On the measurements of board composition: Poor consistency and a serious mismatch of theory and operationalization

Over two dozen operationalizations of board composition can be identified f rom the empirical literature. A structural equations confirmatory factor an alysis (LISREL 8.03) suggests that these operationalizations do not constit ute a single construct of board independence. Instead, analyses strongly in dicate three separate constructs. Common operationalizations of board compo sition, then, are neither tenable surrogates for one another nor are they i nterchangeable. Implications for empirical aggregation of studies, theory/m easurement convergence, and the current corporate governance public policy debate are discussed.