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

Marianne Pitts, Graham 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)136-146
Number of pages11
JournalCorporate Ownership and Control
Issue number1
Publication statusPublished - 2003

Bibliographical note

Creative Commons Attribution Non-Commercial License 4.0 International


  • board membership
  • board ownership
  • board incentives


Dive into the research topics of 'Corporate boards and incentives: empirical evidence from the UK in 1935'. Together they form a unique fingerprint.

Cite this