Pornsit JirapornWallace N Davidson IIIPandej ChintrakarnMahidol University. International College.2015-07-012018-03-082015-07-012018-03-0820152009Quarterly Journal of Finance and Accounting. Vol.48, No.3 (2009), 41-60https://repository.li.mahidol.ac.th/handle/20.500.14594/9962This study investigates the impact of Delaware law on the composition and size of the board of directors. Our empirical evidence reveals that Delaware firms have smaller and more independent boards than their non-Delaware counterparts. Given that we find no value-premium for firms that incorporate in Delaware, we interpret our findings as consistent with Delaware law benefiting managers. The more shareholder-friendly boards in Delaware exist to offset the benefits that managers derive from Delaware incorporation.engMahidol UniversityDelaware incorporationCoardDirectorsArticle