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Determinants of the Size and Composition of US Corporate Boards: 1935‐2000

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  • Kenneth M. Lehn
  • Sukesh Patro
  • Mengxin Zhao

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.

Suggested Citation

  • Kenneth M. Lehn & Sukesh Patro & Mengxin Zhao, 2009. "Determinants of the Size and Composition of US Corporate Boards: 1935‐2000," Financial Management, Financial Management Association International, vol. 38(4), pages 747-780, December.
    • Handle: RePEc:bla:finmgt:v:38:y:2009:i:4:p:747-780
    DOI: 10.1111/j.1755-053X.2009.01055.x
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