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

Författare

  • Jonas Gabrielsson
  • Morten Huse

Summary, in English

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.

Avdelning/ar

Publiceringsår

2005

Språk

Engelska

Sidor

28-37

Publikation/Tidskrift/Serie

Corporate Board: Roles, Duties & Composition

Volym

1

Issue

1

Dokumenttyp

Artikel i tidskrift

Förlag

Virtus Interpress

Ämne

  • Social Sciences Interdisciplinary

Nyckelord

  • family firms
  • outside directors
  • Boards of directors
  • SMEs
  • venture capital

Status

Published