The Netherlands 3

(1)

APPENDIXES

APPENDIX A. Selected Listed British, Dutch, and German Companies

The sample of MNEs comprises the hereunder mentioned blue-chip companies. No specific ranking was applied, they were only put into alphabetical order.

Alphabetical Rank

British listed companies (out of FTSE 100)

Dutch listed companies (AEX)

German listed companies (DAX)

1 Anglo American ABN AMRO Adidas-Salomon

2 AstraZeneca AEGON Allianz

3 Aviva Ahold Altana

4 BAE Systems Akzo Nobel BASF

5 Barclays Bank ASML Bayer AG

6 BG Group Buhrmann BMW

7 BHP Billiton DSM Commerzbank

8 BP Fortis Continental

9 British American Tobacco Getronics DaimlerChrysler

10 BT Group Hagemeyer Deutsche Bank

11 Cadbury Schweppes Heineken Deutsche Börse

12 Diageo ING Group Deutsche Post

13 GlaxoSmithKline KPN Deutsche Telekom

14 HBOS Numico E.ON

15 HSBC Philips Fresenius

16 Imperial Tobacco Group Reed Elsevier Henkel

17 Lloyds TSB Rodamco Europe Hypo Real Estate

18 Marks & Spencer Royal Dutch Shell²⁸ Infineon Technologies

19 National Grid SBM Offshore Linde

20 O2 TNT Lufthansa

21 Prudential Plc Tom Tom MAN

22 Reckitt Benckiser Unilever¹ METRO

23 Royal Bank of Scotland Group

Vedior Munich Re

(Münchener Rück)

24 Royal Dutch Shell²⁸ VNU RWE

25 Rio Tino Group Wolters Kluwer SAP

26 SABMiller Schering

27 Standard Chartered Siemens

28 Scottish Power ThyssenKrupp

29 Tesco TUI

30 Unilever²⁸ Volkswagen (VW)

31 Vodafone Group

Source http://en.wikipedia.org/wiki/

FTSE_100_Index

http://en.wikipedia.org /wiki/AEX_index

http://en.wikipedia.org/

wiki/DAX

(2)

APPENDIX B. Code Book of the Database Company-level variables

Name Label Value

compid Number of the company compname Official company name

compcoo Company country of origin (where Headquarters is located)

(countries randomly selected)

1. UK

2. The Netherlands 3. Germany 4. Belgium 5. France 6. Italy

7. Luxembourg 8. Denmark 9. Ireland 10. Greece 11. Portugal 12. Spain 13. Austria 14. Finland 15. Sweden compindu Industry in which the company operates

Categorization retrieved from:

http://www.osha.gov/pls/imis/sic_manual.html

1. Agriculture, forestry and fishing

2. Mining 3. Construction 4. Manufacturing 5. Transportation,

Communication, Electric, Gas and Sanitary Services 6. Wholesale Trade 7. Retail Trade 8. Finance, Insurance

and Real Estate 9. Services 10. Public

Administration empl2004² Number of worldwide employees as reported

in 2004

(In absence of the data in the annual report, the website or Amadeus/Reach has been consulted)

999. Missing

(3)

empl2005³ Number of worldwide employees as reported in 2005

(In absence of the data in the annual report, the website or Amadeus/Reach has been consulted)

999. Missing

srt4gbp Annual worldwide sales/revenue/turnover in GBP (millions) as reported in 2004.

99999. Missing srt2004 Annual worldwide sales/ revenue/ turnover in

Euros (millions) as reported in 2004.

(In case the amounts of sales/revenue/turnover are recorded in GBP or US Dollars, they will be converted into Euros, by using the exchange rate of 31/12/2004) Exchange rate 31/12/2004 1 GBP = 1.41528 Euros Exchange rate 31/12/2004 1 US Dollar = 0.738662 Euros Source: www.x-rates.com

99999. Missing

srt4dol Annual worldwide sales/revenue/turnover in Dollars (millions) as reported in 2004.

99999. Missing srt5gbp Annual worldwide sales/revenue/turnover in

GBP (millions) as reported in 2005.

