AN EMPIRICAL STUDY ON THE RELATIONSHIP AMONG BOARD OF DIRECTORS CHARACTERISTICS AND THE INTERNALISATION PROCESS

This paper aims to examine the relationship between some board characteristics (board size, board age, CEO-duality and female representation) and internationalization path followed by companies. The data for our study was collected through secondary sources and was aimed at a sample of companies listed at Bucharest Stock Exchange. We had included in our survey both companies that were pursuing an international strategy and companies that were showing no interest for the internalization process. The degree of international involvement of the listed companies was assessed through two dimensions: propensity for export and export intensity. The paper fills in the existing gap of the literature available on corporate governance in Romania and extends the understanding about the international involvement of the board of directors within the listed companies.