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Identifier to cite or link to this item: https://hdl.handle.net/10086/82077

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Title
Board Structure in Emerging Markets : A Simultaneous Equation Modeling
Creator
Creator Name
IWASAKI, Ichiro IWASAKI, Ichiro
Affiliation
Affiliation Name
Hitotsubashi University
Creator Name
MA, Xinxin MA, Xinxin
Affiliation
Affiliation Name
Hosei University
Creator Name
MIZOBATA, Satoshi MIZOBATA, Satoshi
Affiliation
Affiliation Name
Kyoto University
Editor
Contributor Name
Russian Research Center, Institute of Economic Research, Hitotsubashi University
Key Word
board structure
emerging market firms
simultaneous equation modeling
China
Eastern Europe
JEL
D22
G32
G34
K22
L22
P34
Abstract
This paper unravels the board structure of 42,146 firms in China and 21 European emerging markets and empirically examines its determinants. Structural estimation of simultaneous equation models that endogenize board size, outside board chairmanship, and board independence produced evidence supporting our predictions about potential factors that determine these three variables, which are based on previous studies of developed economies. However, we found striking differences in the combination of factors that strongly affect board structure between China and European emerging markets and between public and private companies. Furthermore, the empirical results in this paper suggest that the close interdependence among board components requires analytical consideration.
Publisher
Russian Research Center, Institute of Economic Research, Hitotsubashi University
Issued Date
2024-02
Language
English(eng)
Resource Type
technical report
Version Type
VoR
Is Part OfRelation -
Related Title
RRC Working Paper Series ; No. 104
ISSN
1883-1656
Number of Pages
50
Sponsorship
This research work was financially supported by the Japan Society for the Promotion of Science (JSPS KAKENHI Grant Number 20H01489) and the Joint Usage and Research Center of the Institute of Economic Research, Hitotsubashi University (Grant Number IERPK2323).
Appears in Collections
RRC Working Paper Series
URL
https://hdl.handle.net/10086/82077