Abstract
Small and medium sized enterprises (SMEs) are known for being less prone to international expansion due to the many hazards and challenges that are difficult to face with limited financial and managerial resources. Joint Ventures (JVs) with foreign partners may thus represent strategic weapons for growing internationally, reducing the risks of investments in uncertain environments and allowing access to critical resources not available otherwise. However, due to the high uncertainty of the future behaviour of partners with different national cultures and the complexities related to the entrance in new foreign markets, SMEs usually engage in JVs only at domestic level and are reluctant to engage in such ventures internationally. Drawing on resource dependence and agency theory, we hypothesize and test that the board of directors has an important effect on the willingness to engage in international JVs. Specifically, we found that board interlock ties to other firms increase the likelihood of SMEs to engage in international rather than domestic JVs. Moreover, we found that the positive effect of board interlocks on the formation of international JVs is amplified when there is high ownership concentration. Our study aims to contribute at both theoretical and practitioner level to the literature at bridge between governance and internationalization of SMEs.
References
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Anderson, E. & Gatignon, H. 1986. Modes of foreign entry: A transaction cost analysis and propositions. Journal of International Business Studies, 17(3): 1-26.
Arzubiaga, U., Kotlar, J., De Massis, A., Maseda, A., & Iturralde, T. 2018. Entrepreneurial orientation and innovation in family SMEs: unveiling the (actual) impact of the Board of Directors. Journal of Business Venturing.
Athanassiou, N. & Nigh, D. 2000. Internationalization, tacit knowledge and the top management teams of MNCs. Journal of International Business Studies, 31(3): 471-87.
Balakrishnan, S. & Koza, M. P. 1993. Information asymmetry, adverse selection and joint-ventures: Theory and evidence. Journal of Economic Behavior & Organization, 20(1): 99-117.
Barkema, H. G., Bell, J. H., & Pennings, J. M. 1996. Foreign entry, cultural barriers, and learning. Strategic Management Journal, 17(2): 151-66.
Beamish, P. W. & Lupton, N. C. 2016. Cooperative strategies in international business and management: Reflections on the past 50 years and future directions. Journal of World Business, 51(1): 163-75.
Bergh, D. D. & Sharp, B. M. 2015. How far do owners reach into the divestiture process? Blockholders and the choice between spin-off and sell-off. Journal of Management, 41(4): 1155-83.
Bettinelli, C. 2011. Boards of directors in family firms: An exploratory study of structure and group process. Family Business Review, 24(2): 151-69.
Bøhren, Ø. & Strøm, R. Ø. 2010. Governance and politics: Regulating independence and diversity in the board room. Journal of Business Finance & Accounting, 37(9‐10): 1281-308.
Boone, A. L., Field, L. C., Karpoff, J. M., & Raheja, C. G. 2007. The determinants of corporate board size and composition: An empirical analysis. Journal of Financial Economics, 85(1): 66-101.
Brouthers, K. D. & Hennart, J.-F. 2007. Boundaries of the firm: Insights from international entry mode research. Journal of management, 33(3): 395-425.
Brunninge, O., Nordqvist, M., & Wiklund, J. 2007. Corporate governance and strategic change in SMEs: The effects of ownership, board composition and top management teams. Small Business Economics, 29(3): 295-308.
Buckley, P. J. 2014. Forty years of internalisation theory and the multinational enterprise. Multinational Business Review, 22(3): 227-45.
Carney, M. 2005. Corporate governance and competitive advantage in family‐controlled firms. Entrepreneurship Theory and Practice, 29(3): 249-65.
Carpenter, M. A. & Westphal, J. D. 2001. The strategic context of external network ties: Examining the impact of director appointments on board involvement in strategic decision making. Academy of Management Journal, 44(4): 639-60.
Connelly, B. L., Johnson, J. L., Tihanyi, L., & Ellstrand, A. E. 2011. More than adopters: Competing influences in the interlocking directorate. Organization Science, 22(3): 688-703.
Conyon, M. J. & Read, L. E. 2006. A model of the supply of executives for outside directorships. Journal of Corporate Finance, 12(3): 645-59.
