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Corporate governance and strategic change in SMEs: The effect of ownership, board composition and top management teams
Jönköping University, Jönköping International Business School, JIBS, EMM (Entrepreneurship, Marketing, Management). Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership.
Jönköping University, Jönköping International Business School, JIBS, EMM (Entrepreneurship, Marketing, Management). Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership.
Jönköping University, Jönköping International Business School, JIBS, EMM (Entrepreneurship, Marketing, Management).
2007 (English)In: Small Business Economics, ISSN 0921-898X, E-ISSN 1573-0913, Vol. 29, no 3, p. 295-308Article in journal (Refereed) Published
Abstract [en]

The paper investigates how governance mechanisms affect the ability off small- and medium-sized enterprises (SMEs) to introduce strategic change. Previous research typically assumes that governance mechanisms operate independently of each other. Building on agency theory and insights from the literature on small firm governance, we hypothesize that governance variables related to ownership, the board of directors and the top management team all affect strategic change and that it is important to examine the interaction effects of these governance mechanisms. Using a longitudinal sample of over 800 SMEs, our general logic and hypotheses are supported by the analyses. We find that closely held firms exhibit less strategic change than do SMEs relying on more widespread ownership structures. However, to some extent, closely held firms can overcome these weaknesses and achieve strategic change by utilizing outside directors on the board and/or extending the size of the top management teams. Implications for theory and management practice are discussed.

Place, publisher, year, edition, pages
2007. Vol. 29, no 3, p. 295-308
Keywords [en]
corporate governance, small- and medium-sized enterprises, strategic change
National Category
Business Administration
Identifiers
URN: urn:nbn:se:hj:diva-3130DOI: 10.1007/s11187-006-9021-2OAI: oai:DiVA.org:hj-3130DiVA, id: diva2:33950
Available from: 2007-10-23 Created: 2007-10-23 Last updated: 2017-12-12Bibliographically approved

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Brunninge, OlofNordqvist, MattiasWiklund, Johan

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