We survey non-executive directors in emerging markets to obtain detailed information about the inner workings of corporate boards across a variety of institutional settings. We document substantial variation in the structure and conduct of boards as well as in directors' perceptions of the local legal environment. Our analysis indicates that directors who feel adequately empowered by local legislation are less likely to vote against board proposals. They also form boards that play a stronger role in the company's strategic decision-making. The evidence suggests that a supportive legal environment allows directors to focus more on their advisory role rather than on their monitoring role.

我们调查了新兴市场的非执行董事，以获取有关各种机构环境中公司董事会内部运作的详细信息。我们记录了董事会结构和行为以及董事对当地法律环境的看法的重大变化。我们的分析表明，认为当地立法赋予足够权力的董事不太可能投票反对董事会提案。他们还组成董事会，在公司的战略决策中发挥更重要的作用。证据表明，有利的法律​​环境允许董事更多地关注其咨询角色而不是监督角色。