An exploratory analysis of the board composition in Spanish innovative firms
Juan Pablo Gonzales-Bustos and Ana Beatriz Hernández-Lara
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.
- Board size
- Gender diversity
- Typology of directors
- CEO duality