The Inner Workings of the Board: Evidence from Emerging Markets

Ralph de Haas, Daniel Ferreira, Tom Kirchmaier

    Research output: Working paperResearch


    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.
    Original languageEnglish
    Place of PublicationTilburg
    PublisherTilburg University
    Number of pages28
    Publication statusPublished - 17 Mar 2017
    SeriesEuropean Banking Center Discussion Paper
    SeriesCentER Discussion Paper
    SeriesCentre for Economic Policy Research. Discussion Papers


    • Boards of directors
    • Corporate governance
    • Emerging markets

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