Cox, T. H. & Blake, S. 1991. Managing cultural diversity: Implications for organizational competitiveness. Academy of Management Perspectives, 5(3): 45-56.
Dalton, D. R., Daily, C. M., Ellstrand, A. E., & Johnson, J. L. 1998. Meta‐analytic reviews of board composition, leadership structure, and financial performance. Strategic management journal, 19(3): 269-90.
Dalton, D. R., Hitt, M. A., Certo, S. T., & Dalton, C. M. 2007. The fundamental agency problem and its mitigation: Independence, equity, and the market for corporate control. Academy of Management Annals, 1(1): 1-64.
Debellis, F., De Massis, A., Petruzzelli, A. M., Frattini, F., & Del Giudice, M. 2020. Strategic agility and international joint ventures: The willingness-ability paradox of family firms. Journal of International Management: In press.
Devers, C. E., Wiseman, R. M., & Holmes Jr, R. M. 2007. The effects of endowment and loss aversion in managerial stock option valuation. Academy of Management Journal, 50(1): 191-208.
Dikova, D., Sahib, P. R., & Van Witteloostuijn, A. 2010. Cross-border acquisition abandonment and completion: The effect of institutional differences and organizational learning in the international business service industry, 1981–2001. Journal of International Business Studies, 41(2): 223-45.
Eisenhardt, K. M. & Schoonhoven, C. B. 1996. Resource-based view of strategic alliance formation: Strategic and social effects in entrepreneurial firms. Organization Science, 7(2): 136-50.
Fama, E. F. & Jensen, M. C. 1983. Separation of ownership and control. The Journal of Law and Economics, 26(2): 301-25.
Fich, E. M. & White, L. J. 2005. Why do CEOs reciprocally sit on each other's boards? Journal of Corporate Finance, 11(1-2): 175-95.
Finkelstein, S. & Mooney, A. C. 2003. Not the usual suspects: How to use board process to make boards better. Academy of Management Perspectives, 17(2): 101-13.
Franko, L. G. 1971. Joint venture divorce in the multinational company. The International Executive, 13(4): 8-10.
Geringer, J. M. & Hebert, L. 1989. Control and performance of international joint ventures. Journal of International Business Studies, 20(2): 235-54.
Gong, G., Louis, H., & Sun, A. X. 2008. Earnings management, lawsuits, and stock-for-stock acquirers’ market performance. Journal of Accounting and Economics, 46(1): 62-77.
Gulati, R. & Westphal, J. D. 1999. Cooperative or controlling? The effects of CEO-board relations and the content of interlocks on the formation of joint ventures. Administrative Science Quarterly, 44(3): 473-506.
Hambrick, D. C. & Finkelstein, S. 1995. The effects of ownership structure on conditions at the top: The case of CEO pay raises. Strategic Management Journal, 16(3): 175-93.
Hennart, J. F. 1988. A transaction costs theory of equity joint ventures. Strategic Management Journal, 9(4): 361-74.
Hillman, A. J., Cannella, A. A., & Paetzold, R. L. 2000. The resource dependence role of corporate directors: Strategic adaptation of board composition in response to environmental change. Journal of Management Studies, 37(2): 235-56.
Hillman, A. J. & Dalziel, T. 2003. Boards of directors and firm performance: Integrating agency and resource dependence perspectives. Academy of Management Review, 28(3): 383-96.
Hillman, A. J., Withers, M. C., & Collins, B. J. 2009. Resource dependence theory: A review. Journal of Management, 35(6): 1404-27.
Hoffmann, W. H. & Schlosser, R. 2001. Success factors of strategic alliances in small and medium-sized enterprises—An empirical survey. Long Range Planning, 34(3): 357-81.
Hofstede, G. 2001. Culture's consequences: Comparing values, behaviors, institutions and organizations across nations: Sage publications.
Jensen, M. C. 1986. Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2): 323-29.
Kano, L. & Verbeke, A. 2018. Family firm internationalization: Heritage assets and the impact of bifurcation bias. Global Strategy Journal, 8(1): 158-83.
