Impact of Outsiders on Firm Performance over Different Generations of Family-Owned SMEs
基于369家西班牙家族中小企业数据，研究发现第一代和第二代家族企业中，外部董事比例与企业绩效呈倒U型关系，适度引入外部董事有助于创造价值。
From the perspective of agency, resource-based view, and resource-dependence theories, we explore the impact of the presence of outside directors on firm performance in family small and medium-sized enterprise (SMEs). Using survey data from 369 Spanish family SMEs, our findings show an inverted U-shaped relationship between the proportion of outsiders on the boards of firstand second-generation family firms and firm performance. The results show that a balanced presence of outside directors contributes to value creation in family SMEs and confirm that the composition and the roles of the board of directors differ from generation to generation in family firms.