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Ownership structure, board composition and entrepreneurship: Evidence from family firms and venture-capital backed firms
Jönköping International Business School, Jönköping.
2004 (English)In: International Journal of Entrepreneurial Behaviour & Research, ISSN 1355-2554, E-ISSN 1758-6534, Vol. 10, no 1/2, p. 85-105Article in journal (Refereed) Published
Abstract [en]

The purpose of this article is to investigate how ownership structure, especially family and/or venture-capital involvement, as well as entrepreneurial activities, defined as strategic change and renewal, help explain the involvement of independent members on boards of directors. The CEOs of 2,455 small and medium-sized, private enterprises from practically all industries were contacted in a telephone survey, resulting in an exceptionally high response rate. The findings reveal that family firms are more reluctant to involve independent directors on their boards than non-family firms, that presence of venture capitalists increases the frequency of independent board members and that ownership has an impact on board roles. The results do not support the hypothesised relationship that independent directors enhance entrepreneurial activities. One implication of our study is that the often-argued-for strategic contribution of outsiders to the boards in family firms may be overemphasised. Another implication is that family firms that choose to acquire additional capital should be aware that this could result in a change in the board composition and the loss of control of the business. However, new and external owners' inclusion on the board seems to be negotiable since there are also venture capitalists that do not insist on board representation.

Place, publisher, year, edition, pages
Emerald Group Publishing Ltd. , 2004. Vol. 10, no 1/2, p. 85-105
Keywords [en]
boards of directors, family firms, venture capital, small and medium-sized enterprises, private ownership
National Category
Business Administration
Research subject
Bussiness and IT
Identifiers
URN: urn:nbn:se:hb:diva-7977DOI: 10.1108/13552550410521399Local ID: 2320/8869OAI: oai:DiVA.org:hb-7977DiVA, id: diva2:888860
Available from: 2015-12-22 Created: 2015-12-22 Last updated: 2017-12-01Bibliographically approved

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Brunninge, Olof

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  • apa
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  • de-DE
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