99999. Missing srt2005 Annual worldwide sales/ revenue/ turnover in

Euros (millions) as reported in 2005.

(In case the amounts of sales/revenue/turnover are recorded in GBP or US Dollars, they will be converted into Euros, by using the exchange rate of 30/12/2005) Exchange rate 30/12/2005 1 GBP = 1.45144 Euros Exchange rate 30/12/2005 1 US Dollar = 0.844452 Euros Source: www.x-rates.com

99999. Missing

srt5dol Annual worldwide sales/revenue/turnover in Dollars (millions) as reported in 2005.

99999. Missing

cacttot Number of countries active 999. Missing

cactmm Number of main markets (key markets) in which the company is active

999. Missing brdstruc Board structure applied by the company 1. One-tier

2. Two-tier 999. Missing sizecorp Number of members within the corporate board

One-tier: number of executives and non- executives

Two-tier: number of Executive Board and Supervisory Board members

999. Missing

sizeebem One-tier: number of executive members (UK)

Two-tier: number of “Raad van Bestuur” or

“Vorstand” members

999. Missing

sizesbne One-tier: number of non-executive members (UK)

Two-tier: number of “Raad van

Commissarissen” or “Aufsichtsrat” members

999. Missing

(4)

natcorpb Number of different nationalities represented among corporate board

One-tier: number of different nationalities represented among executives and non- executives

Two-tier: number of different nationalities represented among Executive Board and Supervisory Board members

999. Missing

natebem One-tier: number of different nationalities represented among executive members (UK)

Two-tier: number of different nationalities represented among “Raad van Bestuur” or

999. Missing

natsbne One-tier: number of different nationalities represented among non- executive

members (UK)

Two-tier: number of different nationalities represented among “Raad van

Commissarissen” or “Aufsichtsrat”

999. Missing

forcorp Number of foreigners (other nationality than of company country of origin) represented among corporate board

One-tier: number of foreigners represented among executives and non-executives

Two-tier: number of foreigners

represented among Executive Board and Supervisory Board members

999. Missing

forebem One-tier: number of foreigners represented among executive members (UK)

Two-tier: number of foreigners

represented among “Raad van Bestuur” or

999. Missing

forsbne One-tier: number of foreigners represented among non- executive members (UK)

Two-tier: number of foreigners represented among “Raad van Commissarissen” or “Aufsichtsrat”

999. Missing

compweb Company website

remark Space for additional information, like calculations

(5)

Board-level variables

Name Label Value

compid Number of the company 999. Missing

compname Official company name

compcoo Company country of origin (where Headquarters is located)

(countries randomly selected)

1. UK

7. Luxembourg 8. Denmark 9. Ireland 10. Greece 11. Portugal 12. Spain 13. Austria 14. Finland 15. Sweden name Last name and initial(s) of corporate board

member

denbm Denomination of board member 1. Executive or Member “Raad van Bestuur”/

“Vorstand”

2. Non-executive or Member “Raad van Commissarissen”/

“Aufsichtsrat”

foreign Foreigner

(other nationality then of company country of origin)

1. Yes 2. No 999. Missing

(6)

national Native country of corporate board member (countries randomly selected)

1. UK

7. Luxembourg 8. Denmark 9. Ireland 10. Greece 11. Portugal 12. Spain 13. Austria 14. Finland 15. Sweden 16. Cyprus

17. Czech Republic 18. Estonia

19. Hungary 20. Latvia 21. Lithuania 22. Malta 23. Poland 24. Slovakia 25. Slovenia 26. Norway 27. Switzerland 28. Turkey 29. USA 30. China 31. Brazil 32. South-Africa 33. Antigua and

Barbuda 34. Australia 35. Uganda 36. India 37. Singapore 38. Canada 39. Tunis 40. Colombia 41. Israel

42. New-Zealand 43. Argentina 44. Egypt 45. Malaysia 46. Namibia 47. Mozambique

(7)

48. Lebanon 49. Bosnia-

Herzegovina 50. Zimbabwe 999. Missing sourcena Source of information concerning the

nationality

gender Gender 1. Male

2. Female 999. Missing yearbrth Year of birth (4 digits)

(When on company website only age is mentioned (2 digits) it will be assumed that the website is up to date and year of birth will be calculated as counting

back from 2006) 9. Missing

entrycom Year of entry in the company (4 digits) (In case a merger took place, the date of entry to the company before the merger has been recorded as a remark)

