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The Determinants and Effects of Board Nomination Committees

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abstract This article 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 (SWX) introduced new corporate governance-related disclosure guidelines. We find firms with nomination committees are more likely to have a higher number of independent and foreign directors, but not more likely to have a 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, resource-dependence theory and group effectiveness theory help to explain different aspects of board composition and effectiveness. Finally, the article discusses the concept of diversity and appropriate ways to study diversity in a boardroom context.
   
type journal paper
   
keywords board demographic diversity; board independence; nomination committees
   
language English
kind of paper journal article
date of appearance 19-4-2006
journal Journal of Management and Governance
publisher Springer (New York)
ISSN 1385-3457
volume of journal 10
number of issue 2
page(s) 119-148
review double-blind review
   
citation Ruigrok, W., Peck, S., Tacheva, S., Greve, P., & Hu, Y. (2006). The Determinants and Effects of Board Nomination Committees. Journal of Management and Governance, 10(2), 119-148.