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

doi:10.1108/14626000410519137

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Journal of Small Business and Enterprise Development

ISSN: 1462-6004

Online from: 1994

Subject Area: Enterprise and Innovation

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

Document Information:
Title:	The role of boards of directors in small and medium-sized firms
Author(s):	R.J. Bennett, (Professor of Geography at the Department of Geography, University of Cambridge, Cambridge, UK), P.J.A. Robson, (Department of Management Studies, Robert Gordon University, Aberdeen, UK)
Citation:	R.J. Bennett, P.J.A. Robson, (2004) "The role of boards of directors in small and medium-sized firms", Journal of Small Business and Enterprise Development, Vol. 11 Iss: 1, pp.95 - 113
Keywords:	Boards of directors, Consultants, Management skills, Small to medium-sized enterprises
Article type:	Research paper
DOI:	10.1108/14626000410519137 (Permanent URL)
Publisher:	Emerald Group Publishing Limited
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.