(When a board member started twice for the same company; thus worked for another company in the

meantime, the second date of entry will be recorded) 9. Missing detailen Details concerning the entry of the

company

entrybrd Year of entry in the board (4 digits)

(In case a merger took place, the date of entry to the board before the merger has been recorded as a remark)

9. Missing

remark Date of entry in the company before merger or other remarks

shemrep Shareholder or employee representative (To be able to distinguish between shareholder or employee representative all non-executives in the UK and the Netherlands have been considered as shareholder representatives, due to the absence of employee representation on boards. For Germany this was not an issue, as these companies make this distinction public in their annual reports and on their websites)

1. Shareholder representative 2. Employee

representative 3. Not applicable

999. Missing

(8)

APPENDIX C. Tables and Charts Table 2.

Name dependent variable Measurement Ratio of foreign corporate board

members (ratforco)

The number of foreigners present in the corporate board of a company divided by the total size of the corporate board of a company

Ratio of foreign executive board members (ratforex)

The number of foreign executives of the corporate board of a company divided by the total size of executives of the corporate board

Ratio of foreign non-executive board members (ratforne)

The number of foreign non- executives of the

corporate board of a company divided by the total size of non-executives of the corporate board of a

company Ratio of foreign shareholder

representatives among non- executives

(ratfsrne)

The number of foreign shareholder representatives among non-executives of the corporate board of a company divided by the total size of shareholder representatives among non-executives of the corporate board of a company

Nationality mix among corporate boards (namixcor)

The number of different nationalities (inclusive the nationality of the company country of origin) present in the corporate board of a company divided by the total size of the corporate board of a company Nationality mix among

executives (namixex)

The number of different nationalities (inclusive the nationality of the company country of origin) among executives of the corporate board of a company divided by the total size of executives of the corporate board of a company

Nationality mix among non- executives (namixne)

The number of different nationalities (inclusive the nationality of the company country of origin) of non- executives of the corporate board of a company divided by the total size of non-executives of the corporate board of a company

Nationality mix of shareholder representatives among non- executives

(namisrne)

The number of different nationalities (inclusive the nationality of the company country of origin) of shareholder representatives among non-executives of the corporate board of a company divided by the total size of shareholders representatives among non- executives of the corporate board of a company Table 2: List of Dependent Variables and Measurements

(9)

Chart 1.

Chart 1: Comparison Corporate Board Size per Country (executives/ non-executives)

Table 3.

UK NL G

Mean number of executives (% of mean corporate board size)

4,24 (31,1%) 4,4 (35,6%)

6,35 (26,5%) Mean number of non-executives

(% of mean corporate board size)

9,38 (68,9%) 7,96 (64,4%)

18,1 (73,5%) Table 3: Mean Number and Percentages of Executives and Non-executives among Corporate Boards across Countries.

Table 4.

UK 2003 2004 2006

Mean corporate board size 10,8 10,7 13,62

Mean number of executives 5,2 (47,9%) 4,4 (40,9%*) 4,24 (31,1%) Mean number of non-executives 5,6 (52,1%) 6,3 (59,1%*) 9,38 (68,9%) Source of information Spencer Stuart (2005b) Spencer Stuart (2005b) Database Table 4: Size UK Corporate Boards over Years.

*Due to the fact that the data published by Spencer Stuart is rounded off to one decimal after the comma and cannot be traced back, the percentages might not totally correspond to the mean value noted here. However, this difference can only be marginal.

13,62

4,24 9,38

12,36

4,4 7,96

24,63

6,53 18,1

0 5 10 15 20 25 30

Mean number

UK NL G

Country of origin

Comparison corporate board size per country (executives/ non-executives)

Mean corporate board size

Mean number of executives

Mean number of non- executives

(10)

Table 5.

