The board structure and firm performance in SMEsEvidence from Spain

  1. Arosa de la Torre, Blanca
  2. Iturralde, Txomin
  3. Maseda García, Amaia
Revista:
Investigaciones europeas de dirección y economía de la empresa

ISSN: 1135-2523

Año de publicación: 2013

Volumen: 19

Número: 3

Páginas: 127-135

Tipo: Artículo

DOI: 10.1016/J.IEDEE.2012.12.003 DIALNET GOOGLE SCHOLAR lock_openDialnet editor

Otras publicaciones en: Investigaciones europeas de dirección y economía de la empresa

Resumen

El objetivo es analizar la eficiencia del consejo de administración como mecanismo de gobierno corporativo. Para ello, analizamos el efecto de su composición, tamaño, actividad, estructura de liderazgo y mandato del máximo ejecutivo sobre los resultados empresariales. Para contrastar las hipótesis utilizamos una muestra de 307 PYMEs españolas, ninguna de las cuales cotiza en Bolsa. Nuestro principal resultado es el efecto negativo de la proporción de consejeros externos y tamaño del consejo sobre los resultados empresariales. Se puede decir que la presencia de consejeros externos no se traduce en la mejora de los resultados de la empresa. A pesar de la mayor capacidad de control, asesoramiento y creación de redes atribuida a los externos, las empresas de la muestra presentan una significativa presencia de consejeros internos, aspecto que puede estar relacionado con su mayor conocimiento de la empresa, con el consiguiente efecto positivo en las decisiones estratégicas de la misma. El efecto negativo del tamaño del consejo puede indicar que las desventajas de la peor coordinación, flexibilidad y comunicación dentro de los consejos de gran tamaño, parecen ser más importantes que los beneficios derivados del mayor control gerencial por parte del consejo.

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