Firm-Level Determinants of Board System Choice: Evidence from Russia
Ichiro Iwasaki ()
No 32_v2, RRC Working Paper Series from Russian Research Center, Institute of Economic Research, Hitotsubashi University
In this paper, using a unique dataset of joint-stock companies, we empirically examine the determinants of the choice and size of the collective executive board, a core element of the multi-tier board system of Russian firms. Our empirical evidence strongly suggests that the need of company executives for a collective management system is a key driver for the formation of a collective executive board, while outside investors are generally indifferent toward its adoption as a means to strengthening the monitoring and control functions over top management. We also found that Russian firms in the pursuit of the internationalization of their business activities tend to avoid the establishment of a collective executive board, which is a diverse corporate organ from the viewpoint of the international standard of corporate governance systems.
Keywords: board system choice; executive board; corporate governance; strategic management; Russia (search for similar items in EconPapers)
JEL-codes: D22 G34 K22 L22 P31 P34 (search for similar items in EconPapers)
Pages: 28,  p.
Note: This version: Feb, 2013
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Journal Article: Firm-Level Determinants of Board System Choice: Evidence from Russia (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:hit:rrcwps:32_v2
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