The Board's Demography—Firm Performance Relationship Revisited: A Bayesian Approach

Jolien Huybrechts, Wim Voordeckers, Bert D'espallier, Nadine Lybaert and Anita Van gils

Journal of Small Business Management, 2016, vol. 54, issue 3, 992-1007

Abstract: Building on behavioral theory, we argue that the effect of board demography on the performance of small and medium‐sized family firms differs significantly at the individual firm level and that the degree by which board task performance meets board task needs explains this effect. Using a Bayesian estimation method, we obtain firm specific estimates of the effect of board demography on firm performance. Analysis of these estimates indicates that the size of the gap between board task needs and board task performance explains the effects of the board demographic characteristics—board size and percentage of family directors—on firm performance.

Date: 2016
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DOI: 10.1111/jsbm.12223

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