Abstract
This study examines the determinants of advisory boards in Dutch family small- and medium-sized enterprises. Boards of advisors consist of committed people that recurrently provide advice to the family firm’s decision-makers. Using resource-dependence theory, we hypothesize and find empirical support for the positive influence of highly dynamic environments on the presence of an advisory board. Contrary to our expectations, the presence of a board of directors positively influences the likelihood of having an advisory board, suggesting complementarity between these two governance mechanisms. We found no support for a generational effect on advisory board presence.
Original language | English |
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Title of host publication | The Palgrave Handbook of Heterogeneity among Family Firms |
Publisher | Palgrave Macmillan |
Pages | 181-199 |
Number of pages | 19 |
ISBN (Electronic) | 9783319776767 |
ISBN (Print) | 9783319776750 |
DOIs | |
Publication status | Published - 1 Jan 2018 |
Keywords
- Boards of advisors
- Family SMEs
- Governance
- Resource-dependence theory