The Determinants of Corporate Board Size and Composition: An Empirical Analysis

@article{Boone2006TheDO,
  title={The Determinants of Corporate Board Size and Composition: An Empirical Analysis},
  author={Audra L. Boone and Laura Casares Field and Jonathan M. Karpoff and Charu G. Raheja},
  journal={ERN: Econometric Studies of Corporate Governance (Topic)},
  year={2006}
}
Many theories have been proposed to explain how corporate boards are structured. This paper groups these theories into three hypotheses and tests them empirically. We utilize a unique panel dataset that tracks corporate board development from the time of a firm's IPO through 10 years later. The data indicate that: (i) board size and independence increase as firms grow in size and diversify over time; (ii) board size - but not board independence - reflects a trade-off between the firm-specific… 

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