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Board Composition in Small and Medium‐Sized Family Firms

Author

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  • Wim Voordeckers
  • Anita Van gils
  • Jeroen Van den heuvel

Abstract

This study focuses on the determinants of board composition in Belgian small and medium‐sized family firms. It extends the empirical literature on board composition in private small and medium‐sized family enterprises by integrating several dimensions of the “family component” in the research model. Furthermore, using a multinomial logit model, we examine in which circumstances family firms opt for (1) a family board, (2) an inside board, or (3) an outside board. Results suggest that family‐related contingency variables are far more important than CEO‐related or control variables, giving support to the argument that board composition in family firms is a reflection of the family characteristics and objectives. Moreover, the results suggest that a resource dependence and added value perspective explain more of the variation in board composition than agency considerations.

Suggested Citation

  • Wim Voordeckers & Anita Van gils & Jeroen Van den heuvel, 2007. "Board Composition in Small and Medium‐Sized Family Firms," Journal of Small Business Management, Taylor & Francis Journals, vol. 45(1), pages 137-156, January.
    • Handle: RePEc:taf:ujbmxx:v:45:y:2007:i:1:p:137-156
    DOI: 10.1111/j.1540-627X.2007.00204.x
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    Citations

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    Cited by:

    1. Kamran Jannatli, 2024. "In the boardroom spotlight: Examining the relationship between board size and profitability in Turkish family businesses with independent directors as key players," Nowoczesne Systemy Zarządzania. Modern Management Systems, Military University of Technology, Faculty of Security, Logistics and Management, Institute of Organization and Management, issue 2, pages 13-28.
    2. Zulfiquer Ali Haider & Douglas J. Cumming & Zhenyu Wu, 2025. "Groupthink in the Board of Family Firms: The Case of Institutional Investment," Entrepreneurship Theory and Practice, , vol. 49(3), pages 916-958, May.
    3. Feito-Ruiz, Isabel & Menéndez-Requejo, Susana, 2022. "Debt maturity in family firms: Heterogeneity across countries," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 81(C).
    4. S. Ramakrishna Velamuri & Shiqi Zhang & Sonal H. Singh, 2025. "Driving Innovation: Exploring the Interplay of Family Ownership, State Ownership and Management Control," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 34(4), pages 836-880, November.
    5. Danni Zhang & Yusen Dong, 2026. "Securities Fraud Among Family Firms—Evidence from the One-Child Policy Reform in China," Journal of Business Ethics, Springer, vol. 203(4), pages 727-749, February.
    6. Sanchez-Famoso, Valeriano & Cruz, Cristina & Batterjee, Mohamed Mazen & Mejia-Morelos, Jorge-Humberto & Cisneros, Luis & Tuyen LE, Nhu, 2025. "Socioemotional wealth (SEW) across borders: Integrating national context into SEW research," Journal of Family Business Strategy, Elsevier, vol. 16(1).
    7. Ine Umans & Maarten Corten, 2023. "Ownership succession intentions affecting earnings management in private family firms," Small Business Economics, Springer, vol. 61(2), pages 827-842, August.
    8. Zhou, Lei & Wei, Feng, 2024. "Employee stock ownership plans and controlling shareholders’ over-appointing of directors," Economic Analysis and Policy, Elsevier, vol. 84(C), pages 1747-1770.
    9. Ilaria Galavotti & Carlotta D’Este & Daniele Cerrato, 2026. "A size-based contingency approach to family firms’ performance: the role of family power," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 30(1), pages 155-190, March.
    10. Thys, Kris & Vandekerkhof, Pieter & Steijvers, Tensie & Corten, Maarten, 2024. "Top management team and board of directors as the strategic leadership system: The effect of behavioral integration on strategic decision-making quality," European Management Journal, Elsevier, vol. 42(5), pages 721-734.
    11. Katrien Jansen & Anneleen Michiels & Wim Voordeckers & Tensie Steijvers, 2023. "Financing decisions in private family firms: a family firm pecking order," Small Business Economics, Springer, vol. 61(2), pages 495-515, August.

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