Katz, D. & Kahn, R. L. 1978. The social psychology of organizations: Wiley New York.
Kogut, B. 1988. Joint ventures: Theoretical and empirical perspectives. Strategic Management Journal, 9(4): 319-32.
Kor, Y. Y. & Misangyi, V. F. 2008. Outside directors' industry‐specific experience and firms' liability of newness. Strategic Management Journal, 29(12): 1345-55.
Kor, Y. Y. & Sundaramurthy, C. 2009. Experience-based human capital and social capital of outside directors. Journal of Management, 35(4): 981-1006.
Kumar, S. & Seth, A. 1998. The design of coordination and control mechanisms for managing joint venture–parent relationships. Strategic Management Journal, 19(6): 579-99.
Machold, S., Huse, M., Minichilli, A., & Nordqvist, M. 2011. Board leadership and strategy involvement in small firms: A team production approach. Corporate Governance: An International Review, 19(4): 368-83.
Mizruchi, M. S. & Stearns, L. B. 1988. A longitudinal study of the formation of interlocking directorates. Administrative Science Quarterly: 194-210.
Narula, R. 2004. R&D collaboration by SMEs: new opportunities and limitations in the face of globalisation. Technovation, 24(2): 153-61.
Nemeth, A. & Nippa, M. 2013. Rigor and relevance of IJV exit research. Management International Review, 53(3): 449-75.
Nippa, M. & Reuer, J. J. 2019. On the future of international joint venture research. Journal of International Business Studies: 1-43.
Oh, H., Labianca, G., & Chung, M.-H. 2006. A multilevel model of group social capital. Academy of Management Review, 31(3): 569-82.
Pennings, J. M. 1980. Interlocking directorates: Origins and consequences of connections among organizations' Board of Directors: Jossey-Bass.
Perkins, S., Morck, R., & Yeung, B. 2014. Innocents abroad: the hazards of international joint ventures with pyramidal group firms. Global Strategy Journal, 4(4): 310-30.
Pinelli, M., Cappa, F., Franco, S., & Peruffo, E. 2018. Competenze dei fondatori e performance delle start-up: Un’analisi empirica. Piccola Impresa/Small Business(1): 59-80.
Pukall, T. J. & Calabrò, A. 2014. The internationalization of family firms: A critical review and integrative model. Family Business Review, 27(2): 103-25.
Reuer, J. J., Klijn, E., & Lioukas, C. S. 2014. Board involvement in international joint ventures. Strategic Management Journal, 35(11): 1626-44.
Reuer, J. J., Klijn, E., van den Bosch, F. A., & Volberda, H. W. 2011. Bringing corporate governance to international joint ventures. Global Strategy Journal, 1(1‐2): 54-66.
Reuer, J. J. & Koza, M. P. 2000. Asymmetric information and joint venture performance: Theory and evidence for domestic and international joint ventures. Strategic Management Journal, 21(1): 81-88.
Reuer, J. J. & Leiblein, M. J. 2000. Downside risk implications of multinationality and international joint ventures. Academy of Management Journal, 43(2): 203-14.
Reuer, J. J. & Miller, K. D. 1997. Agency costs and the performance implications of international joint venture internalization. Strategic Management Journal, 18(6): 425-38.
Robinson, G. & Dechant, K. 1997. Building a business case for diversity. Academy of Management Perspectives, 11(3): 21-31.
Salancik, G. R. & Pfeffer, J. 1978. A social information processing approach to job attitudes and task design. Administrative Science Quarterly: 224-53.
Sciascia, S., Mazzola, P., & Chirico, F. 2013. Generational involvement in the top management team of family firms: Exploring nonlinear effects on entrepreneurial orientation. Entrepreneurship Theory and Practice, 37(1): 69-85.
Sestu, M. C. & Majocchi, A. 2018. Family Firms and the Choice Between Wholly Owned Subsidiaries and Joint Ventures: A Transaction Costs Perspective. Entrepreneurship Theory and Practice: 1-22.
Sharma, R. & Yetton, P. 2003. The contingent effects of management support and task interdependence on successful information systems implementation. MIS Quarterly, 27(4): 533-56.
