The changing structure of US corporate boards: 1997-2003

Vidhi Chhaochharia, Yaniv Grinstein

Research output: Contribution to journalArticle

35 Scopus citations

Abstract

We document changes in board characteristics in public US firms between 1997 and 2003. We find significant changes in board independence, committee independence, board size, interlocking directorships, director occupation and multiple directorships. Most of the changes occur between 2000 and 2003. In general, these changes appear both in small and large firms. However, changes in board size and in multiple directorships are statistically significant in large firms only. We find weaker trends in the financial stake of independent directors and in separating CEOs from the chairman position. In 2003 many independent directors have small holdings in the firms they direct and CEOs chair around two-thirds of the boards in our sample. Together, these results shed light on the types of board structures that have recently become the norm in US public firms.

Original languageEnglish (US)
Pages (from-to)1215-1223
Number of pages9
JournalCorporate Governance: An International Review
Volume15
Issue number6
DOIs
StatePublished - Nov 2007

Keywords

  • Board of directors
  • Board size
  • Board structure
  • Director independence

ASJC Scopus subject areas

  • Business, Management and Accounting(all)
  • Strategy and Management
  • Management of Technology and Innovation

Fingerprint Dive into the research topics of 'The changing structure of US corporate boards: 1997-2003'. Together they form a unique fingerprint.

Cite this