Università Cattolica del Sacro Cuore

The influence of owners’ type and nationality on board non-independence

Seminario  16 ottobre 2017
Aula: N -  Ore: 12.30
Via E. Parmense 84, Piacenza

Seminario DiSES

L'attività seminariale, particolarmente rilevante all'interno del Dipartimento, viene svolta sia da ricercatori che fanno capo al Dipartimento, sia da persone esterne. I seminari rappresentano infatti l'occasione per la discussione di working paper e per un confronto da diversi punti disciplinari di temi di interesse comune.



Université de Lausanne


The objective of the present study is to examine the determinants of corporate board non-independence, with a special focus on the role of the country origin and organizational type of owners. According to agency theory and 'good' corporate governance legislation and codes of conduct, board independence is a pre-condition for effective monitoring over (and accountability of) executive management to corporate shareholders. In addition to owners' organizational type, we propose and test the idea that owners will impact the extent to which a corporate board will be more or less independent depending on their home country's legal and political economic institutions. We test our arguments in a sample of 60 large French publicly traded corporations, during a period (2000-2008) where the French context witnessed an accelerated capital market liberalization, and where different types of owners took large stakes in the equity capital of firms. We find that, despite some global convergence, owners still seem to differ in their views and preferences on board governance (in particular board non-independence) depending on their country of origin.

Referente Informazioni:

Sig.ra Luciana Rezoagli

Recapito telefonico:

Tel. 0523 599342



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