Stevenson, W. B. & Radin, R. F. 2009. Social capital and social influence on the board of directors. Journal of Management Studies, 46(1): 16-44.
Stoian, M.-C., Dimitratos, P., & Plakoyiannaki, E. 2018. SME internationalization beyond exporting: A knowledge-based perspective across managers and advisers. Journal of World Business, 53(5): 768-79.
Sundaramurthy, C., Pukthuanthong, K., & Kor, Y. 2014. Positive and negative synergies between the CEO's and the corporate board's human and social capital: A study of biotechnology firms. Strategic Management Journal, 35(6): 845-68.
Tian, J., Haleblian, J., & Rajagopalan, N. 2011. The effects of board human and social capital on investor reactions to new CEO selection. Strategic Management Journal, 32(7): 731-47.
Tosi, H. L. & Gomez-Mejia, L. R. 1989. The decoupling of CEO pay and performance: An agency theory perspective. Administrative Science Quarterly: 169-89.
Volberda, H. W. 1996. Toward the flexible form: How to remain vital in hypercompetitive environments. Organization Science, 7(4): 359-74.
Werner, S., Tosi, H. L., & Gomez‐Mejia, L. 2005. Organizational governance and employee pay: How ownership structure affects the firm's compensation strategy. Strategic Management Journal, 26(4): 377-84.
Westman, C. & Thorgren, S. 2016. Partner conflicts in international joint ventures: a minority owner perspective. Journal of International Management, 22(2): 168-85.
Westphal, J. D. 1999. Collaboration in the boardroom: Behavioral and performance consequences of CEO-board social ties. Academy of Management Journal, 42(1): 7-24.
Williamson, O. E. 1991. Comparative economic organization: The analysis of discrete structural alternatives. Administrative Science Quarterly: 269-96.
Zahra, S. A., Filatotchev, I., & Wright, M. 2009. How do threshold firms sustain corporate entrepreneurship? The role of boards and absorptive capacity. Journal of Business Venturing, 24(3): 248-60.
Zahra, S. A. & Pearce, J. A. 1989. Boards of directors and corporate financial performance: A review and integrative model. Journal of Management, 15(2): 291-334.
Zona, F., Gomez-Mejia, L. R., & Withers, M. C. 2018. Board interlocks and firm performance: Toward a combined agency–resource dependence perspective. Journal of Management, 44(2): 589-618.
Zona, F. & Zattoni, A. 2007. Beyond the black box of demography: Board processes and task effectiveness within Italian firms. Corporate Governance: An International Review, 15(5): 852-64.
Anderson, E. & Gatignon, H. 1986. Modes of foreign entry: A transaction cost analysis and propositions. Journal of International Business Studies, 17(3): 1-26.
Arzubiaga, U., Kotlar, J., De Massis, A., Maseda, A., & Iturralde, T. 2018. Entrepreneurial orientation and innovation in family SMEs: unveiling the (actual) impact of the Board of Directors. Journal of Business Venturing.
Athanassiou, N. & Nigh, D. 2000. Internationalization, tacit knowledge and the top management teams of MNCs. Journal of International Business Studies, 31(3): 471-87.
Balakrishnan, S. & Koza, M. P. 1993. Information asymmetry, adverse selection and joint-ventures: Theory and evidence. Journal of Economic Behavior & Organization, 20(1): 99-117.
Barkema, H. G., Bell, J. H., & Pennings, J. M. 1996. Foreign entry, cultural barriers, and learning. Strategic Management Journal, 17(2): 151-66.
Beamish, P. W. & Lupton, N. C. 2016. Cooperative strategies in international business and management: Reflections on the past 50 years and future directions. Journal of World Business, 51(1): 163-75.
Bergh, D. D. & Sharp, B. M. 2015. How far do owners reach into the divestiture process? Blockholders and the choice between spin-off and sell-off. Journal of Management, 41(4): 1155-83.
Bettinelli, C. 2011. Boards of directors in family firms: An exploratory study of structure and group process. Family Business Review, 24(2): 151-69.
