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

The literature on corporate governance has highlighted the importance of board characteristics related to firm innovation. However, empirical findings have not been totally conclusive, and some seem contradictory. Adopting a new perspective, we have tried to help resolve the puzzle using a meta-anal...

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Bibliographic Details
Published in:Business research quarterly 2024-04, Vol.27 (2), p.182-207
Main Authors: Sierra-Morán, Johana, Cabeza-García, Laura, González-Álvarez, Nuria, Botella, Juan
Format: Article
Language:English
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Summary:The literature on corporate governance has highlighted the importance of board characteristics related to firm innovation. However, empirical findings have not been totally conclusive, and some seem contradictory. Adopting a new perspective, we have tried to help resolve the puzzle using a meta-analysis that integrates findings from 96 previous studies to analyze the relationship between board attributes, grouped by their relation to structural or demographic diversity, and firm innovation for the period 1988–2018. The results suggest that certain aspects of boards, such as meeting frequency and the proportions of independent directors and outsiders, show the most significant correlations with firm innovation, but the levels of association vary depending on whether innovation is measured as inputs or outputs and depending on the sample considered and the methodology employed. Finally, general guidelines are suggested regarding practical implications and future research. JEL CLASSIFICATION: O32, G34
ISSN:2340-9444
2340-9444
DOI:10.1177/23409444211039856