NL 2004 2005 2006

Mean corporate board size 8,3 8,6

(AEX: 11,5)

12,36

Mean number of executives 3,2 3,2 (37,2 %)

(AEX : 4,2 (36,5%))

4,4 (35,6%)

Mean number of non- executives

5,1 5,4 (62,8 %)

(AEX: 7,3 (63,5%))

7,96 (64,4%)

Source of information Spencer Stuart (2004a; 2005a)

Spencer Stuart (2005a)

Database Table 5: Size Dutch Corporate Boards over Years.

Table 6.

G 2004 2006

Mean corporate board size 22 24,63

Mean number of executives 6 (27,3%) 6,5 (26,5%)

Mean number of non-executives 16 (72,7%) 18,1 (73,5%)

Source of information Spencer Stuart (2004a) Database Table 6: Size German Corporate Boards over Years.

Chart 2.

Percentage of foreigners among corporate boards (executives/non-executives)

13,3%

44,3%

36,7%

21,4%

46,4%

25,2%

10,3%

43,2%

41,9%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

UK NL G

Country of origin

Percentage

Foreign corporate board members Foreign executive board members Foreign non- executive board members

Chart 2: Percentage of Foreigners among Corporate Boards across the UK, the Netherlands and Germany

(11)

Table 7.

UK NL G

Mean number of foreigners among corporate boards 5,00 5,44 3,20 Mean number of foreigners among the executives 1,07 2,04 1,40 Mean number of foreigners among the non-executives 3,93 3,40 1,80 Table 7: Comparison Mean Number of Foreigners across Corporate Boards.

Chart 3.

Native country of board m em bers of UK corporate boards (N=395)

63,3%

13,4%

3,8%

3,3%

2,3%

1,8%

1,3%

7,7%

UK USA South Africa Australia Germany NL France Ireland Spain

Other (f requency <5)

Chart 3: Native Country of Board Members of UK Corporate Boards in Percentages.

Chart 4.

Chart 4: Native Country of Board Members of Dutch Corporate Boards in Percentages.

Native country of board m em bers of Dutch corporate boards in percentages (N=309)

55,7%

12,9%

9,7%

5,8%

5,2%

3,9%

6,8%

NL UK USA France Belgium Germany

Other (f requency <5)

(12)

Chart 5.

Chart 5: Native Country of Board Members of German Corporate Boards in Percentages.

Table 8.

UK NL G Number of different nationalities* among executives 11 11 20 Number of different nationalities* among non-executives 22 18 15 Table 8: Number of different Nationalities represented among Executives and Non-executives in the UK, the Netherlands, and Germany. *= inclusive nationality country of origin

Table 9.

UK NL Germany

Mean number of different nationalities* among the corporate board 4,28 4,68 3,53 Mean number of different nationalities* among the executives 1,97 2,68 2,33 Mean number of different nationalities* among the non-executives 3,86 3,76 2,43 Table 9: Mean Number of different Nationalities represented among Corporate Boards (Executives/ Non- executives) in the UK, the Netherlands, and Germany. * = inclusive nationality country of origin

Native country of board members of German corporate boards in percentages (N=739)

86,7%

1,9%

2,0%

1,6%1,2%

1,1%

0,8%0,8%

3,1%

0,7%

Germany USA Austria UK France Italy NL Switserland Spain Other <5

(13)

APPENDIX D. Output Statistical Analyses⁴ Output H1a/ H4a t-test

Group Statistics

33 ,3435 ,27501 ,04787

51 ,2830 ,21785 ,03051

Board structure applied by the company One tier Two tier Ratio of foreign executive

board members

N Mean Std. Deviation

Std. Error Mean

Independent Samples Test

2,269 ,136 1,120 82 ,266 ,0605 ,05401 -,04696 ,16794

1,066 57 ,291 ,0605 ,05677 -,05317 ,17416

Equal variances assumed Equal variances not assumed Ratio of

foreign executive board members

F Sig.

Levene's Test for Equality of Variances

t df

Sig.

