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| Author: | Clarysse, B. Knockaert, M. Lockett, A. |
| Title: | Outside board members in high tech start-ups |
| Journal: | Small business economics
2007 : OCT, VOL. 29:3, p. 243-259 |
| Index terms: | agency theory board of directors corporate governance new enterprise stakeholders venture capital |
| Language: | eng |
| Abstract: | This article focuses on the issue of board composition in high tech start-ups, many of which have multiple equity stakeholders. The external stakeholders, such as venture capitalists or public research organizations like universities, may have a decisive role in accessing external resources that are usually extremely needed in high tech start-ups. Taking into consideration agency theory, resource dependence theory, and social network theory, the authors analyze the relationship between the founding team and external equity holders when deciding the presence of outside board members. Specifically, the aim is to find out whether the outside board members have complementary or substitute human capital to the founding team by using a sample of 140 high tech start-ups in Flanders. The results suggest that having a public research organization as an external equity stakeholder makes it more probable to have outside members with complementary skills in the board. |
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