Board composition in small and medium-sized family firms

Journal of Small Business Management

Volumn 45, Issue 1, 2007, Pages 137-156

  Voordeckers, Wim ^a   Van Gils, Anita ^b   Van Den Heuvel, Jeroen ^a  

^a HASSELT UNIVERSITY   (Belgium)

^b MAASTRICHT UNIVERSITY   (Netherlands)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 33845796614     PISSN: 00472778     EISSN: 1540627X     Source Type: Journal    
DOI: 10.1111/j.1540-627X.2007.00204.x     Document Type: Article

References (78)

1. Arthurs, J. D., and L. W. Busenitz (2003). "The Boundaries and Limitations of Agency Theory and Stewardship Theory in the Venture Capitalist/Entrepreneur Relationship," Entrepreneurship Theory and Practice 28(2), 145-162.
2. Astrachan, J. H., and M. C. Shanker (2003). "Family Businesses' Contribution to the U.S. Economy: A Closer Look," Family Business Review 16(3), 211-219.
3. Bamberger, I. (ed.) (1994). Product/Market Strategies of Small and Medium-Sized Enterprises. Aldershot, UK: Avebury.
4. Barnes, L. B., and S. A. Hershon (1994). "Transferring Power in the Family Business," Family Business Review 7(4), 377-392.
5. Birley, S., and S. Sorenson (1995). The Family and the Business. London: The Management School Imperial College.
6. Borch, O. J., and M. Huse (1993). "Informal Strategic Networks and the Boards of Directors," Entrepreneurship Theory and Practice 18(1), 23-36.
7. Chua, J. H., J. J. Chrisman, and P. Sharma (1999). "Defining the Family Business by Behavior," Entrepreneurship Theory and Practice 23(4), 19-39.
8. _ (2003). "Succession and Nonsuccession Concerns of Family Firms and Agency Relationship with Nonfamily Managers," Family Business Review 16(2), 89-107.
9. Corbetta, G., and D. Montemerlo (1999). "Ownership, Governance, and Management Issues in Small and Medium-Size Family Businesses: A Comparison of Italy and the United States," Family Business Review 12(4), 361-374.
10. Corbetta, G., and C. A. Salvato (2004). "The Board of Directors in Family Firms: One Size Fits All?" Family Business Review 17(2), 119-134.
11. Daily, C. M., and D. R. Dalton (1992). "Financial Performance of Founder-Managed versus Professionally Managed Small Corporations," Journal of Small Business Management 30(2), 25-34.
12. _ (1993). "Board of Directors' Leadership and Structure: Control and Performance Implications," Entrepreneurship Theory and Practice 17(3), 65-81.
13. Daily, C. M., D. R. Dalton, and A. A. J. Cannella (2003). "Introduction to Special Topic Forum; Corporate Governance: Decades of Dialogue and Data," Academy of Management Review 28(3), 371-382.
14. Daily, C. M., and M. J. Dollinger (1993). "Alternative Methodologies for Identifying Family- versus Nonfamily-Managed Businesses," Journal of Small Business Management 31, 79-90.
15. Davis, J. H., D. F. Schoorman, and L. Donaldson (1997). "Toward a Stewardship Theory of Management," Academy of Management Review 22(1), 20-47.
16. Denis, D., and J. McConnell (2003). "International Corporate Governance," Journal of Financial and Quantitative Analysis 38(1), 1-36.
17. Di Maggio, P. J., and W.W. Powell (1983). "The Iron Cage Revisited: Institutional Isomorphism and Collective Rationality in Organizational Fields," American Sociological Review 48, 147-160.
18. Donckels, R., and E. Fröhlich (1991). "Are Family Businesses Really Different? European Experiences from Stratos," Family Business Review 4(2), 149-160.
19. Dyer, W. G. J. (1986). Cultural Change in Family Firms: Anticipating and Managing Business and Family Transition. San Francisco: Jossey-Bass.
20. _ (1989). "Integrating Professional Management into a Family Owned Business," Family Business Review 2(3), 221-235.
21. _ (2003). "The Family: The Missing Variable in Organizational Research," Entrepreneurship Theory and Practice 27(4), 401-416.
22. Fama, E. F., and M. C. Jensen (1983). "Separation of Ownership and Control," Journal of Law and Economics 26(June), 301-325.
23. Feltham, T. S., G. Feltham, and J. J. Barnett (2005). "The Dependence of Family Businesses on a Single Decision-Maker," Journal of Small Business Management 43(1), 1-15.
24. Fiegener, M. K., B. M. Brown, D. R. V. Dreux, and W. J. J. Dennis (2000a). "The Adoption of Outside Boards by Small Private US Firms," Entrepreneurship and Regional Development 12(4), 291-309.
