This is an extension of an earlier working paper “Determinants of Board Size and Structure: Does the Agency Theory Explain All?” We thank the editor (Richard Levich) and an anonymous reviewer for valuable comments. We are grateful to Jerry Bowman, Russell Smyth, Woochan Kim, Youngki Lee, Adrian Cheung, Jaehoon Hahn, Bonyeol Koo, Doocheol Moon, Sangmin Lee, Hyung Chul Chung, Hyuong‐Goo Kang, Seung‐joo Lee, Joon ho Hahn, Dongwon Kim, Baeho Kim, Jae‐un Park, Oh Y. Kwon, and seminar participants at Yonsei University, Korea University, Hanyang University, Pusan National University, and KDI School for their valuable comments. We also thank Karl Keesman for helping with codification to clean the data and Larry Crissman and Anne Platt for editorial assistance. The usual disclaimer applies.