Determinants of nonprofit board size and composition: The case of Spanish foundations

Nonprofit and Voluntary Sector Quarterly

Volumn 38, Issue 5, 2009, Pages 784-809

  de Andrés Alonso, Pablo ^a   Azofra Palenzuela, Valentín ^a   Romero Merino, M Elena ^b  

^a UNIVERSITY OF VALLADOLID   (Spain)

^b EUROPEAN UNIVERSITY MIGUEL DE CERVANTES   (Spain)

Author keywords

Board of trustees; Foundations; Nonprofit governance; Spain

Indexed keywords

EID: 70350074963     PISSN: 08997640     EISSN: None     Source Type: Journal    
DOI: 10.1177/0899764008320501     Document Type: Article

References (69)

1. Abzug, R., DiMaggio, P.J., Bradford, H., Kang, C.H., & Useem, M. (1994). Changes in the structure and composition of non-profit boards of trustees: Cases from Boston and Cleveland, 1925-1985. Voluntas, 4, 271-300.
2. Adams, R., & Ferreira, D. (2007). A theory of friendly boards. Journal of Finance, 62(1), 217-250.
3. Aksartova, S. (2003). In search of legitimacy: Peace grant making of U.S. philanthropic foundations, 1988-1996. Nonprofit and Voluntary Sector Quarterly, 32, 25-46.
4. Andrés, P., Martín, N., & Romero, M.E. (2006). The governance of nonprofit organizations: Empirical evidence from nongovernmental development organizations in Spain. Nonprofit and Voluntary Sector Quarterly, 35, 588-604.
5. Arthur, N. (2001). Board composition as the outcome of an internal bargaining process: Empirical evidence. Journal of Corporate Finance, 7, 307-340.
6. Austin, D.M., & Woolever, C. (1992). Voluntary association boards: A reflection of member and community characteristics? Nonprofit and Voluntary Sector Quarterly, 21, 181-193.
7. Baghat, S., & Black, B. (1999). The uncertain relationship between board composition and firm performance. Business Lawyer, 54, 921-963.
8. Baker, M., & Gompers, P. (2003). The determinants of board structure at the initial public offering. Journal of Law and Economics, 46(2), 569-598.
9. Bathala, C.T., & Rao, R.P. (1995). The determinants of board composition: An agency theory perspective. Managerial and Decision Economics, 16, 59-69.
10. Boone, A.L., Field, L.C., Karpoff, J.M., & Raheja, C.G. (2007). The determinants of corporate board size and composition: An empirical analysis. Journal of Financial Economics, 85, 66-101.
11. Booth, J.R., & Deli, D.N. (1999). On executives of financial institutions as outside directors. Journal of Corporate Finance, 5, 227-250.
12. Boris, E.T., Renz, L., Barve, A., Hager, M.A., & Hobor, G. (2006). Foundation expenses and compensation (research report). Washington, DC: Urban Institute, the Foundation Center, and Philanthropic Research.
13. Bradshaw, P., Murray, V., & Wolpin, J. (1992). Do nonprofit boards make a difference? An exploration of the relationships among board structure, process, and effectiveness. Nonprofit and Voluntary Sector Quarterly, 21, 227-249.
14. Brody, E. (1996). Agents without principals: The economic convergence of the nonprofit and for-profit organizational forms. New York Law School Law Review, 40, 457-528.
15. Bushman, R.M., Chen, Q., Engel, E., & Smith, A. (2004). Financial accounting information, organization complexity, and corporate governance. Journal of Accounting and Economics, 37, 167-201.
16. Callen, J.L., Klein, A., & Tinkelman, D. (2003). Board composition, committees and organizational efficiency: The case of nonprofits. Nonprofit and Voluntary Sector Quarterly, 32, 493-520.
17. Coles, J.L., Daniel, N.D., & Naveen, L. (2008). Boards: Does one size fit all? Journal of Financial Economics, 87, 329-356.
18. Cornforth, C. (2001). What makes boards effective? An examination of the relationships between board inputs, structures, processes and effectiveness in non-profit organization. Corporate Governance: An International Review, 9(3), 217-227.
19. Cornforth, C., & Edwards, C. (1999). Board roles in the strategic management of non-profit organisations: Theory and practice. Corporate Governance: An International Review, 7(4), 346-362.