25. _ (2000b). "CEO Stakes and Board Composition in Small Private Firms," Entrepreneurship Theory and Practice 24(4), 5-24.
26. Finkelstein, S., and R. A. d'Aveni (1994). "CEO Duality as a Double-Edged Sword: How Boards of Directors Balance Entrenchment Avoidance and Unity of Command," Academy of Management Journal 37(5), 1079-1108.
27. Finkelstein, S., and D. C. Hambrick (1996). Strategic Leadership: Top Executives and Their Effects on Organizations. Minneapolis, MN: West Publishing Company.
28. Forbes, D. P., and F. J. Milliken (1999). "Cognition and Corporate Governance: Understanding Boards of Directors as Strategic Decision-Making Groups," Academy of Management Review 24(3), 489-506.
29. Gabrielsson, J., and M. Huse (2002). "The Venture Capitalist and the Board of Directors in SMEs: Roles and Processes," Venture Capital 4(2), 125-146.
30. _ (2005). "Outside Directors in SME Boards: A Call for Theoretical Reflections," Corporate Board: Role Duties and Composition 1(1), 28-37.
31. Gabrielsson, J., and H. Winlund (2000). "Boards of Directors in Small and Medium-Sized Industrial Firms: Examining the Effects of the Board's Working Style on Board Task Performance," Entrepreneurship and Regional Development 12(4), 311-330.
32. George, G., R. D. Wood Jr., and R. Khan (2001). "Networking Strategy of Boards: Implications for Small and Medium-Sized Enterprises," Entrepreneurship and Regional Development 13(3), 269-285.
33. Golden, B. R., and E. J. Zajac (2001). "When Will Boards Influence Strategy? Inclination × Power = Strategic Change," Strategic Management Journal 22(12), 1087-1111.
34. Grundei, J., and T. Talaulicar (2002). "Company Law and Corporate Governance of Start-Ups in Germany: Legal Stipulations, Managerial Requirements, and Modification Strategies," Journal of Management and Governance 6(1), 1-27.
35. Gómez-Mejia, L. R., M. Nuñez-Niekel, and I. Gutierrez (2001). "The Role of Family Ties in Agency Contracts," Academy of Management Journal 44(1), 81-95.
36. Gulati, R., and M. Gargiulo (1999). "Where Do Interorganizational Networks Come From?" American Journal of Sociology 104(5), 1439-1493.
37. Hermalin, B. E., and M. S. Weisbach (1988). "The Determinants of Board Composition," RAND Journal of Economics 19(4), 589-606.
38. _ (2003). "Boards of Directors as an Endogenously Determined Institution: A Survey of the Economic Literature," Economic Policy Review 9(1), 7-26.
39. Hillman, A. J., A. A. J. Cannella, and R. L. Paetzold (2000). "The Resource Dependence Role of Corporate Directors: Strategic Adaptation of Board Composition in Response to Environmental Change," Journal of Management Studies 37(2), 235-255.
40. Hillman, A. J., and T. Dalziel (2003). "Boards of Directors and Firm Performance: Integrating Agency and Resource Dependence Perspectives," Academy of Management Review 28(3), 383-396.
41. Huse, M. (1990). "Board Composition in Small Enterprises," Entrepreneurship and Regional Development 2, 363-373.
42. _ (2000). "Boards of Directors in SMEs: A Review and Research Agenda," Entrepreneurship and Regional Development 12, 271-290.
43. _ (2005). "Accountability and Creating Accountability: A Framework for Exploring Behavioural Perspectives of Corporate Governance," British Journal of Management 16, S65-S79.
44. IFERA (2003). "Family Businesses Dominate," Family Business Review 16(4), 235-239.
45. Jensen, M. C., and W. H. Meckling (1976). "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure," Journal of Financial Economics 3(October), 305-360.
46. Johannisson, B., and M. Huse (2000). "Recruiting Outside Board Members in the Small Family Business: An Ideological Challenge," Entrepreneurship and Regional Development 12, 353-378.
47. Johnson, J. L., C. M. Daily, and A. E. Ellstrand (1996). "Boards of Directors: A Review and Research Agenda," Journal of Management 22(3), 409-438.
48. La Porta, R., F. Lopez-de-Silanes, and A. Shleifer (1999). "Corporate Ownership Around the World," Journal of Finance 54(2), 471-517.
49. La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. Vishny (1998). "Law and Finance," Journal of Political Economy 106(6), 1113-1155.
50. Leenders, M., and E. Waarts (2003). "Competitiveness and Evolution of Family Businesses: The Role of Family and Business Orientation," European Management Journal 21(6), 686-697.
