The Determinants and Effects of Board Nomination Committees* |
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Authors: | Winfried Ruigrok Simon Peck Sabina Tacheva Peder Greve Yan Hu |
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Institution: | (1) Research Institute for International Management (FIM-HSG), University of St. Gallen, Dufourstrasse 40a, 9000 St. Gallen, Switzerland;(2) Weatherhead School of Management, Case Western Reserve University, Cleveland, OH, USA |
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Abstract: | This article assesses the corporate governance-related antecedents of nomination committee adoption, and the impact of nomination
committees’ existence and their composition on board independence and board demographic diversity. We conducted a longitudinal
study of board composition amongst 210 Swiss public companies from January 2001 through December 2003, a period during which
the Swiss (Stock) Exchange (SWX) introduced new corporate governance-related disclosure guidelines. We find firms with nomination
committees are more likely to have a higher number of independent and foreign directors, but not more likely to have a higher
number of female board members. Further, the existence of nomination committees is associated with a higher degree of nationality
diversity but is not related to board educational diversity. We also find that nomination committee composition matters in
the nomination of independent and foreign, but not of female directors. Our results suggest that understanding different board
roles and composition require a multi-theoretical approach, and that agency theory, resource-dependence theory and group effectiveness
theory help to explain different aspects of board composition and effectiveness. Finally, the article discusses the concept
of diversity and appropriate ways to study diversity in a boardroom context.
* The Editor acknowledges that Hans van Ees, Morten Huse, and Jonas Gabrielsson – convenors of the EURAM (European Academy
of Management) Corporate Governance track in 2004 – acted as Co-Editors on this paper. |
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Keywords: | board demographic diversity board independence nomination committees |
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