Bøhren, Ø. & Strøm, R. Ø. 2010. Governance and politics: Regulating independence and diversity in the board room. Journal of Business Finance & Accounting, 37(9‐10): 1281-308.
Boone, A. L., Field, L. C., Karpoff, J. M., & Raheja, C. G. 2007. The determinants of corporate board size and composition: An empirical analysis. Journal of Financial Economics, 85(1): 66-101.
Brouthers, K. D. & Hennart, J.-F. 2007. Boundaries of the firm: Insights from international entry mode research. Journal of management, 33(3): 395-425.
Brunninge, O., Nordqvist, M., & Wiklund, J. 2007. Corporate governance and strategic change in SMEs: The effects of ownership, board composition and top management teams. Small Business Economics, 29(3): 295-308.
Buckley, P. J. 2014. Forty years of internalisation theory and the multinational enterprise. Multinational Business Review, 22(3): 227-45.
Carney, M. 2005. Corporate governance and competitive advantage in family‐controlled firms. Entrepreneurship Theory and Practice, 29(3): 249-65.
Carpenter, M. A. & Westphal, J. D. 2001. The strategic context of external network ties: Examining the impact of director appointments on board involvement in strategic decision making. Academy of Management Journal, 44(4): 639-60.
Connelly, B. L., Johnson, J. L., Tihanyi, L., & Ellstrand, A. E. 2011. More than adopters: Competing influences in the interlocking directorate. Organization Science, 22(3): 688-703.
Conyon, M. J. & Read, L. E. 2006. A model of the supply of executives for outside directorships. Journal of Corporate Finance, 12(3): 645-59.
Cox, T. H. & Blake, S. 1991. Managing cultural diversity: Implications for organizational competitiveness. Academy of Management Perspectives, 5(3): 45-56.
Dalton, D. R., Daily, C. M., Ellstrand, A. E., & Johnson, J. L. 1998. Meta‐analytic reviews of board composition, leadership structure, and financial performance. Strategic management journal, 19(3): 269-90.
Dalton, D. R., Hitt, M. A., Certo, S. T., & Dalton, C. M. 2007. The fundamental agency problem and its mitigation: Independence, equity, and the market for corporate control. Academy of Management Annals, 1(1): 1-64.
Debellis, F., De Massis, A., Petruzzelli, A. M., Frattini, F., & Del Giudice, M. 2020. Strategic agility and international joint ventures: The willingness-ability paradox of family firms. Journal of International Management: In press.
Devers, C. E., Wiseman, R. M., & Holmes Jr, R. M. 2007. The effects of endowment and loss aversion in managerial stock option valuation. Academy of Management Journal, 50(1): 191-208.
Dikova, D., Sahib, P. R., & Van Witteloostuijn, A. 2010. Cross-border acquisition abandonment and completion: The effect of institutional differences and organizational learning in the international business service industry, 1981–2001. Journal of International Business Studies, 41(2): 223-45.
Eisenhardt, K. M. & Schoonhoven, C. B. 1996. Resource-based view of strategic alliance formation: Strategic and social effects in entrepreneurial firms. Organization Science, 7(2): 136-50.
Fama, E. F. & Jensen, M. C. 1983. Separation of ownership and control. The Journal of Law and Economics, 26(2): 301-25.
Fich, E. M. & White, L. J. 2005. Why do CEOs reciprocally sit on each other's boards? Journal of Corporate Finance, 11(1-2): 175-95.
Finkelstein, S. & Mooney, A. C. 2003. Not the usual suspects: How to use board process to make boards better. Academy of Management Perspectives, 17(2): 101-13.
Franko, L. G. 1971. Joint venture divorce in the multinational company. The International Executive, 13(4): 8-10.
Geringer, J. M. & Hebert, L. 1989. Control and performance of international joint ventures. Journal of International Business Studies, 20(2): 235-54.
Gong, G., Louis, H., & Sun, A. X. 2008. Earnings management, lawsuits, and stock-for-stock acquirers’ market performance. Journal of Accounting and Economics, 46(1): 62-77.
Gulati, R. & Westphal, J. D. 1999. Cooperative or controlling? The effects of CEO-board relations and the content of interlocks on the formation of joint ventures. Administrative Science Quarterly, 44(3): 473-506.
