部的委员会实践与公司特征以及已存在的替代公司治理工具之间的关系。我们发现,欧洲的委员会普遍存在于大型公司以及拥有大型独立董事会的公司中。但是,我们还发现,杠杆,董事相互关联,所有权集中以及董事会中管理人员的存在减轻了委员会的使用,这表明委员会的使用受到其他治理机制的限制。因此,最近在欧洲发生的促进董事会内部委员会建立的法规变化可能不适用于某些类型的公司,尤其是规模较小的公司和所有权集中的公司。

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