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“Outside” directors in SME boards: a call for theoretical reflections

Författare:
Redaktör:
  • Alex Kostyuk
Publiceringsår: 2005
Språk: Engelska
Sidor: 28-37
Publikation/Tidskrift/Serie: Corporate Board: Roles, Duties & Composition
Volym: 1
Nummer: 1
Dokumenttyp: Artikel
Förlag: Virtus Interpress

Sammanfattning

Good governance for SMEs is critical for economic development and growth in both developed and developing economies. In this paper we focus on boards and governance in small and medium sized enterprises (SMEs) by investigating the role and contribution of “outside” directors in this setting. By contrasting board role theories against different types of SMEs, firms are expected to recruit “outside” board members for various reasons. Illustrated by 53 empirical studies of “outside” directors in SMEs we show how agency theory, resource based view of the firm, and resource dependence theory can be applied to understand the multiple roles of “outside” directors in family firms, venture capital-backed firms and other SMEs. The illustration shows that the concept “outside” director is not the same in different theories and in different empirical settings. Based on this finding, we argue for the need to have a conscious and balanced use of theories when understanding the role and contribution of “outside” directors in SMEs.

Disputation

Nyckelord

  • Business and Economics
  • family firms
  • outside directors
  • Boards of directors
  • SMEs
  • venture capital

Övriga

Published
Yes

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