Hambrick, D. C. & Finkelstein, S. 1995. The effects of ownership structure on conditions at the top: The case of CEO pay raises. Strategic Management Journal, 16(3): 175-93.
Hennart, J. F. 1988. A transaction costs theory of equity joint ventures. Strategic Management Journal, 9(4): 361-74.
Hillman, A. J., Cannella, A. A., & Paetzold, R. L. 2000. The resource dependence role of corporate directors: Strategic adaptation of board composition in response to environmental change. Journal of Management Studies, 37(2): 235-56.
Hillman, A. J. & Dalziel, T. 2003. Boards of directors and firm performance: Integrating agency and resource dependence perspectives. Academy of Management Review, 28(3): 383-96.
Hillman, A. J., Withers, M. C., & Collins, B. J. 2009. Resource dependence theory: A review. Journal of Management, 35(6): 1404-27.
Hoffmann, W. H. & Schlosser, R. 2001. Success factors of strategic alliances in small and medium-sized enterprises—An empirical survey. Long Range Planning, 34(3): 357-81.
Hofstede, G. 2001. Culture's consequences: Comparing values, behaviors, institutions and organizations across nations: Sage publications.
Jensen, M. C. 1986. Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2): 323-29.
Kano, L. & Verbeke, A. 2018. Family firm internationalization: Heritage assets and the impact of bifurcation bias. Global Strategy Journal, 8(1): 158-83.
Katz, D. & Kahn, R. L. 1978. The social psychology of organizations: Wiley New York.
Kogut, B. 1988. Joint ventures: Theoretical and empirical perspectives. Strategic Management Journal, 9(4): 319-32.
Kor, Y. Y. & Misangyi, V. F. 2008. Outside directors' industry‐specific experience and firms' liability of newness. Strategic Management Journal, 29(12): 1345-55.
Kor, Y. Y. & Sundaramurthy, C. 2009. Experience-based human capital and social capital of outside directors. Journal of Management, 35(4): 981-1006.
Kumar, S. & Seth, A. 1998. The design of coordination and control mechanisms for managing joint venture–parent relationships. Strategic Management Journal, 19(6): 579-99.
Machold, S., Huse, M., Minichilli, A., & Nordqvist, M. 2011. Board leadership and strategy involvement in small firms: A team production approach. Corporate Governance: An International Review, 19(4): 368-83.
Mizruchi, M. S. & Stearns, L. B. 1988. A longitudinal study of the formation of interlocking directorates. Administrative Science Quarterly: 194-210.
Narula, R. 2004. R&D collaboration by SMEs: new opportunities and limitations in the face of globalisation. Technovation, 24(2): 153-61.
Nemeth, A. & Nippa, M. 2013. Rigor and relevance of IJV exit research. Management International Review, 53(3): 449-75.
Nippa, M. & Reuer, J. J. 2019. On the future of international joint venture research. Journal of International Business Studies: 1-43.
Oh, H., Labianca, G., & Chung, M.-H. 2006. A multilevel model of group social capital. Academy of Management Review, 31(3): 569-82.
Pennings, J. M. 1980. Interlocking directorates: Origins and consequences of connections among organizations' Board of Directors: Jossey-Bass.
Perkins, S., Morck, R., & Yeung, B. 2014. Innocents abroad: the hazards of international joint ventures with pyramidal group firms. Global Strategy Journal, 4(4): 310-30.
Pinelli, M., Cappa, F., Franco, S., & Peruffo, E. 2018. Competenze dei fondatori e performance delle start-up: Un’analisi empirica. Piccola Impresa/Small Business(1): 59-80.
Pukall, T. J. & Calabrò, A. 2014. The internationalization of family firms: A critical review and integrative model. Family Business Review, 27(2): 103-25.
Reuer, J. J., Klijn, E., & Lioukas, C. S. 2014. Board involvement in international joint ventures. Strategic Management Journal, 35(11): 1626-44.
