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The relationship between the board of directors and firm performance in private family firms: A test of the demographic versus behavioral approach

Published online by Cambridge University Press:  03 June 2015

Rodrigo Basco  and
Wim Voordeckers
Rodrigo Basco*
Affiliation:
Witten Institute for Family Business, Witten/Herdecke University, Witten, Germany
Wim Voordeckers
Affiliation:
KIZOK Research Centre, Hasselt University, Diepenbeek, Belgium
*
Corresponding author: bascorodrigo@gmail.com
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Abstract

Research on corporate governance has attempted to investigate the added value of boards of directors through the lenses of both demographic and behavioral approaches. However, investigations into these two approaches, and the subsequent implications for firm performance, have thus far been mainly decoupled from one another. Therefore, the aim of this paper is to put both approaches to the test in the family business context. Using a sample of 567 Spanish family firms, we find that although both approaches can explain the performance of family firms, the behavioral approach explains a much higher proportion of the variation in the firm’s performance. Furthermore, our findings support our hypotheses that the relationship between the proportion of outside directors and firm performance follows an inverted U-shape in private family firms, and that both business-oriented and family-oriented board role performance are positively related with firm performance.

Keywords

board of directorsfamily businessdemographic approachbehavioral approachboard role performance
Type
Research Article
Information
Journal of Management & Organization , Volume 21 , Issue 4 , July 2015 , pp. 411 - 435
Copyright
Copyright © Cambridge University Press and Australian and New Zealand Academy of Management 2015 

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