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- Title
CORPORATE BOARDS AND INCENTIVES: EMPIRICAL EVIDENCE FROM THE UK IN 1935.
- Authors
Pitts, Marianne; Sadler, Graham V.; Conyon, Martin J.
- 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.
- Subjects
UNITED Kingdom; CORPORATE governance; INDUSTRIAL management; CORPORATE directors; EXECUTIVES; CORPORATIONS
- Publication
Corporate Ownership & Control, 2003, Vol 1, Issue 1, p129
- ISSN
1727-9232
- Publication type
Article