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Board of Directors and Firm Performance in Spanish Non-listed Family Firms 1
| Content Provider | Semantic Scholar |
|---|---|
| Author | Arosa, Blanca |
| Copyright Year | 2010 |
| Abstract | The aim of the study is to analyze the effect of the presence of outsiders (affiliated and independents) on the board of directors on firm performance in family SMEs, also considering the generational effect. To test our hypotheses that outside directors act as agents or stewards, we examined the relation between firm performance and the proportion of affiliated and independent directors on the board, using data from nonlisted family firms in Spain. Our findings show the existence of a positive impact of affiliated directors on firm performance in family firms. It is also important to note the different behaviour between family firms run by the first generation and those run by subsequent generations. In this case, the presence of independents on the board has a positive effect on performance when the firm is run by the first generation. When the firm is run by second and subsequent generations, the presence of independents has no effect on performance. |
| File Format | PDF HTM / HTML |
| Alternate Webpage(s) | https://www.ehu.eus/documents/2819611/2882007/Board_of_directors_and_firm_performance_in_Spanish_non_listed_family_firms.pdf |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
