Abstract:This study focuses on the composition of boards of directors in the Tunisian context. We model the composition of the board of directors as a function of alternative governance mechanisms, some board characteristics and other control variables. On a sample of 97 Tunisian firms, we find evidence that the proportion of outsiders on the board of directors is positively associated with large block, institutional and overseas ownerships, and board size. We document that the CEO duality is associated with a decrease… Show more
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