The Inner Working of the Board: Evidence from the Emerging Markets

Ralph de Haas, Daniel Ferreira, Tom Kirchmaier

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We survey non-executive directors in emerging markets to obtain detailed information about the inner workings of corporate boards across a variety of institutional settings. We document substantial variation in the structure and conduct of boards as well as in directors’ perceptions about the local legal environment. Further analysis indicates that directors who feel adequately empowered by local legislation are less likely to actively vote against board
proposals. They also form boards that play a stronger role in the company’s strategic decision-making. This suggests that a supportive legal environment allows directors to focus more on their advisory, as opposed to their monitoring, role.
Original languageEnglish
Place of PublicationTilburg
PublisherCentER, Center for Economic Research
Number of pages30
Publication statusPublished - 17 Mar 2017

Publication series

NameCentER Discussion Paper


  • boards of directors
  • corporate governance
  • emerging markets


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