Firms’ life stage and directorship needs: A research agenda

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Abstact

Firms have different governance needs according to their development stage. Therefore, the question of “what is an ideal board of directors” is not the right one, as it depends on several dimensions, as for instance the business specifics, the economic context, alongside the specific firm’s life stage. This extended abstract exposes some models derived from literature on the subject, raising some questions which may help shape an agenda for further research. While the literature on corporate governance has been focusing mostly on matured businesses, or sometimes on some specific dimensions as the specific industry, and business context; a critical dimension seems to have caught less attention from academics, and perhaps practitioners alike — that of the specific governance needs as a function of the firm life stage. Some stereotypes are exposed, and some preliminary ideas for a framework for selecting the right directing structure for the specific life stage are laid down.

Keywords: Board Directors, Firm Lifecycle, Directing Structure, Governance Requirements

JEL Classification: L220, L200, M190

Received: 17.10.2021
Accepted: 22.10.2021

How to cite: Água, P. B., & Correia, A. (2021). Firms’ life stage and directorship needs: A research agenda. In K. M. Hogan, & A. Kostyuk (Eds.), Corporate governance: Fundamental and challenging issues in scholarly research (pp. 21–28). https://doi.org/10.22495/cgfcisrp3