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    Board composition, grey directors and corporate failure in the UK

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    Publication date
    2014-09
    Author
    Hsu, Hwa-Hsien
    Wu, C.Y-H.
    Keyword
    Board structure; Board independence; Grey directors; Corporate governance; Discriminant-analysis; Multilogit approach; Ownership structure; Financial ratios; Size; Governance; Performance; Determinants; Firm; Entrenchment
    Peer-Reviewed
    Yes
    
    Metadata
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    Abstract
    This study examines the effect of board composition on the likelihood of corporate failure in the UK. We consider both independent and non-independent (grey) non-executive directors (NEDs) to enhance our understanding of the impact of NEDs' personal or economic ties with the firm and its management on firm performance. We find that firms with a larger proportion of grey directors on their boards are less likely to fail. Furthermore, the probability of corporate failure is lower both when firms have a higher proportion of grey directors relative to executive directors and when they have a higher proportion of grey directors relative to independent directors. Conversely, there is a positive relationship between the likelihood of corporate failure and the proportion of independent directors on corporate boards. The findings discussed in this study support the collaborative board model and the view that corporate governance reform efforts may have over emphasised the monitoring function of independent directors and underestimated the benefits of NEDs' affiliations with the firm and its management. (C) 2013 Elsevier Ltd. All rights reserved.
    URI
    http://hdl.handle.net/10454/10276
    Version
    No full-text available in the repository
    Citation
    Hsu H-H and Wu CY-H (2014) Board composition, grey directors and corporate failure in the UK. British Accounting Review. 46(3): 215-227.
    Link to publisher’s version
    http://dx.doi.org/10.1016/j.bar.2013.12.002
    Type
    Article
    Collections
    Management and Law Publications

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