RT Journal Article
T1 Do the institutional environment and types of owners influence the relationship between ownership concentration and board of director independence? An international meta-analysis
A1 Pérez-Calero, L.
A1 Hurtado González, José Manuel
A1 López-Iturriaga, Félix
K1 Corporate governance
K1 Ownership structure
K1 Board of directors
K1 Institutional context Meta-analysis
AB Prior research into the relationship between firm ownership structure and board of director independence has been conducted in a variety of international settings and has led to mixed results. Given this divergence, we meta-analyze 127 studies in order to test whether different types of owners (if a firm's ownership lies mainly in the hands of managers, families or institutions) explain these mixed results. We also examine whether the institutional context (civil, common or emerging legal system) may moderate the relationship between ownership concentration and type of owner and board independence. We find that ownership concentration has a significant negative relation with board independence in common law countries, and when firms are under managerial or family control. In contrast, the relation is positive for firms in civil law countries or for firms owned by institutional investors. Thus, our paper reveals differences in the relation between ownership concentration and board of director independence contingent on type of owner and the institutional context in which the firm operates. Our research has practical implications for practitioners and policy makers, and provides them with certain guidelines aimed at achieving the most efficient design for corporate governance mechanisms.
PB Elservier
YR 2019
FD 2019-03-18
LK https://hdl.handle.net/10433/21734
UL https://hdl.handle.net/10433/21734
LA en
NO International Review of Financial Analysis Volume 61 , January 2019, Pages 233-244
NO Proyectos de investigaciónECO2016-75047-P, ECO2017-84864-P; ECO2016-75047-P; ECO2015-69301-R
NO Departamento organización de empresas y marketing. Universidad Pablo de Olavide.
DS RIO
RD Apr 25, 2026