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Article

New Insights into Non-Listed Family SMEs in Spain: Board Social Capital, Board Effectiveness, and Sustainable Performance

1
Financial Economics I Department, University of the Basque Country UPV/EHU, 48008 Bilbao, Spain
2
Department of Entrepreneurship and Innovation, HEC Montreal, Montreal, QC H3T 2A7, Canada
*
Author to whom correspondence should be addressed.
Sustainability 2020, 12(3), 814; https://doi.org/10.3390/su12030814
Received: 27 December 2019 / Revised: 10 January 2020 / Accepted: 11 January 2020 / Published: 22 January 2020
(This article belongs to the Section Economic and Business Aspects of Sustainability)
This study proposes an original structural model that analyzes the relationship between sustainable firm performance, and a board of directors’ external and internal social capital. Data collected in 232 non-listed and family-run small and medium-sized enterprises in Spain suggest that the effects of boards’ internal and external social capital on sustainable firm performance were partially transmitted through board effectiveness. However, external social capital influences board effectiveness and sustainable firm performance more than internal social capital. Moreover, interlocks only reinforce the relationship between a board’s external social capital and its effectiveness. Our research offers the following main contributions: (1) A proposed structural theoretical model, (2) a focus on both internal and external social capital, unlike previous literature that emphasized only one perspective, and (3) empirical evidence that supports literature on the interlocking interaction between a boards’ internal and external social capital. View Full-Text
Keywords: board internal social capital; board external social capital; board effectiveness; interlock; sustainable firm performance; family firm; corporate governance board internal social capital; board external social capital; board effectiveness; interlock; sustainable firm performance; family firm; corporate governance
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MDPI and ACS Style

Sanchez-Famoso, V.; Mejia-Morelos, J.-H.; Cisneros, L. New Insights into Non-Listed Family SMEs in Spain: Board Social Capital, Board Effectiveness, and Sustainable Performance. Sustainability 2020, 12, 814. https://doi.org/10.3390/su12030814

AMA Style

Sanchez-Famoso V, Mejia-Morelos J-H, Cisneros L. New Insights into Non-Listed Family SMEs in Spain: Board Social Capital, Board Effectiveness, and Sustainable Performance. Sustainability. 2020; 12(3):814. https://doi.org/10.3390/su12030814

Chicago/Turabian Style

Sanchez-Famoso, Valeriano, Jorge-Humberto Mejia-Morelos, and Luis Cisneros. 2020. "New Insights into Non-Listed Family SMEs in Spain: Board Social Capital, Board Effectiveness, and Sustainable Performance" Sustainability 12, no. 3: 814. https://doi.org/10.3390/su12030814

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