The inner workings of the board: Evidence from emerging markets

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