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It is generally held that the choice of size and composition of the board of directors is endogenous to firm and recent theoretical models support this contention. This article focuses on the factors that might explain the size and composition of the board using a unique sample of the larger listed firms in Hong Kong, Malaysia and Singapore. While there is evidence of a size effect explaining board size, the impact of growth options and the existence of chief executive officer who is also chairman are found to be important in explaining board composition.
