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An Investigation into the Determinants of UK Board Structure Before and After Cadbury

Dedman, Elisabeth (2002) An Investigation into the Determinants of UK Board Structure Before and After Cadbury Corporate Governance, 8 (2). pp. 133-153.

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Abstract

This paper investigates the determinants of the board structure of non‐financial firms prior to, and post, the implementation of the recommendations of the Cadbury Committee. It provides evidence that managerial entrenchment is reduced following Cadbury, with the power afforded to CEOs with high levels of stock ownership being significantly diminished following the imposition of new standards of ‘best practice’ regarding board structure. However, in spite of considerable pressure for institutional investors to play an active role in encouraging best practice regarding board structure in their investee companies, we find no evidence of such behaviour in either time period, even in the presence of poor firm performance.

Item Type: Article
Divisions : Faculty of Arts and Social Sciences > Surrey Business School
Authors :
NameEmailORCID
Dedman, Elisabethe.dedman@surrey.ac.uk
Date : 16 December 2002
DOI : 10.1111/1467-8683.00191
Depositing User : Clive Harris
Date Deposited : 01 Jul 2019 12:44
Last Modified : 01 Jul 2019 12:47
URI: http://epubs.surrey.ac.uk/id/eprint/852188

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