Conyon, Martin and Pitts, M and Sadler, G (2003) Corporate Boards and Incentives: Empirical Evidence from the UK in 1935. Corporate Ownership and Control, 1. pp. 129-138. ISSN 1727-9232Full text not available from this repository.
We investigate boardroom governance using UK historical data for 1935. We demonstrate that there is a negative relationship between risk and incentives in this year. Prior research has produced anomalous results (Prendergast, 2002). Second, we show that average (median) board ownership of ordinary shares is about 7.95% (2.88%). Heuristically this figure is less than previously reported estimates for the US also using 1935 data. Finally, we show the phenomenon of multiple board membership. UK directors in 1935 hold many directorships – sometimes exceeding 10 concurrent memberships.
|Journal or Publication Title:||Corporate Ownership and Control|
|Subjects:||H Social Sciences > HF Commerce > HF5601 Accounting|
|Departments:||Lancaster University Management School > Accounting & Finance|
|Deposited On:||27 Jun 2012 09:09|
|Last Modified:||26 Jul 2012 20:21|
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