The more the merrier? The effect of group size on effectiveness in SME funding campaigns
基于53个瑞典中小企业群体五年面板数据，研究发现群体规模越大，因治理和内部凝聚力下降，融资效果越差，但外部董事、连锁董事会和自下而上的组建方式能缓解这种负面影响。
To overcome resource shortages, companies can subscribe to groups that, in competition with other groups, seek to obtain external funding for the joint development of innovations. In this context, the authors argue smaller groups are better equipped to be successful in external funding campaigns. Based on five-year panel data from a sample of 53 Swedish groups of small and medium-sized companies, the authors find support for a claim suggesting that due to the adverse effect of group size on governance and internal cohesion, the costs associated with group size will outweigh benefits, which reduce the ability to compete for external funding. Consistent with their expectations, the authors find that the adverse effect of group size on fundraising effectiveness is mitigated by internal and external governance devices including the presence of external directors on the group board and interlocking board memberships, and by a bottom-up group formation process.