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Happy few, band of brothers? Determinants and effects of board nomination committees in Switzerland

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abstract This paper assesses the corporate governance related antecedents of nomination committee adoption, and the impact of nomination committees' existence and their composition on board independence and board demographic diversity. We conducted a longitudinal study of board composition amongst 210 Swiss public companies from January 2001 through December 2003, a period during which the Swiss (Stock) Exchange introduced new corporate governance related disclosure guidelines. We find firms with nomination committees are more likely to have higher number of independent and foreign directors, but not more likely to have higher number of female board members. Further, the existence of nomination committees is associated with a higher degree of nationality diversity but is not related to board educational diversity. We also find that nomination committee composition matters in the nomination of independent and foreign, but not of female directors. Our results suggest that understanding different board roles and composition require a multi-theoretical approach, and that agency theory, institutional theory and group effectiveness theory help to explain different aspects of board composition and work. Finally, the paper discusses the concept of diversity and appropriate ways to study diversity in a boardroom context.
   
type conference paper (English)
   
keywords board demographic diversity, board independence, nomination committees
   
project Corporate governance and economic performance in Switzerland and Germany
name of conference Academy of Management Annual Meeting (Honolulu, Hawaii)
date of conference 8-8-2005
review double-blind review
   
citation Ruigrok, W., Peck, S., Tacheva, S., Greve, P., & Hu, Y. (2005). Happy few, band of brothers? Determinants and effects of board nomination committees in Switzerland. In .