Structuring Corporate Boards: Some Facts and Determinants from the Macedonian Setting

• Autorzy: Bobek Suklev , Stojan Debarliev , Ljubomir Drakulevski
• Języki publikacji: EN

Abstrakty

EN

Purpose: Knowing the factors that might affect board structure is an important step in understanding boards and their role in corporate governance. This research aims to examine the effect of firm characteristics closely related to corporate governance mechanisms, such as the model of corporate governance, shareholder capital concentration, and stock exchange listing on board structure variables (size, independence, and gender diversity).

Methodology: The sample of this study stems from large Macedonian joint-stock companies. We run a hierarchical linear regression of board characteristics on common demographic firm characteristics as control variables and contextual firm characteristics related to corporate governance mechanisms as independent variables.

Findings: Joint-stock companies in the Republic of North Macedonia have relatively small boards, which provide no positive effects that would originate from the larger number of board members. Moreover, the number of outside independent members is small, insufficient to influence the boards with greater objectivity, independence, and quality. Larger companies with a one-tier model have statistically significant larger corporate boards and a larger number of independent directors.

Implications: The best corporate governance practices worldwide must be used as a basis for future improvements of corporate governance in joint-stock companies in developing economies. (original abstract)

Słowa kluczowe

EN

Corporate governance; Board of directors; Companies

PL

Ład korporacyjny; Zarząd; Spółki

• Czasopismo: Central European Management Journal
• Rocznik: 2020
• Tom: 28
• Numer: nr 2
• Strony: 57--82

Twórcy

autor

Bobek Suklev

• Ss. Cyril and Methodius University in Skopje

autor

Stojan Debarliev

• Ss. Cyril and Methodius University in Skopje

autor

Ljubomir Drakulevski

• Ss. Cyril and Methodius University in Skopje

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Identyfikatory

DOI

10.7206/cemj.2658-0845.22