Reuer, J. J., Klijn, E., van den Bosch, F. A., & Volberda, H. W. 2011. Bringing corporate governance to international joint ventures. Global Strategy Journal, 1(1‐2): 54-66.
Reuer, J. J. & Koza, M. P. 2000. Asymmetric information and joint venture performance: Theory and evidence for domestic and international joint ventures. Strategic Management Journal, 21(1): 81-88.
Reuer, J. J. & Leiblein, M. J. 2000. Downside risk implications of multinationality and international joint ventures. Academy of Management Journal, 43(2): 203-14.
Reuer, J. J. & Miller, K. D. 1997. Agency costs and the performance implications of international joint venture internalization. Strategic Management Journal, 18(6): 425-38.
Robinson, G. & Dechant, K. 1997. Building a business case for diversity. Academy of Management Perspectives, 11(3): 21-31.
Salancik, G. R. & Pfeffer, J. 1978. A social information processing approach to job attitudes and task design. Administrative Science Quarterly: 224-53.
Sciascia, S., Mazzola, P., & Chirico, F. 2013. Generational involvement in the top management team of family firms: Exploring nonlinear effects on entrepreneurial orientation. Entrepreneurship Theory and Practice, 37(1): 69-85.
Sestu, M. C. & Majocchi, A. 2018. Family Firms and the Choice Between Wholly Owned Subsidiaries and Joint Ventures: A Transaction Costs Perspective. Entrepreneurship Theory and Practice: 1-22.
Sharma, R. & Yetton, P. 2003. The contingent effects of management support and task interdependence on successful information systems implementation. MIS Quarterly, 27(4): 533-56.
Stevenson, W. B. & Radin, R. F. 2009. Social capital and social influence on the board of directors. Journal of Management Studies, 46(1): 16-44.
Stoian, M.-C., Dimitratos, P., & Plakoyiannaki, E. 2018. SME internationalization beyond exporting: A knowledge-based perspective across managers and advisers. Journal of World Business, 53(5): 768-79.
Sundaramurthy, C., Pukthuanthong, K., & Kor, Y. 2014. Positive and negative synergies between the CEO's and the corporate board's human and social capital: A study of biotechnology firms. Strategic Management Journal, 35(6): 845-68.
Tian, J., Haleblian, J., & Rajagopalan, N. 2011. The effects of board human and social capital on investor reactions to new CEO selection. Strategic Management Journal, 32(7): 731-47.
Tosi, H. L. & Gomez-Mejia, L. R. 1989. The decoupling of CEO pay and performance: An agency theory perspective. Administrative Science Quarterly: 169-89.
Volberda, H. W. 1996. Toward the flexible form: How to remain vital in hypercompetitive environments. Organization Science, 7(4): 359-74.
Werner, S., Tosi, H. L., & Gomez‐Mejia, L. 2005. Organizational governance and employee pay: How ownership structure affects the firm's compensation strategy. Strategic Management Journal, 26(4): 377-84.
Westman, C. & Thorgren, S. 2016. Partner conflicts in international joint ventures: a minority owner perspective. Journal of International Management, 22(2): 168-85.
Westphal, J. D. 1999. Collaboration in the boardroom: Behavioral and performance consequences of CEO-board social ties. Academy of Management Journal, 42(1): 7-24.
Williamson, O. E. 1991. Comparative economic organization: The analysis of discrete structural alternatives. Administrative Science Quarterly: 269-96.
Zahra, S. A., Filatotchev, I., & Wright, M. 2009. How do threshold firms sustain corporate entrepreneurship? The role of boards and absorptive capacity. Journal of Business Venturing, 24(3): 248-60.
Zahra, S. A. & Pearce, J. A. 1989. Boards of directors and corporate financial performance: A review and integrative model. Journal of Management, 15(2): 291-334.
Zona, F., Gomez-Mejia, L. R., & Withers, M. C. 2018. Board interlocks and firm performance: Toward a combined agency–resource dependence perspective. Journal of Management, 44(2): 589-618.
Zona, F. & Zattoni, A. 2007. Beyond the black box of demography: Board processes and task effectiveness within Italian firms. Corporate Governance: An International Review, 15(5): 852-64.
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