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Board roles and outside directors in micro firms
Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.ORCID iD: 0000-0003-4787-1498
2017 (English)Conference paper, Oral presentation with published abstract (Refereed)
Abstract [en]

The purpose of this study is to further the understanding of how outside directors in micro firms contribute to the development of these firms. Many studies have emphasized the importance of external directors on company boards, especially in small firms where internal resources might be scarce. However, this area has still received little attention by researchers. Interviews have been conducted with 50 small business owners in Sweden identifying 13 companies with external directors. These 13 companies have then been examined further. Guided by the internal need within the corporation the external directors in general fill 2 different roles. For most micro firms the strategic discussions are strengthened through the addition of outside directors and depending on the firm industry they might also find value in the access to the professional networks of their outside directors. In addition the owners’ strong emotional attachment to their firm and its operations can be balanced through the outside directors providing emotional clarity and support in difficult decisions. External funding can often work as a catalyst for including external directors on the board. Overall the traditional board roles, as described in previous research, take somewhat different forms in the context of micro firms.

Place, publisher, year, edition, pages
2017.
Keywords [en]
Board roles, micro firms, outside directors, resource dependency
National Category
Social Sciences
Research subject
Business Studies
Identifiers
URN: urn:nbn:se:umu:diva-142328OAI: oai:DiVA.org:umu-142328DiVA, id: diva2:1160544
Conference
Nordic Corporate Governance Network, NCGN, Annual Meeting, Reykjavik, Iceland
Available from: 2017-11-27 Created: 2017-11-27 Last updated: 2018-06-09

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Thorsell, Anna

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CiteExportLink to record
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Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
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Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf