Outside directors experience and the effect on company value:- A South African study

  • Kerry Jenkins

Student thesis: Doctor of Business Administration


In this thesis I investigate the impact of outside directors experience on company value. I do so by looking at a clear event, company delistings in the time period 2003 to 2011 in South Africa, a country with arguably imperfect institutions. Based on qualitative and quantitative research I am able to establish that director experience is indeed associated with company value. The qualitative analysis is based on semi-structured interviews with over 30 highly experienced, independent non-executive directors who have/had seats on over 150 South African listed company boards. Their responses confirm resource theory dependency and provide information on the nature of experience, its relevance during delisting and under other circumstances, as well as insight into the type of experience lacking on boards in corporate South Africa. The results of this research can be of practical use to nomination committees and has implications for future South African governance code reforms and/or guidelines.
Date of Award1 Aug 2013
Original languageEnglish
Awarding Institution
  • The University of Manchester
SupervisorThomas Kirchmaier (Supervisor) & Dominic Chai (Supervisor)


  • South Africa
  • agency theory
  • JSE stock exchange
  • independent
  • King
  • resource
  • outside director
  • value
  • company
  • experience
  • director
  • corporate governance
  • delisting

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