(2-tailed)

Mean Difference

Std. Error

Difference Lower Upper 95% Confidence

Interval of the Difference t-test for Equality of Means

(14)

Output H1b/ H4b t-test (inclusive 4 Dutch one-tier board companies)

33 ,5744 ,28549 ,04970

51 ,4707 ,23415 ,03279

Board structure applied by the company One tier Two tier Nationality mix among

executive board members

Std. Error Mean

4,997 ,028 1,817 82 ,073 ,1037 ,05706 -,00982 ,21721

1,742 59 ,087 ,1037 ,05954 -,01545 ,22284

Equal variances assumed Equal variances not assumed Nationality

mix among executive board members

F Sig.

t df

Sig.

(2-tailed)

Mean Difference

Std. Error

Difference Lower Upper 95% Confidence Interval of the

Difference t-test for Equality of Means

Output H1b/ H4b t-test (exclusive 4 Dutch one-tier board companies)

29 ,5369 ,28269 ,05249

51 ,4707 ,23415 ,03279

Std. Error Mean

3,639 ,060 1,127 78 ,263 ,0663 ,05876 -,05073 ,18323

1,070 49,860 ,290 ,0663 ,06189 -,05807 ,19057 Equal

variances assumed Equal variances not assumed Nationality mix

among executive board members

F Sig.

t df

Sig.

(2-tailed)

Mean Difference

Std. Error

(15)

Output H2a t-test

25 ,4626 ,26809 ,05362

30 ,2018 ,16394 ,02993

Company country of origin

The Netherlands Germany Ratio of foreign

Std. Error Mean

7,245 ,009 4,431 53 ,000 ,2608 ,05886 ,14275 ,37888

4,247 38,216 ,000 ,2608 ,06141 ,13653 ,38510 Equal

variances assumed Equal variances not assumed Ratio of

foreign executive board members

F Sig.

t df

Sig.

(2-tailed)

Mean Difference

Std. Error

Output H2b t-test

25 ,6512 ,22856 ,04571

30 ,3703 ,18279 ,03337

Company country of origin The

Netherlands

Germany Nationality

Std. Error Mean

1,784 ,187 5,065 53 ,000 ,2809 ,05546 ,16966 ,39212

Equal variances assumed Equal variances Nationality

F Sig.

t df

Sig.

(2-tailed)

Mean Difference

Std. Error

(16)

33 ,4444 ,20035 ,03488

51 ,2206 ,20761 ,02907

Board structure applied by the company One tier Two tier Ratio of foreign

non-executive board members

Std. Error Mean

,002 ,964 4,892 82 ,000 ,2239 ,04576 ,13283 ,31488

4,930 70,221 ,000 ,2239 ,04540 ,13330 ,31440

Equal variances assumed Equal variances not assumed Ratio of

foreign non-executive board members

F Sig.

t df

Sig.

(2-tailed)

Mean Difference

Std. Error

Difference Lower Upper 95% Confidence

Interval of the Difference t-test for Equality of Means

33 ,4239 ,12387 ,02156

51 ,2814 ,21745 ,03045

Board structure applied by the company One tier Two tier Nationality mix

among non-executive board members

Std. Error Mean

11,730 ,001 3,421 82 ,001 ,1426 ,04169 ,05967 ,22552

3,822 80,924 ,000 ,1426 ,03731 ,06836 ,21683 Equal

variances assumed Equal variances not assumed Nationality

mix among non-executive board members

F Sig.

t df

Sig.

(2-tailed)

Mean Difference

Std. Error

(17)

29 ,4186 ,20019 ,03717

25 ,4236 ,21170 ,04234

Company country of origin UK

The Netherlands Ratio of foreign

non-executive board members

Std. Error Mean

,060 ,807 -,090 52 ,929 -,0050 ,05611 -,11762 ,10755

-,089 49,864 ,929 -,0050 ,05634 -,11821 ,10814 Equal

variances assumed Equal variances not assumed Ratio of

foreign non-executive board members

F Sig.

t df

Sig.

(2-tailed)

Mean Difference

Std. Error

29 ,4134 ,12668 ,02352

25 ,4799 ,16817 ,03363

The Netherlands Nationality mix

Std. Error Mean

,569 ,454 -1,653 52 ,104 -,0665 ,04020 -,14712 ,01420

-1,619 44,164 ,113 -,0665 ,04104 -,14917 ,01625 Equal

variances assumed Equal variances not assumed Nationality mix

F Sig.

t df

Sig.

