Board Structure in Emerging Markets: A Simultaneous Equation Modeling

Ichiro Iwasaki, Xinxin Ma and Satoshi Mizobata ()

No 104, RRC Working Paper Series from Russian Research Center, Institute of Economic Research, Hitotsubashi University

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)
Pages: 50 pages
Date: 2024-02
New Economics Papers: this item is included in nep-cfn
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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https://hermes-ir.lib.hit-u.ac.jp/hermes/ir/re/82077/RRC_WP_No104.pdf

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Journal Article: Board structure in emerging markets: A simultaneous equation modeling (2024)
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Persistent link: https://EconPapers.repec.org/RePEc:hit:rrcwps:104

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