Board Composition and Regulatory Change: Evidence from the Enactment of New Companies Legislation in New Zealand

摘要: We examine whether New Zealand firms changed the composition of their boards directors due to 1994 enactment new Companies Act. explore two possible effects. First, outside may have been more attractive, and used after Alternatively, duties associated penalties could made directorships less attractive harder fill, directors. Our results show that proportion increased by about 5% This supports view value Act suggests political process can change corporate governance mechanisms.