Article 4, Volume 1 Issue 1:

An exploratory analysis of the board composition in Spanish innovative firms


Juan Pablo Gonzales-Bustos – (Rovira i Virgili University)

Ana Beatriz Hernández-Lara – (Rovira i Virgili University)

Received April 1, 2014; accepted June 1, 2014.


The main goal of this work is to develop an exploratory analysis of the board composition of Spanish companies that belong to innovative economic sectors. We seek to contribute to the inconclusive literature that analyses the relationship between board composition and innovation, exploring the characteristics of the board in an organisational context of innovative behaviour. To do so, we collected data from 86 Spanish companies belonging to innovative sectors from 2003 to 2011. The results confirm the relevance of medium size boards with a majority of affiliated directors and CEO duality; male directors are predominant, but the proportion of women, despite its minimum level, is significantly growing. There are relevant differences in the board composition of different Spanish innovative sectors. However, its evolution over time is quite stable, with the exception of the proportion of women on the board. This board composition is characteristic in situations in which the innovative behaviour of companies is significantly improving.

El objetivo principal de este trabajo es desarrollar un análisis exploratorio de la composición del directorio de las empresas españolas que pertenecen a sectores económicos innovadores. Buscamos contribuir a la literatura no concluyente que analiza la relación entre la composición de la junta y la innovación, explorando las características de la junta en un contexto organizacional de comportamiento innovador. Para ello, recopilamos datos de 86 empresas españolas pertenecientes a sectores innovadores entre 2003 y 2011. Los resultados confirman la relevancia de los consejos medianos con una mayoría de directores afiliados y dualidad de CEO; los directores masculinos son predominantes, pero la proporción de mujeres, a pesar de su nivel mínimo, está creciendo significativamente. Existen diferencias relevantes en la composición del consejo de diferentes sectores innovadores españoles. Sin embargo, su evolución en el tiempo es bastante estable, con la excepción de la proporción de mujeres en el consejo. Esta composición del consejo es característica en situaciones en las que el comportamiento innovador de las empresas está mejorando significativamente.


Gonzales-Bustos, J. P., & Hernández-Lara, A. B. (2014). An exploratory analysis of the board composition in Spanish innovative firms. European Accounting and Management Review1(1).



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