Corporate Boards and Incentives: Empirical Evidence from the UK in 1935

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 1727-9232

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Abstract

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.

Item Type:
Journal Article
Journal or Publication Title:
Corporate Ownership and Control
Uncontrolled Keywords:
/dk/atira/pure/researchoutput/libraryofcongress/hf5601
Subjects:
ID Code:
54040
Deposited By:
Deposited On:
27 Jun 2012 08:09
Refereed?:
Yes
Published?:
Published
Last Modified:
01 Jan 2020 07:52