We examine whether New Zealand firms changed the composition of their boards of directors due to the 1994 enactment of the new Companies Act. We explore two possible effects. First, outside directors may have been more attractive, and firms may have used more outside directors after the new...

We examine whether New Zealand firms changed the composition of their boards of directors due to the 1994 enactment of the new Companies Act. We explore two possible effects. First, outside directors may have been more attractive, and firms may have used more outside directors after the new...

This study examines how dividend imputation affects the incentive of New Zealand firms to minimise tax. By effectively eliminating double taxation on company income, imputation reduces firms' incentives to engage in costly tax minimisation strategies. Before September 1993, resident and...