(2-tailed)

Mean Difference

Std. Error

(18)

Output H6a One-way ANOVA with TUKEY HSD

Descriptives Ratio of foreign non-executive board members

29 ,4186 ,20019 ,03717 ,3424 ,4947 ,13 ,92

25 ,4236 ,21170 ,04234 ,3362 ,5110 ,00 1,00

30 ,1063 ,10769 ,01966 ,0661 ,1465 ,00 ,50

84 ,3085 ,23138 ,02525 ,2583 ,3588 ,00 1,00

UK The

Netherlands Germany Total

N Mean Std. Deviation Std. Error

Lower Bound

Upper Bound 95% Confidence Interval for Mean

Minimum Maximum

ANOVA Ratio of foreign non-executive board members

1,910 2 ,955 30,520 ,000

2,534 81 ,031

4,444 83

Between Groups Within Groups Total

Sum of

Squares df Mean Square F Sig.

Post hoc tests

Multiple Comparisons Dependent Variable: Ratio of foreign non-executive board members Tukey HSD

-,0050 ,04827 ,994 -,1203 ,1102

,3123* ,04606 ,000 ,2023 ,4223

,0050 ,04827 ,994 -,1102 ,1203

,3173* ,04790 ,000 ,2030 ,4317

-,3123* ,04606 ,000 -,4223 -,2023

-,3173* ,04790 ,000 -,4317 -,2030

(J) Company country of origin The

Netherlands Germany UK Germany

UK The

Netherlands (I) Company

country of origin UK

The Netherlands

Germany

Mean Difference

(I-J) Std. Error Sig. Lower Bound Upper Bound 95% Confidence Interval

The mean difference is significant at the .05 level.

*.

(19)

Output H6b One-way ANOVA with TUKEY HSD

Descriptives Nationality mix among non-executive board members

29 ,4134 ,12668 ,02352 ,3652 ,4616 ,20 ,71

25 ,4799 ,16817 ,03363 ,4105 ,5493 ,17 1,00

30 ,1451 ,10986 ,02006 ,1041 ,1861 ,05 ,67

84 ,3374 ,19826 ,02163 ,2943 ,3804 ,05 1,00

UK The

N Mean Std. Deviation Std. Error

Lower Bound

Upper Bound 95% Confidence Interval for Mean

Minimum Maximum

ANOVA Nationality mix among non-executive board members

1,785 2 ,892 48,899 ,000

1,478 81 ,018

3,263 83

Sum of

Post hoc tests

Multiple Comparisons

Dependent Variable: Nationality mix among non-executive board members Tukey HSD

-,0665 ,03687 ,175 -,1545 ,0216

,2683* ,03518 ,000 ,1843 ,3523

,0665 ,03687 ,175 -,0216 ,1545

,3348* ,03658 ,000 ,2474 ,4221

-,2683* ,03518 ,000 -,3523 -,1843

-,3348* ,03658 ,000 -,4221 -,2474

(J) Company country of origin The Netherlands

Germany UK Germany

UK

The Netherlands (I) Company

The Netherlands

Germany

Mean Difference

*.

(20)

Descriptives Ratio of foreign shareholder representatives among non-executives

29 ,4193 ,20340 ,03777 ,3419 ,4966 ,13 ,92

25 ,4239 ,21705 ,04341 ,3343 ,5135 ,00 1,00

30 ,2008 ,17082 ,03119 ,1370 ,2646 ,00 ,67

84 ,3426 ,22156 ,02417 ,2945 ,3907 ,00 1,00

UK The

N Mean

Std.

Deviation Std.

Error

Lower Bound

Upper Bound 95% Confidence Interval

for Mean

Minimum Maximum

ANOVA

Ratio of foreign shareholder representatives among non-executives

,939 2 ,470 12,130 ,000

3,135 81 ,039

4,074 83

Sum of

Post hoc tests

Dependent Variable: Ratio of foreign shareholder representatives among non-executives Tukey HSD

-,0046 ,05369 ,996 -,1328 ,1236

,2185* ,05123 ,000 ,0962 ,3408

,0046 ,05369 ,996 -,1236 ,1328

,2231* ,05328 ,000 ,0959 ,3503

-,2185* ,05123 ,000 -,3408 -,0962

-,2231* ,05328 ,000 -,3503 -,0959

(J) Company country of origin The Netherlands Germany UK Germany

UK The Netherlands (I) Company

The Netherlands

Germany

Mean Difference

*.