51. Luoma, P., and J. Goodstein (1999). "Stakeholders and Corporate Boards: Institutional Influences on Board Composition and Structure," Academy of Management Journal 42(5), 553-563.
52. Lynall, M. D., B. R. Golden, and A. J. Hillman (2003). "Board Composition from Adolescence to Maturity: A Multitheoretic View," Academy of Management Review 28(3), 416-431.
53. Maddala, G. S. (1987). Limited-Dependent and Qualitative Variables in Econometrics. New York: Cambridge University Press.
54. McNulty, T., and A. M. Pettigrew (1999). "Strategists on the Board," Organization Studies 20(1), 47-74.
55. Miller, D. (1991). "Stale in the Saddle: CEO Tenure and the Match between Organization and Environment," Management Science 37, 34-52.
56. Morck, R., and B. Yeung (2003). "Agency Problems in Large Family Business Groups," Entrepreneurship Theory and Practice 27(4), 367-382.
57. Nash, J. M. (1988). "Boards of Privately Held Companies: Their Responsibilities and Structure," Family Business Review 1(3), 263-269.
58. Pearce, J. A., and S. A. Zahra (1992). "Board Composition from a Strategic Contingency Perspective," Journal of Management Studies 29(4), 411-438.
59. Pfeffer, J., and G. R. Salancik (1978). The External Control of Organizations. New York: Harper & Row.
60. Roberts, J., T. McNulty, and P. Stiles (2005). "Beyond Agency Conceptions of the Work of the Non-Executive Director: Creating Accountability in the Boardroom," British Journal of Management 16, S5-S26.
61. Schwartz, M. A., and L. B. Barnes (1991). "Outside Boards and Family Businesses: Another Look," Family Business Review 4(3), 269-285.
62. Schulze, W. S., M. H. Lubatkin, and R. N. Dino (2003). "Exploring the Agency Consequences of Ownership Dispersion among the Directors of Private Family Firms," Academy of Management Journal 46(2), 179-194.
63. Schulze, W. S., M. H. Lubatkin, R. N. Dino, and A. K. Buchholtz (2001). "Agency Relationships in Family Firms: Theory and Evidence," Organization Science 12(2), 99-116.
64. Sharma, P., J. J. Chrisman, and J. H. Chua (1997). "Strategic Management of the Family Business: Past Research and Future Challenges," Family Business Review 10(1), 1-35.
65. Shen, W. (2003). "The Dynamics of the CEO-Board Relationship: An Evolutionary Perspective," Academy of Management Review 28(3), 466-476.
66. Shivdasani, A. and D. Yermack (1998). "CEO Involvement in the Selection of New Board Members: An Empirical Analysis," Working Paper No. 98-015, New York University, Center for Law and Business.
67. Steier, L. (2003). "Variants of Agency Contracts in Family-Financed Ventures as a Continuum of Familial Altruistic and Market Rationalities," Journal of Business Venturing 18(5), 597-618.
68. Stiles, P. (2001). "The Impact of the Board on Strategy: An Empirical Examination," Journal of Management Studies 38(5), 627-650.
69. Tagiuri, R., and J. A. Davis (1992). "On the Goals of Successful Family Companies," Family Business Review 5(1), 43-62.
70. Upton, N., E. J. Teal, and J. T. Felan (2001). "Strategic and Business Planning Practices of Fast Growth Family Firms," Journal of Small Business Management 39(1), 60-72.
71. Ward, J. L. (1997). "Growing the Family Business: Special Challenges and Best Practices," Family Business Review 10(4), 323-337.
72. Ward, J. L., and J. L. Handy (1988). "A Survey of Board Practices," Family Business Review 1(3), 289-308.
73. Westhead, P. (1997). "Ambitions, 'External' Environment and Strategic Factor Differences between Family and Non-Family Companies," Entrepreneurship and Regional Development 9(2), 127-157.
74. _ (1999). "Factors Associated with the Employment of Non-Executive Directors by Unquoted Companies," Journal of Management and Governance 3(1), 81-111.
75. Westhead, P., C. Howorth, and M. Cowling (2002). "Ownership and Management Issues in First Generation and Multi-Generation Family Firms," Entrepreneurship and Regional Development 14, 247-269.
76. Whisler, T. L. (1988). "The Role of the Board in the Threshold Firm," Family Business Review 1(3), 309-312.
77. Wortman, M. S. J. (1994). "Theoretical Foundations for Family-Owned Business: A Conceptual and Research-Based Paradigm," Family Business Review 7(1), 3-27.
78. Zahra, S. A., and J. A. I. Pearce (1989). "Boards of Directors and Corporate Financial Performance: A Review and Integrative Model," Journal of Management 15(2), 291-334.