Working Paper No. 951

On the Internationalization of Corporate Boards

Published: January 22, 2013Pages: 46Keywords: Internationalization; International directors; International board experience; Board composition; Nomination committee; Corporate governance JEL-codes: F23; G30; G34; L22; M16

On the Internationalization of Corporate Boards Lars Oxelheim, Aleksandra Gregorič, Trond Randøy and Steen Thomsen

 

Despite the global reach of their commercial activities, many multinational firms have proved slow in internationalizing their boards of directors. Based on a panel study of the internationalization of the boards of 347 non-financial firms from the Nordic countries, we find a higher fraction of international board membership in firms with more foreign sales, in firms with more foreign ownership and in firms whose shares are traded on foreign (mostly European) stock exchanges. Moreover, we find international directors and national directors with international experience complementary. The first-mentioned group is found to serve a monitoring role, related to financial internationalization of the firm, whereas the latter category fills an advisory role related to commercial internationalization. Hence, different types of firm internationalization – commercial versus financial – might call for different types of board internationalization.

 

Lars Oxelheim

Contact

Ph: +46 8 665 4527
Mob: +46 70 861 9361
lars.oxelheim@ifn.se

Institutional Entrepreneurship

Most recent book

Editors: Magnus Henrekson and Tino Sanandaji

 

This comprehensive volume builds on Baumol’s 1990 framework to categorize and classify the growing research field that explores the interplay between institutions and entrepreneurship.

It also contains the unique feature of examining the ways in which entrepreneurs themselves shape institutions.

Events

Seminars organized by IFN

 

To present ongoing research informal brown-bag seminars are held on Mondays at 11:30 am. This is an opportunity for IFN researchers to test ideas and results.

Academically oriented seminars are most of the time held on Wednesdays at 10 am. At these events researchers from IFN and other institutions present their research.

In addition, IFN organizes seminars open to the public. Topics for these are derived from the IFN research.

Research Institute of Industrial Economics, Grevgatan 34 - 2 fl, Box 55665, SE-102 15 Stockholm, Sweden | Phone: +46-(0)8-665 45 00 | info@ifn.se