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On the determinants of board size and its composition: additional evidence from Ghana

机译:关于董事会规模及其组成的决定因素:加纳的其他证据

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摘要

Purpose – The fundamental objective of this study is to contribute to the debate by empirically examining the determinants of board size and its composition from a small and developing country perspective. Design/methodology/approach – The paper uses a quantitative approach based on secondary data from firms listed on the Ghana Stock Exchange. Panel data multiple regressions within both fixed and random effects techniques estimations were carried out. Findings – Board size and its composition are a function of firm and industrial characteristics. Specific findings are that, while firm level risk has a positive relationship with board size, CEO tenure has a negative correlation with board size; and that firms with larger institutional shareholding employ less outside directors Research limitations/implications – A study of this nature requires a large sample base. It is therefore obvious that sample size was the main limitation of the study. Though, this limitation does not compromise on the validity of our findings, study findings and its general interpretation should be done with some degree of caution. Originality/value – Since, most of the studies in this area have been largely theoretical and have concentrated in developed countries, this paper makes an important contribution by looking at the issue empirically from a small and developing country perspective.
机译:目的–这项研究的基本目标是通过从发展中国家和发展中国家的角度经验性地研究董事会规模及其组成的决定因素,从而为辩论做出贡献。设计/方法/方法-本文基于加纳证券交易所上市公司的二级数据,采用了定量方法。在固定和随机效应技术估算范围内进行了面板数据多元回归。调查结果–董事会规模及其组成取决于企业和行业特征。具体发现是,虽然公司层面的风险与董事会规模成正相关,但首席执行官的任期与董事会规模成负相关。并且拥有更多机构股份的公司聘用的外部董事更少。研究限制/启示–这种性质的研究需要大量的样本库。因此很明显,样本量是该研究的主要限制。虽然,这种局限性并不影响我们研究结果的有效性,但是研究结果及其一般解释应谨慎行事。原创性/价值–由于该领域的大多数研究基本上都是理论性的,并且集中在发达国家,因此本文通过从发展中国家和发展中国家的角度对问题进行实证研究,从而做出了重要贡献。

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