Beyond the Disciplinary Role of Governance: How Boards Add Value to Spanish Foundations
研究提出融合代理理论与认知维度的扩展治理模型，基于西班牙基金会样本，发现董事会知识多样性和受托人活跃度正向影响资源配置效率，而董事会规模与独立性无显著效果。
Due to the significant role of non‐profit organizations in the development of modern societies, these organizations must adjust their boardrooms. Since traditional theories of corporate governance appear to be limited in explaining the changing non‐profit world, we propose an extended model of governance that integrates the traditional arguments of agency theory with a cognitive dimension. Based on a sample of Spanish foundations, we present evidence on the effect of the board composition on foundations' organizational efficiency. We show that board size and independence do not have a definitive effect on the entity's efficiency. Instead, the knowledge diversity inside the boardroom and the active character of trustees have a positive influence on resource allocation. The cognitive dimension of the extended model of governance is critical to explaining how boards impact on organizational performance.