(21)

Output H7b One-way ANOVA with TUKEY HSD

Descriptives

Nationality mix of shareholder representatives among non-executives

29 ,4134 ,12668 ,02352 ,3652 ,4616 ,20 ,71

25 ,4799 ,16817 ,03363 ,4105 ,5493 ,17 1,00

30 ,2792 ,16356 ,02986 ,2182 ,3403 ,10 1,00

84 ,3853 ,17313 ,01889 ,3477 ,4229 ,10 1,00

UK The

N Mean

Std.

Deviation

Std.

Error

Lower Bound

for Mean

Minimum Maximum

ANOVA

Nationality mix of shareholder representatives among non-executives

,584 2 ,292 12,423 ,000

1,904 81 ,024

2,488 83

Sum of

Post hoc tests

Dependent Variable: Nationality mix of shareholder representatives among non-executives Tukey HSD

-,0665 ,04184 ,256 -,1664 ,0334

,1342* ,03992 ,003 ,0389 ,2295

,0665 ,04184 ,256 -,0334 ,1664

,2006* ,04152 ,000 ,1015 ,2998

-,1342* ,03992 ,003 -,2295 -,0389

-,2006* ,04152 ,000 -,2998 -,1015

(J) Company country of origin The Netherlands Germany UK Germany

UK The Netherlands (I) Company

The Netherlands

Germany

Mean Difference

(I-J) Std. Error Sig. Lower Bound Upper Bound 95% Confidence Interval

*.

(22)

Output H8a Paired Samples t-test

Paired Samples Statistics

,1063 30 ,10769 ,01966

,2008 30 ,17082 ,03119

Ratio of foreign non-executive board members

Ratio of foreign shareholder

representatives among non-executives Pair

1

Mean

N= 30

(Germany) Std. Deviation

Std. Error Mean

Paired Samples Correlations

30 ,966 ,000

Ratio of foreign non-executive board members & Ratio of foreign shareholder representatives among non-executives Pair

1

N Correlation Sig.

Paired Samples Test

-,0945 ,07248 ,01323 -,1216 -,0675 -7,143 29 ,000 Ratio of foreign

non-executive board members - Ratio of foreign shareholder representatives among non-executives Pair

1

Mean

Std.

Deviation Std.

Error

Mean Lower Upper

95% Confidence Interval of the

Difference Paired Differences

t df

Sig.

(2-tailed)

(23)

Output H8b Paired Samples t-test

Paired Samples Statistics

,1451 30 ,10986 ,02006

,2792 30 ,16356 ,02986

Nationality mix among non-executive board members Nationality mix of shareholder representatives among non-executives Pair

1

Mean

N= 30

(Germany) Std. Deviation

Std. Error Mean

Paired Samples Correlations

30 ,983 ,000

Nationality mix among non-executive board members & Nationality mix of shareholder representatives among non-executives Pair

1

N Correlation Sig.

Paired Samples Test

-,1341 ,05907 ,01079 -,1562 -,1121 -12,438 29 ,000 Nationality mix

among non-executive board members - Nationality mix of shareholder representatives among non-executives Pair

1

Mean

Std.

Deviation

Std.

Error

Mean Lower Upper 95% Confidence Interval of the

Difference Paired Differences

t df

Sig.

(2-tailed)

(24)

33 ,4088 ,19489 ,03393

51 ,2366 ,17782 ,02490

Board structure applied by the company One tier Two tier Ratio of foreign corporate

board members

Std. Error Mean

,087 ,768 4,175 82 ,000 ,1723 ,04126 ,09019 ,25433

4,093 63,893 ,000 ,1723 ,04208 ,08818 ,25633 Equal

variances assumed Equal variances not assumed Ratio of foreign

corporate board members

F Sig.

t df

Sig.

