The Inner Workings of the Board: Evidence from Emerging Markets

Ralph de Haas*, Daniel Ferreira, Tom Kirchmaier

*Corresponding author for this work

Research output: Contribution to journalJournal articleResearchpeer-review

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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.
Original languageEnglish
Article number100777
JournalEmerging Markets Review
Number of pages15
Publication statusPublished - Sept 2021

Bibliographical note

Published online: 18 November 2020.


  • Boards of directors
  • Corporate governance
  • Emerging markets

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