Outside board director experience and the growth of new ventures

Tatevik Harutyunyan, Bram Timmermans and Lars Frederiksen

Journal of Business Venturing, 2025, vol. 40, issue 3

Abstract: Most research on entrepreneurship focuses on entrepreneurs' human and social capital as the drivers of new venture performance. However, less is known about how much the endowments of other strategic human resources, namely board directors, influence new venture performance. To generate new insights on this topic, we theorize and empirically investigate to what extent, and under which conditions, the experience of outside board directors affects new venture growth. Our analysis of Norwegian registry data on 15,594 new ventures does not provide immediate evidence that the presence of outside board directors or their experiences drive new venture growth. However, post hoc analysis suggests that the timing of board entry, combined with industry and directorial experience, plays a significant role in shaping growth outcomes. Additionally, the impact of industrial and directorial experience varies depending on the industry environment.

Keywords: Board of directors; Industry experience; Directorial experience; New ventures; New venture growth; Environmental characteristics (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jbvent:v:40:y:2025:i:3:s0883902625000126

DOI: 10.1016/j.jbusvent.2025.106484

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