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The role of boards of directors in small and medium-sized firms

Article Information:

Title:

The role of boards of directors in small and medium-sized firms

Author(s):

R.J. Bennett, P.J.A. Robson

Journal:

Journal of Small Business and Enterprise Development

Year:

2004

Volume:

11

Issue:

1

Page:

95 - 113


ISSN:

1462-6004


DOI:

10.1108/14626000410519137

Publisher:

Emerald Group Publishing Limited

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Abstract:

The size, characteristics and structure of boards of directors have been claimed to be an important influence on the performance of large firms, but have been less examined in small firms. For larger firms the role of boards acts more as a substitute for the development of internal staff and management skills, indicating that for large firms directors chiefly support the control role of CEOs. The importance of seeing boards, external consultants and internal management skills as substitutes is demonstrated, and is shown to have a non-linear relation with firm size. However, a key finding of the paper is that there is little evidence of a strong association of board size, board qualifications, or board structure with firm performance, measured by profitability, employment growth or propensity to innovate.

Keywords:

Boards of directors, Consultants, Management skills, Small to medium-sized enterprises


Article Type:

Research paper


Article URL:

http://www.emeraldinsight.com/10.1108/14626000410519137

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