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| Author: | Brunninge, O. Nordqvist, M. Wiklund, J. |
| Title: | Corporate governance and strategic change in SMEs: The effects of ownership, board composition and top management teams |
| Journal: | Small business economics
2007 : OCT, VOL. 29:3, p. 295-308 |
| Index terms: | board of directors corporate governance small and medium-sized enterprises (SMEs) strategic management top management |
| Language: | eng |
| Abstract: | The focus of this article is on governance mechanisms and how they affect the ability of small- and medium-sized enterprises (SMEs) to introduce strategic change. The authors propose a hypothesis, drawing from agency theory and literature on small firm governance, that governance variables related to ownership, the top board of directors and the top management team have all influence on strategic change. Support for the general logic and hypotheses are found in an analysis based on a longitudinal sample of over 800 SMEs. The closely held companies are found to present less strategic change than those with more widespread ownership structures. These weaknesses can be overcome by using outside directors on the board and/or augmenting the size of the top management teams. |
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