The board of directors and firm innovation: A meta-analytical review

Sierra-Morán, Johana; García, Laura Cabeza; González-Álvarez, Nuria; Botella, Juan

doi:10.1177/23409444211039856

Cited by 26 publications

(20 citation statements)

References 181 publications

(394 reference statements)

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“…This aggregation of information leads to higher statistical power and more robust results than is possible in any individual study (Cohn and Becker, 2003). Therefore, following an approach similar to the one employed by Sierra-Morán et al. (2021) who have investigated the relationship between demographic diversity and firm innovation, a meta-analysis on the impact of BD on firm innovation was performed here to derive a summary correlation measure indicating whether the association is positive or negative (H1), whether cognitive diversity matters more for firm innovation than surface-level diversity (H2) and whether the size of the BoD has an impact on the results (H3).…”

Section: Methodsmentioning

confidence: 99%

“…A recent meta-analysis by Sierra-Mor an et al (2021) points to a positive connection between demographic diversity and firm innovation. However, the notions of the positive impacts of different types (demographic and cognitive) of BD on firm innovation have not always been supported with empirical evidence (Wincent et al, 2010;Zona et al, 2013).…”

Section: Introductionmentioning

confidence: 99%

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Board diversity and firm innovation: a meta-analysis

Makkonen

2022

EJIM

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PurposeIt is commonly stated that increased board diversity leads to the heightened financial performance of firms via the impact that it can have on innovation, but the latter association has, thus far, remained empirically controversial. The aim of this paper is to shed light on this unresolved debate and gap in the literature via studying different types of diversity.Design/methodology/approachA meta-analysis was conducted on the existing empirical evidence on the topic to show whether such an association exists and compare cognitive (expertise and experience) and demographic diversity (gender, nationality and racial/ethnic).FindingsThe results show that there is indeed a positive and statistically significant association between board diversity and firm innovation. This association is driven more by cognitive diversity of the board members than by demographic diversity.Research limitations/implicationsPotential publication bias, heterogeneity in the quality of the existing studies and the diversity in operationalising innovation and board diversity remain as limitations to this meta-analysis.Practical implicationsInstead of focussing on selecting board members based on demographic (surface-level) diversity, selections should be based on the interplay of the experience, expertise and background demographic characteristics of the potential candidates. Otherwise, the minority members might face a “token” status.Originality/valueThe results of this paper suggest that there is a positive association between board diversity and firm innovation. Future research should examine why this link exists. Therefore, the paper concludes with a research agenda for the benefit of potential further studies.

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Section: Methodsmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Board diversity and firm innovation: a meta-analysis

Makkonen

2022

EJIM

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“…Furthermore, the influence of board structure on innovation is a worthy focus of future research (Arzubiaga et al , 2018; Sierra-Morán et al , 2021). Randøy and Goel (2003) find that founder-led firms benefit from strategic agility because of lower agency monitoring that is advantageous for innovation.…”

Section: Discussion and Future Researchmentioning

confidence: 99%

SME corporate governance: a literature review of informal mechanisms for governance

Handley

Molloy

2022

MEDAR

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Purpose This paper takes a structured literature review (SLR) approach to identify gaps in the literature and suggest future research opportunities. It focuses on corporate governance (CG) performed outside the formal board of directors’ structure and examines research of alternative CG of small and medium-sized entities (SMEs). Design/methodology/approach The authors use the SLR method to search the Scopus database, extracting and synthesising findings relating specifically to SMEs’ CG. These are tabulated and described using bibliometric software. Findings The authors highlight an absence of tailored theoretical approaches to understanding CG in SMEs, which differs from the governance of larger entities. They also find evidence of alternative governance structures in SME CG. Research limitations/implications Further research should embrace management and other theoretical perspectives and expanded methodologies, nuances in understanding offered in contextualised settings and awareness of practical implications to better understand the specific setting of CG in SMEs. Practical implications SMEs seek to access the scarce resources and skills external to their formal CG structures. Regulators and resource providers should mobilise facilitation and training for this expansion. Originality/value The authors synthesise a large body of literature to extract findings specific to SMEs. A unique contribution is our focus on alternative forms of CG in SMEs. Evidence of alternative boards points to resolutions for human capital shortages in SMEs.

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“…Our study understands this concept as the depth of knowledge and practical experience that an entrepreneur has acquired and can apply in a new business venture. Moreover, recent studies suggest that having women in leadership roles within companies promotes innovation processes (Sierra-Morán et al, 2021). The knowledge acquired by women entrepreneurs, whether at personal or organizational level, thus plays a pivotal role in enabling their businesses to attain innovative performance.…”

Section: Theoretical Framework and Hypothesesmentioning

confidence: 99%

The effects of context and characteristics of women entrepreneurs on innovation performance

Chávez-Rivera,

Ruíz-Jiménez,

Fuentes-Fuentes

2023

BRQ Business Research Quarterly

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Drawing on institutional and upper echelons theories, this study delves into the underexplored intersection of gender, context, and innovation performance among women entrepreneurs in Ecuador. Based on a sample of 45 women entrepreneurs, the study employs a fuzzy-set qualitative comparative analysis (fsQCA) and identifies six distinct paths to innovation performance. Contrary to initial expectations, our research findings substantiate that both institutional and social factors play a key role in fostering innovation in women-led firms in Ecuador. This innovation is facilitated by establishing close and frequent interpersonal connections, as well as by the age of the female entrepreneurs. Conversely, certain individual variables traditionally associated with innovation, such as education level or prior experience, manifest only sporadically. Our research enriches the discourse in gender and innovation studies by employing a multilevel approach and provides valuable insights into female entrepreneurial leadership’s contribution to advancing developing economies. JEL CLASSIFICATION: O32; J16

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The board of directors and firm innovation: A meta-analytical review

Cited by 26 publications

References 181 publications

Board diversity and firm innovation: a meta-analysis

Board diversity and firm innovation: a meta-analysis

SME corporate governance: a literature review of informal mechanisms for governance

The effects of context and characteristics of women entrepreneurs on innovation performance

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