The Board of Directors, Leading Firms and Sectors. An Attempt of Data Mining Based Description
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The relations between attributes describing the Board of Directors and the economic performance of a relevant company, and that of the sectors in national economy are investigated. The Principal - Agent Theory and the Game Theory cannot be used in satisfactory way to verify economic behavior arising in particular situations, because they operate on general concepts. The paper presents an attempt to reformulate this issue, taking it into account when explaining the process of operational decision making. The usual focus on what the Boards of Directors do, how their composition may affect it, and what should be done to improve their effectiveness is extended to include the issue of criteria used in Board selection process. Search for empirical regularity within director's selection process leads to learn how directors are chosen and to understanding corporate organization and governance.
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