20. Cornforth, C., & Simpson, C. (2002). Change and continuity in the governance of nonprofit organizations in the United Kingdom. Nonprofit Management & Leadership, 12(4), 451-470.
21. Demsetz, H., & Lehn, K. (1985). The structure of corporate ownership: Causes and consequences. Journal of Political Economy, 93, 1155-1177.
22. Denis, D.K., & Sarin, A. (1999). Ownership and board structure in publicly traded corporations. Journal of Financial Economics, 52, 187-223.
23. Díaz, W.A. (1996). The behavior of foundations in an organizational frame: A case study. Nonprofit and Voluntary Sector Quarterly, 25, 453-469.
24. European Foundation Centre. (2005). Riqueza privada e interés general [Private wealth and general interest]. Cuadernos de la Asociación Española de Fundaciones, 30-31.
25. Faleye, O. (2007). Does one hat fit all? The case of corporate leadership structure. Journal of Management and Governance, 11(3), 239-259.
26. Fama, E., & Jensen, M.C. (1983). Separation of ownership and control. Journal of Law and Economics, 26, 301-325.
27. García, J.L., Jiménez, J.L., Sáez, J., & Viaña, E. (2004). Las cuentas de la economía social: El tercer sector en España [Social economy accounting: The third sector in Spain]. Madrid, Spain: Civitas.
28. Glaeser, E.L. (2003). Introduction. In E. L. Glaeser (Ed.), The governance of not-for-profit organizations (pp. 1-44). Chicago: University of Chicago Press.
29. Graddy, E.A., & Morgan, D.L. (2006). Community foundations, organizational strategy, and public policy. Nonprofit and Voluntary Sector Quarterly, 35, 605-630.
30. Haleblian, J., & Finkelstein, S. (1993). Top management team size, CEO dominate, and firm performance: The moderating roles of environmental turbulence and discretion. Academy of Management Journal, 36, 844-863.
31. Handy, C. (1993). Understanding organizations (4th ed.). London: Penguin Books.
32. Hansmann, H.B. (1980). The role of nonprofit enterprise. Yale Law Review, 89, 835-899.
33. Hermalin, B., & Weisbach, M. (1998). The determinants of board composition. The Rand Journal of Economics, 19(4), 589-606.
34. Hermalin, B., & Weisbach, M. (2003). Board of directors as an endogenously-determined institution: A survey of the economic literature. Federal Reserve Bank of New York Economic Policy Review, 9(1), 7-26.
35. Jensen, M.C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance, 48, 831-880.
36. Jensen, M.C. (1994). Self-interest, altruism, incentives and agency theory. Journal of Applied Corporate Finance, 7(2), 40-45.
37. Jensen, M.C., & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 3, 305-360.
38. Kiel, G.C., & Nicholson, G.J. (2003). Board composition and corporate performance: how the Australian experience informs contrasting theories of corporate governance. Corporate Governance: An International Review, 11(3), 189-205.
39. Kieschnick, R., & Moussawi, R. (2004). The board of directors: A bargaining perspective. Working paper, University of Texas at Dallas.
40. Kirkland, K., & Sargant, N. (1995). Building on trust: Results of a survey of charity trustees. London: National Council for Voluntary Organizations.
41. Lehn, K., Patro, S., & Zhao, M. (2003). Determinants of the size and structure of corporate boards: 1935-2000. Retrieved November 1, 2003, from http://ssrn.com/abstract=470675.
42. Linck, J.S., Netter, J.M., & Yang, T. (2008). The determinants of board structure. Journal of Financial Economics, 87(2), 308-328.
43. Lipton, M., & Lorsch, J.W. (1992). A modest proposal for improved corporate governance. Business Lawyer, 48, 59-77.
44. Middleton, M. (1987). Nonprofit boards of directors: Beyond the governance function. In W. W. Powell & R. Steinberg (Eds.), The nonprofit sector: A research_handbook (pp. 141-153). New Haven, CT: Yale University Press.
