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Firm investment, strategy orientation, firm stability, and ownership structure: the determinants of corporate governance structure

Agency theory and resource-dependent theory were intended to explain how companies mitigate agency problems and resource scarcity by governing board structure and composition. However, large numbers of studies have been using this foundation to predict firm performance rather than to identify determinant of corporate governance structure and composition - the intended purposes of the theories. We believed that such approach is unsuitable yet used widespread in previous studies. This study attempts to discuss antecedences of board characteristics considering the firm's critical contingencies and agency problems. Data were gathered from annual reports of listed manufacturer companies in the Indonesian Stock Exchange (IDX). Results revealed the critical role of investment level and firm age as the critical contingency. Firm strategy orientation is also crucial to determine board characteristics. The study also suggested that particular ownership structures could influence board composition.