An analysis of changes in board structure during corporate governance reforms

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This study examines the evolution of company board structure during a period of corporate governance reform. Using data over a time period following the publication of the Cadbury Report (1992) we present evidence of an increase in the independence of UK boards, as measured by an increased willingness to employ independent non-executive directors, and to separate the positions of the CEO and the Chairman of the Board. In examining the determinants of these changes, we find that boards change more readily in response to changes in managerial control, equity issuance and corporate performance than changes in the firm-specific operating environment of companies.
Original languageEnglish
Pages (from-to)575-607
Number of pages32
JournalEuropean Financial Management
Issue number4
Publication statusPublished - 2006


  • board size
  • board composition
  • firm-specific characteristics
  • ownerspecific characteristics

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