An Analysis of Changes in Board Structure during Corporate Governance Reforms
研究英国公司治理改革期间董事会结构的变化，发现董事会更倾向于增加独立董事和分离CEO与董事长职位，且这些变化主要受管理层控制、股权发行和企业绩效影响，而非公司经营环境。
Abstract This study examines the evolution of company board structure during a period of corporate governance reform. Using data over a time period following the publication of the Cadbury Report (1992) we present evidence of an increase in the independence of UK boards, as measured by an increased willingness to employ independent non‐executive directors, and to separate the positions of the CEO and the Chairman of the Board. In examining the determinants of these changes, we find that boards change more readily in response to changes in managerial control, equity issuance and corporate performance than changes in the firm‐specific operating environment of companies.