Determinants of the Size and Composition of US Corporate Boards: 1935‐2000 |
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| Authors: | Kenneth M. Lehn Sukesh Patro Mengxin Zhao |
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| Affiliation: | 1. Kenneth M. Lehn is the Samuel A. McCullough Professor of Finance at the University of Pittsburgh, Pittsburgh, PA.;2. Sukesh Patro is an Assistant Professor of Finance at Kansas State University, Manhattan, KS.;3. Mengxin Zhao is an Assistant Professor of Finance at the University of Alberta, Edmonton, Canada. |
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| Abstract: | We examine the determinants of the size and composition of corporate boards for a sample of 82 US companies that survived during the period 1935‐2000. Our hypotheses lead to predictions that firm size, growth opportunities, merger activity, and geographical expansion are important determinants of these board characteristics. We find empirical evidence that the four variables are significant determinants of the size and/or composition of boards. After controlling for these determinants of board characteristics, we find no robust relation between firm performance and either board size or composition. |
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