(2-tailed) Mean Difference

Std. Error

33 ,3311 ,12697 ,02210

51 ,2434 ,14861 ,02081

corporate boards

Std. Error Mean

1,466 ,229 2,793 82 ,006 ,0877 ,03140 ,02524 ,15019

2,889 75,771 ,005 ,0877 ,03036 ,02725 ,14818 Equal

variances assumed Equal variances not assumed Nationality

mix among corporate boards

F Sig.

t df

Sig.

(2-tailed)

Mean Difference

Std. Error

(25)

29 ,3730 ,17944 ,03332

25 ,4351 ,17655 ,03531

The Netherlands Ratio of foreign corporate

board members

Std. Error Mean

,220 ,641 -1,277 52 ,207 -,0621 ,04861 -,15963 ,03545

-1,279 51,066 ,207 -,0621 ,04855 -,15956 ,03538 Equal

variances assumed Equal variance s not assumed Ratio of foreign

corporate board members

F Sig.

Levene's Test for Equality of

Variances

t df

Sig.

(2-tailed)

Mean Difference

Std. Error

29 ,3200 ,12976 ,02410

25 ,3871 ,11149 ,02230

The Netherlands Nationality mix among

corporate boards

Std. Error Mean

,220 ,641 -1,277 52 ,207 -,0621 ,04861 -,15963 ,03545

-1,279 51,066 ,207 -,0621 ,04855 -,15956 ,03538 Equal

variances assumed Equal variances not Ratio of

foreign corporate board members

F Sig.

t df

Sig.

(2-tailed)

Mean Difference

Std. Error

(26)

25 ,4351 ,17655 ,03531

30 ,1287 ,09303 ,01698

Company country of origin The Netherlands Germany Ratio of foreign corporate

board members

Std. Error Mean

13,393 ,001 8,242 53 ,000 ,3065 ,03718 ,23188 ,38103

7,821 34,847 ,000 ,3065 ,03918 ,22689 ,38601 Equal

variances assumed Equal variances not assumed Ratio of foreign corporate board members

F Sig.

t df

Sig.

(2-tailed)

Mean Difference

Std. Error

25 ,3871 ,11149 ,02230

30 ,1461 ,06803 ,01242

Company country of origin The Netherlands Germany Nationality mix among

corporate boards

Std. Error Mean

7,407 ,009 9,849 53 ,000 ,2410 ,02446 ,19188 ,29002

9,440 38,161 ,000 ,2410 ,02552 ,18929 ,29262 Equal

variances assumed Equal variances not assumed Nationality

mix among corporate boards

F Sig.

t df

Sig.

(2-tailed)

Mean Difference

Std. Error

(27)

Descriptives Ratio of foreign corporate board members

29 ,3730 ,17944 ,03332 ,3048 ,4413 ,08 ,86

25 ,4351 ,17655 ,03531 ,3622 ,5080 ,09 ,71

30 ,1287 ,09303 ,01698 ,0939 ,1634 ,00 ,31

84 ,3042 ,20212 ,02205 ,2604 ,3481 ,00 ,86

UK The Netherlands Germany Total

N Mean

Std.

Deviation Std.

Error

Lower Bound

for Mean

Minimum Maximum

ANOVA Ratio of foreign corporate board members

1,490 2 ,745 31,754 ,000

1,901 81 ,023

3,391 83

Sum of

Post hoc tests

Multiple Comparisons Dependent Variable: Ratio of foreign corporate board members Tukey HSD

-,0621 ,04181 ,303 -,1619 ,0377

,2444* ,03989 ,000 ,1491 ,3396

,0621 ,04181 ,303 -,0377 ,1619

,3065* ,04148 ,000 ,2074 ,4055

-,2444* ,03989 ,000 -,3396 -,1491

-,3065* ,04148 ,000 -,4055 -,2074

(J) Company country of origin The Netherlands

Germany UK Germany

UK

The Netherlands (I) Company

The Netherlands

Germany

Mean Difference

(I-J) Std. Error Sig. Lower Bound Upper Bound 95% Confidence Interval

*.