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Ownership concentration and supervisory board efficiency: evidence from Croatian public firms

Open and closed system of corporate governance differ in that the allocation of socioeconomic power, the decision-making efficiency problem and the relations between the management and the owner are resolved in different ways. In this study we analyze two internal governance mechanisms: ownership concentration and the supervisory board on a sample of Croatian public firms. We examine the relationship between ownership concentration and the efficiency of the supervisory board. Supervisory board efficiency is operationalized with an index of the supervisory board efficiency we have constructed and as a measure of ownership concentration we use external ownership concentration. We test the relationship of the two internal mechanisms using original survey data from 110 supervisory board members.

ownership concentration, board composition, supervisory board, Croatia

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