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The main objective of this paper is to analyze the influence of multiple directorships, as a critical component of board social capital, on CSR reporting. This study also explores the moderating effect of certain board attributes on multiple directorships.

The authors’ sample is composed of Spanish listed firms in the Madrid Stock Exchange for the period 2011–2017. A dynamic panel data model based on the Generalized Method of Moments (GMMs) is employed.

Relying on a resource dependence view, the authors’ results highlight an ambiguously positive association between multiple directorships and the level of CSR reporting. In particular, this relationship is positively moderated by both board size and gender diversity.

These findings contribute to academic debates concerning the value of board members intellectual capital. In particular, the authors emphasize the importance of board social capital, as well as the need to consider the context in which directors make decisions.

This evidence may prove helpful to firms when configuring the board of directors, and for regulators and professionals when refining their legislations and recommendations.

To the best of the authors' knowledge, this is the first study that empirically analyzes the impact of an important element of board social capital, such as multiple directorships, on CSR reporting, which has become crucial in financial markets.

The purpose of this paper is to examine the characteristics and the determinants of board structure in small- and medium-sized enterprises (SMEs) in the process of going public within the continental European corporate system.

These issues are explored through the study of all the initial public offerings (IPOs) in the Spanish equity market for growing SMEs, and the statistical methodologies of ordinary least squares regression and stepwise regression are applied.

The results show that board size is larger than the minimum level established in law and that boards are composed of a majority of non-executive directors. In addition, the determinants of firm characteristics of board structure are firm age, level of financial leverage, and ownership structure.

This research is significant since its findings should help entrepreneurs reflect on which board structure is most appropriate for this new stage of the life cycle of their company as a listed firm. This evidence is also of interest for regulators and investors, who can, therefore, better understand board structures of SMEs at the moment of IPO.

This paper is the first to study characteristics and determinants of the board of directors of growing SMEs at the moment of going public. This study implies a step forward in research into the governance of small business and IPO literature, since the results differ from the evidence found for large company IPOs and contribute towards the debate regarding the need to consider the context and the type of firm in corporate governance studies.

The purpose of this paper is to analyse how board diversity affects firm financial outcomes through the way in which this diversity helps to improve voluntary disclosures.

The partial least squares (PLS) technique is used, and a sample of the manufacturing firms listed in Standard and Poor’s 500 for 2009 is studied. In relation to board diversity, two specific characteristics are considered, namely, gender diversity and ethnic diversity. Content analysis techniques are used to measure risk disclosures.

The results show that there is a positive association between board diversity and firms’ financial outcomes, which is explained by disclosing risk information.

The results indicate that the effect of boards of directors on firm outcoumes is influenced by the board involvement in specific strategies, thereby providing encouraging opportunities for future research.

These findings have implications both for companies, when selecting board members, and for policymakers, when establishing requirements concerning board composition. Moreover, the evidence highlights the role of disseminating risk information, which has direct implications for managers and regulators, who may better understand the value-relevance of risk disclosures.

The use of PLS technique is one of the novelties of this paper. The novelty of this approach provides fresh insights into the literature, highlighting that the effect of boards on firm outcomes may be mediated by director involvement in specific disclosure strategies.

This paper aims to study how audit committee member expertise is related to certain features of the committee and to the audit process.

Based on information from 2,477 directors from 296 firms in eight European countries between 2005 and 2014, this study measures average audit committee expertise using a continuous variable, which combines education-based and experience-based expertise. Different measures of the audit process are then regressed against this and other control variables.

Average committee expertise has increased in recent years. Education-based and experience-based expertise seem to be complementary. Results also show that committees with greater expertise meet more frequently, have fewer directors with full-time dedication and pay lower audit fees. There is no link to changes in the external firm audit, which may be due to mandatory auditor rotation.

The paper provides a comprehensive metric of audit committee expertise that includes directors’ academic background, professional experience and qualifications. In addition, this study expands current knowledge concerning whether and how committee expertise affects the audit process.

The purpose of this paper is to analyse whether the theoretical relationship between the board composition and the cost of capital (CC) is mediated by risk disclosure (RD) practices.

Partial least squares techniques are used, and a sample of all the companies belonging to manufacturing industry listed on Standard and Poor’s 500 for the year 2009 is studied. In relation to board composition, several recommendations issued by US governance codes are considered: board independence, board size, CEO duality, gender diversity, ethnic diversity, and financial expertise. Content analysis techniques are employed to measure RDs.

The results show that boards that follow governance codes recommendations lead to a reduction in the CC through the disclosure of information on risks.

These results provide encouraging opportunities for future research about the real role of the board of directors and suggest the need for the analysis of the participation of directors in firm strategy to better understand the effect of boards on the corporate outcome.

This evidence must help regulators and owners to set up adequate corporate governance mechanisms regarding the composition of boards. This evidence also presents direct implications for managers, who can better understand the value-relevance of RDs.

This paper provides new insight into the literature, which highlights that the effect of boards of directors on firm outcomes must be mediated by the involvement of boards in specific strategies.