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Board Composition in Small and Medium‐Sized Family Firms

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  • Wim Voordeckers
  • Anita Van gils
  • Jeroen Van den heuvel

Abstract

This study focuses on the determinants of board composition in Belgian small and medium‐sized family firms. It extends the empirical literature on board composition in private small and medium‐sized family enterprises by integrating several dimensions of the “family component” in the research model. Furthermore, using a multinomial logit model, we examine in which circumstances family firms opt for (1) a family board, (2) an inside board, or (3) an outside board. Results suggest that family‐related contingency variables are far more important than CEO‐related or control variables, giving support to the argument that board composition in family firms is a reflection of the family characteristics and objectives. Moreover, the results suggest that a resource dependence and added value perspective explain more of the variation in board composition than agency considerations.

Suggested Citation

  • Wim Voordeckers & Anita Van gils & Jeroen Van den heuvel, 2007. "Board Composition in Small and Medium‐Sized Family Firms," Journal of Small Business Management, Taylor & Francis Journals, vol. 45(1), pages 137-156, January.
    • Handle: RePEc:taf:ujbmxx:v:45:y:2007:i:1:p:137-156
    DOI: 10.1111/j.1540-627X.2007.00204.x
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    Cited by:

    1. Feito-Ruiz, Isabel & Menéndez-Requejo, Susana, 2022. "Debt maturity in family firms: Heterogeneity across countries," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 81(C).
    2. Ine Umans & Maarten Corten, 2023. "Ownership succession intentions affecting earnings management in private family firms," Small Business Economics, Springer, vol. 61(2), pages 827-842, August.
    3. Katrien Jansen & Anneleen Michiels & Wim Voordeckers & Tensie Steijvers, 2023. "Financing decisions in private family firms: a family firm pecking order," Small Business Economics, Springer, vol. 61(2), pages 495-515, August.

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