Do Boards of Directors Really Matter in the Cooperation Behavior of Firms? An Exploratory Analysis in Spain

Abstract

This paper explores the relationship between one of the major aspects of the internal mechanism of corporate governance, i.e., the board of directors, and the corporate strategy of cooperation. The study was designed to investigate whether certain board of director characteristics have an influence on the propensity to cooperate in Spanish listed non-financial firms. Our findings reveal that the propensity to cooperate in Spanish firms is driven more by a tight “management effect” whereby the highest probability of occurrence is related to firms with duality on their boards and a lower proportion of nominee directors representing controlling shareholders. This paper adds evidence to the corporate governance-corporate strategy (alliance propensity) discussion in a continental country such as Spain.

Board of directors and business transformation: a bibliometric analysis

“…disruptors that imply changes (de Waal and Linthorst, 2020), for further research on how BoD leadership relates to diversity, CSR and innovation (Zheng and Kouwenberg, 2019) and on how the sequence CG-strategy decisions-performance better explains the true relationship between CG mechanisms and sustainable results (Medina-Salgado et al, 2020). Our intention is to address these calls by analyzing the intersection between BoD and BT.…”

“…Generally, this framework provides the basis to understand the balance of power among individuals, the relevance of personal characteristics in BoD effectiveness and the contribution of BoD to organizational legitimacy. However, some authors ask for a holistic model that helps boards and managers to prepare organizations for the future in view of megatrends-EJMBE 33,2 disruptors that imply changes (de Waal and Linthorst, 2020), for further research on how BoD leadership relates to diversity, CSR and innovation (Zheng and Kouwenberg, 2019) and on how the sequence CG-strategy decisions-performance better explains the true relationship between CG mechanisms and sustainable results (Medina-Salgado et al, 2020). Our intention is to address these calls by analyzing the intersection between BoD and BT.…”

Board Composition and Social & Environmental Accountability: A Dynamic Model Analysis of Chinese Firms

“…Companies with successful boards are expected to support and facilitate sustainable engagement and disclosure to achieve long-term commercial success [46]. Empirical studies have documented that well-structured boards are capable of helping organizations create value and long-term strategic advantage by serving as sources of stakeholder interactions and company understanding [47]. Furthermore, board members have been more welcoming of investment in and reporting on sustainable development strategies to foster public participation [48,49].…”