45. Miller, L.E., Weiss, R.M., & MacLeod, B.V. (1988). Boards of directors in nonprofit organizations: Composition, activities, and organizational outcomes. Nonprofit and Voluntary Sector Quarterly, 17, 81-89.
46. Miller-Millesen, J.L. (2003). Understanding the behavior of nonprofit boards of directors: A theory-based approach. Nonprofit and Voluntary Sector Quarterly, 32, 521-547.
47. Moyers, R.L., & Enright, K. (1997). Results of the NCNB nonprofit governance survey. Washington, D.C.: National Center for Nonprofit Boards.
48. O'Regan, K., & Oster, S. (2002). Does government funding alter nonprofit governance? Evidence from New York City nonprofit contractors. Journal of Policy Analysis and Management, 21(3), 359-379.
49. O'Regan, K., & Oster, S. (2005). Does the structure and composition of the board matter? The case of nonprofit organizations. Journal of Law, Economics and Organization, 21, 205-227.
50. Olson, D.E. (2000). Agency theory in the not-for-profit sector: Its role at independent colleges. Nonprofit and Voluntary Sector Quarterly, 29, 280-296.
51. Ostrower, F. (2007). Nonprofit governance in the United States: Findings on performance and accountability from the first national representative study (Research report). Washington, DC: Urban Institute.
52. Ostrower, F., & Stone, M.M. (2006). Governance: Research trends, gaps, and future prospects. In W. W. Powell & R. Steinberg (Eds.), The nonprofit sector: A research handbook (2nd ed., pp. 1-59). New Haven, CT: Yale University Press.
53. Pearce, J.A., II., & Zahra, S.A. (1992). Board composition from a strategic contingency perspective. Journal of Management Studies, 29(4), 411-438.
54. Pfeffer, J. (1973). Size, composition, and function of hospital boards of directors: A study of organization-environment linkage. Administrative Science Quarterly, 18(3), 349-364.
55. Raheja, C.G. (2005). Determinants of board size and composition: A theory of corporate boards. Journal of Financial and Quantitative Analysis, 40(2), 283-306.
56. Renz, L., Mandler, C., & Tran, T. (1997). Foundation giving: Yearbook of facts and figures on private, corporate and community foundations. New York: Foundation Center.
57. Robinson, M.K. (2001). Nonprofit boards that work: The end of one-size-fits-all governance. New York: John Wiley.
58. Ruiz, J.I. (2000). El sector no lucrativo en España [The nonprofit sector in Spain]. Madrid, Spain: Fundacion BBVA [Bank of Bilbao-Vizcaya-Argentaria].
59. Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. Journal of Finance, 52(2), 737-783.
60. Smith, D. H. (1994): Determinants of voluntary association participation and volunteering: A literature review. Nonprofit and Voluntary Sector Quarterly, 23, 243-261.
61. Steane, P.D., & Christie, M. (2001). Nonprofit boards in Australia: A distinctive governance approach. Corporate Governance: An International Review, 9(1), 48-58.
62. Stone, M.M. (2005, March). Nonprofit board governance: What we know, where we should go. Paper presented at a conference on governance, University of Missouri-Kansas City.
63. Stone, M.M., & Wood, M.M. (1997). Governance and the small, religiously affiliated social service provider. Nonprofit and Voluntary Sector Quarterly, 26(supplement), S44-S61.
64. Tobin, J. (1958). Estimation of relationships for limited dependent variables. Econometrica, 26, 24-36.
65. Toepler, S. (1999). On the problem of defining foundations in comparative perspective. Nonprofit Management & Leadership, 10, 215-225.
66. Van der Bergue, L.A.A., & Levrau, A. (2004). Evaluating boards of directors: What constitutes a good corporate board? Corporate Governance: An International Review, 12(4), 461-478.
67. Ward, P. (2000). Skills on board. Third Sector Trustee, 7, 9.
68. Widmer, C. (1985). Why board members participate? Journal of Voluntary Action Research, 14(4), 8-23.
69. Zahra, S.A., & Pearce, J.A., II. (1989). Boards of directors and corporate financial performance. Journal of Management, 15(2), 291-334.