the best reference to read it is the agency theory, please check the attached file.

I believe it will help you:

http://onlinelibrary.wiley.com/doi/10.1111/1467-6281.00127/full

http://onlinelibrary.wiley.com/doi/10.1111/j.1467-8683.2008.00692.x/full

https://link.springer.com/article/10.1023%2FB%3AINEA.0000005767.67689.28?LI=true

Article The Effect of the Board Composition and its Monitoring Commi...

Best regards

You may want to check the following article. I think it will help.

The costs of intense board monitoring‏

O Faleye, R Hoitash, U Hoitash - Journal of Financial Economics, 2011‏ - Elsevier‏

Thank you so much but I am looking for something that specifically addresses the issue using the transaction cost theory.