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| Author: | Andrés-Alonso, P. De Azofra-Palenzuela, V. Romero-Merino, M.E. |
| Title: | Beyond the disciplinary role of governance: how boards add value to Spanish foundations |
| Journal: | British Journal of Management
2010 : MAR, VOL. 21:1, p. 100-114 |
| Index terms: | board of directors corporate governance foundations Spain models |
| Language: | eng |
| Abstract: | This study proposes an extended model of governance integrating the traditional arguments of agency theory with a cognitive dimension. Based on a sample of Spanish foundations, there is presented evidence on the effect of the board composition on foundations' organizational efficiency. It is shown that board size and independence do not have a conclusive effect on the entity's efficiency. Instead, the knowledge diversity inside the boardroom and the active character of trustees have a positive influence on resource allocation. The cognitive dimension of the extended model of governance is critical to explicating how organizational performance is affected by boards. |
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