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Article
Publication date: 2 August 2013

Fivos V. Bekiris

The purpose of this paper is to control for the interrelationships between corporate governance mechanisms. Managerial ownership, external block holders' ownership, board

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Abstract

Purpose

The purpose of this paper is to control for the interrelationships between corporate governance mechanisms. Managerial ownership, external block holders' ownership, board independence, leadership structure and the size of the board, are perceived as the set of ownership and board characteristics embraced to interact in a system of corporate dynamics, which mitigate agency costs.

Design/methodology/approach

By using an extensive sample of Greek listed firms and by applying a simultaneous equations framework in order to control the potential endogeneity, the paper's findings indicate interdependence among these mechanisms.

Findings

More specifically, companies whose CEO is also the chairman of the board tend to have fewer outside directors and lower block holder ownership. The paper also provides evidence that independent boards are more likely to be employed by firms with higher external block holder shareholdings and whose board size is negatively correlated with managerial ownership and board independence.

Originality/value

The aim of this study is to examine the interrelationships among ownership structure and board characteristics in a small open economy, such as the Greek economy.

Details

Corporate Governance: The international journal of business in society, vol. 13 no. 4
Type: Research Article
ISSN: 1472-0701

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