Pascual-Fuster, Bartolomé; Crespí Cladera, Rafel - In: BRQ Business Research Quarterly 25 (2022) 2, pp. 193-209
Based on the optimal board independence theory, we analyze how Spanish listed firms determine the presence of genuine … and gray independent directors. We classify independents as gray whenever they do not satisfy formal independence … independence determinants as if both provided real board independence. Results are not affected by the number and the type of …