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A Primer on Corporate Governance by Fernando A. Tejerina-Gaite, Felix J. Lopez-Iturriaga

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CHAPTER 3

Internal Mechanisms of Corporate Governance in Spain

3.1 The Board of Directors

Board of directors is one of the most analyzed internal mechanisms in the literature to the extent of being referred as the apex of the internal control system. This assertion is especially relevant because the very purpose of the internal control mechanism is to provide an early warning system to put the organization back on track before difficulties reach a crisis stage. Formal economic theorizing about boards has been quite limited. But, to some extent, the vacuum in formal theory has been filled by empirical work on boards. A number of empirical regularities have been established by the empirical literature. First, some characteristics of board such ...

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