Board Composition in New Zealand: An Agency Perspective
研究新西兰公司董事会构成的决定因素，发现外部董事比例与内部人持股负相关，与债务、所有权集中度和盈利能力正相关，与增长和公司规模负相关，且1993年法律改革后外部董事增加。
This paper looks at board composition determinants in New Zealand. We document that the proportion of outside board members is inversely related to insider equity ownership supporting the notion that these variables are substitute mechanisms in controlling agency problems. We also find that board composition is directly related to debt, ownership concentration, and profitability and inversely related to growth and firm size. There is evidence that firms with influential CEOs have lower outside board representation. Finally, we document that the passage of the legislation reforming company and securities laws in 1993 was associated with increased outside members on the board.