Authors: Rodrigo Basco; Andrea Calabrò
Addresses: Witten Institute for Family Business, University of Witten/Herdecke, Alfred-Herrhausen-Straße 50, 58448 Witten, Germany ' Witten Institute for Family Business, University of Witten/Herdecke, Alfred-Herrhausen-Straße 50, 58448 Witten, Germany
Abstract: The aim of this article is to shed new light on the antecedent of board composition in family firms. By integrating socioemotional wealth and stewardship theory, we hypothesise that family-oriented objectives not only affect the traditional dichotomous classification (family vs. non-family board members) but also the inner composition among family board members (e.g., family board members working in the firm vs. family board members not working in the firm). Our main findings suggest that the stronger the importance of family-oriented objectives, the greater the presence of family members on boards of directors. Furthermore, for high levels of family-oriented objectives, where steward-oriented behaviours prevail, the sub-group of family board members on the board will be mainly composed of family board members working in the firm.
Keywords: board of directors; board composition; socioemotional wealth; stewardship theory; family-oriented objectives; family firm goals; family business; family firms; family board members; corporate governance.
International Journal of Entrepreneurial Venturing, 2017 Vol.9 No.1, pp.81 - 99
Received: 22 Jan 2015
Accepted: 25 Sep 2015
Published online: 01 Mar 2017 *