Board of directors and social responsibility potential of non-listed spanish family firms

Abstract

This study focuses on the structure of the board of directors that is considered more suitable in terms of corporate social responsibility, and also on those contextual factors that could influence the socially responsible behavior of family firms. Empirical analysis on 535 non-listed Spanish firms leads to the identification of three clusters in terms of the variables related to boards' structure: family dominated boards, professional boards and immature boards. Results show that the firms that have boards' structure with more potential for a socially responsible behavior (professional boards) are the ones who are bigger, older and with higher generational evolution.