The Inner Workings of the Board: Evidence from Emerging Markets

Ralph de Haas, Daniel Ferreira, Tom Kirchmaier

    Publikation: Working paperForskning


    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 about the local legal environment. Further analysis indicates that directors who feel adequately empowered by local legislation are less likely to actively vote against board
    proposals. They also form boards that play a stronger role in the company’s strategic decision-making. This suggests that a supportive legal environment allows directors to focus more on their advisory, as opposed to their monitoring, role.
    Udgivelses stedTilburg
    UdgiverTilburg University
    Antal sider28
    StatusUdgivet - 17 mar. 2017
    NavnEuropean Banking Center Discussion Paper
    NavnCentER Discussion Paper
    NavnCentre for Economic Policy Research. Discussion Papers


    • Boards of directors
    • Corporate governance
    • Emerging markets


    de Haas, R., Ferreira, D., & Kirchmaier, T. (2017). The Inner Workings of the Board: Evidence from Emerging Markets. Tilburg: Tilburg University. European Banking Center Discussion Paper, Nr. 2017-002, CentER Discussion Paper, Nr. 2017-016, Centre for Economic Policy Research. Discussion Papers, Nr. DP12317