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- W621533862 abstract "This thesis develops and tests a model of effective board composition. It argues that previous research has failed to capture the effect of knowledge on monitoring effectiveness. The percentage of independent directors, the most frequently used measure of independence in the literature, is an accurate measure of board composition only where the knowledge required for monitoring purposes is firm specific. The knowledge required to ensure that annual listing fees are paid and accounting reports are lodged is a type of assembled knowledge that is not as costly to transfer as firm specific knowledge nor as inexpensive to transfer as general knowledge. A positive association is expected between assembled knowledge and monitoring effectiveness. A positive association is also expected between independence and monitoring effectiveness. Firms who fail to lodge accounting reports or pay their annual listing fees, thereby indicating low monitoring effectiveness, are suspended from listing on the ASX. The measure of monitoring effectiveness in this thesis is the likelihood of suspension from the ASX. Assembled knowledge is measured by the level of exposure to circumstances in which it can be acquired. Independence is measured by the expected loss of future benefits from the firm resulting from monitoring of the CEO. Discriminant function analysis found that the model, consisting of five factors yielded by principal components analysis and three single variables, was a significant predictor of membership of the suspended and not suspended groups. Members of the not suspended group exhibited, on average, a higher level of Full Board Ownership, a higher level of Monetary Dependence on the CEO and a lower level of Influence of External Shareholders than members of the suspended group. The direction of the association between group membership and Influence of External Shareholders was inconsistent with the predictions and results of previous research. However, it was not inconsistent with the propositions developed in this thesis. The direction of the association between Monetary Dependence on the CEO and group membership was opposite to that predicted. It was argued that this result occurred due to poor construct validity." @default.
- W621533862 created "2016-06-24" @default.
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- W621533862 date "1997-01-01" @default.
- W621533862 modified "2023-09-26" @default.
- W621533862 title "Knowledge and independence : the keys to effective corporate governance?" @default.
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