Verbeteren van de bedrijfsprestaties? De noodzakelijke combinatie van een effectieve Raad van Bestuur EN Topmanagementteam

Abstract

This paper seeks to explore how strategic interactions between the board of directors and the Top Management Team (TMT) can lead to higher quality strategic decisions. We analyze the relationship between the advisory role of the board and the strategic decision-making quality of the TMT, building on the strategic choice theory. We test our hypotheses on a sample of 261 managers from 47 private Belgian family SMEs. Our main empirical result is the negative impact that the board's advice-giving role has on the strategic decisions made by the TMT. Further, we find that inter-team behavioral integration will positively moderate this negative effect. This study contributes to research on both corporate governance and family firms.