Corporate boards and incentives: Empirical evidence from the UK in 1935

Marianne Pitts, Graham V. Sadler, Martin J. Conyon

Research output: Contribution to journalArticlepeer-review


We investigate boardroom governance using UK historical data for 1935. We demonstrate that there is a negative relationship between risk and incentives in this year. Prior research has produced anomalous results (Prendergast, 2002). Second, we show that average (median) board ownership of ordinary shares is about 7.95% (2.88%). Heuristically this figure is less than previously reported estimates for the US also using 1935 data. Finally, we show the phenomenon of multiple board membership. UK directors in 1935 hold many directorships - sometimes exceeding 10 concurrent memberships.

Original languageEnglish
Pages (from-to)129-138
Number of pages10
JournalCorporate Ownership and Control
Issue number1
Publication statusPublished - 1 Jan 2003


  • Board incentives
  • Board membership
  • Board ownership

ASJC Scopus subject areas

  • Business, Management and Accounting(all)


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