Board structure in emerging markets: A simultaneous equation modeling

Ichiro Iwasaki, Xinxin Ma and Satoshi Mizobata ()

Journal of Economics and Business, 2024, vol. 128, issue C, No S014861952400002X

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.

Keywords: Board structure; Emerging market firms; Simultaneous equation modeling; China; Eastern Europe (search for similar items in EconPapers)
JEL-codes: D22 G32 G34 K22 L22 P34 (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Working Paper: Board Structure in Emerging Markets: A Simultaneous Equation Modeling (2024)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jebusi:v:128:y:2024:i:c:s014861952400002x

DOI: 10.1016/j.jeconbus.2024.106160

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