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Central European Management Journal

Zobacz wydanie
Rok 07.2020 
Tom 28 
Numer 2

Structuring Corporate Boards: Some Facts and Determinants from the Macedonian Setting

Bobek Suklev

Stojan Debarliev


Ljubomir Drakulevski

07.2020 28 (2) Central European Management Journal

DOI 10.7206/cemj.2658-0845.22


Purpose: Knowing the factors that might affect board structure is an important step in understanding
boards and their role in corporate governance. This research aims to examine the effect of firm
characteristics closely related to corporate governance mechanisms, such as the model of corporate
governance, shareholder capital concentration, and stock exchange listing on board structure variables (size, independence, and gender diversity).

Methodology: The sample of this study stems from large Macedonian joint-stock companies. We run
a hierarchical linear regression of board characteristics on common demographic firm characteristics
as control variables and contextual firm characteristics related to corporate governance mechanisms
as independent variables.

Findings: Joint-stock companies in the Republic of North Macedonia have relatively small boards,
which provide no positive effects that would originate from the larger number of board members.
Moreover, the number of outside independent members is small, insufficient to influence the boards
with greater objectivity, independence, and quality. Larger companies with a one-tier model have
statistically significant larger corporate boards and a larger number of independent directors.

Implications: The best corporate governance practices worldwide must be used as a basis for future
improvements of corporate governance in joint-stock companies in developing economies.


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Kompletne metadane

Cytowanie zasobu

APA style

Suklev, Bobek & Stojan Debarliev & Drakulevski, Ljubomir (2020). Structuring Corporate Boards: Some Facts and Determinants from the Macedonian Setting. (2020). Structuring Corporate Boards: Some Facts and Determinants from the Macedonian Setting. Central European Management Journal, 28(2), 57-82. https://doi.org/10.7206/cemj.2658-0845.22 (Original work published 07.2020n.e.)

MLA style

Suklev, Bobek and Stojan Debarliev and Drakulevski, Ljubomir. „Structuring Corporate Boards: Some Facts And Determinants From The Macedonian Setting”. 07.2020n.e. Central European Management Journal, t. 28, nr 2, 2020, ss. 57-82.

Chicago style

Suklev, Bobek and Stojan Debarliev and Drakulevski, Ljubomir. „Structuring Corporate Boards: Some Facts And Determinants From The Macedonian Setting”. Central European Management Journal, Central European Management Journal, 28, nr 2 (2020): 57-82. doi:10.7206/cemj.2658-0845.22.