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首页> 外文期刊>European journal of international management >Does board member stock ownership influence the effect of board composition on innovation?
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Does board member stock ownership influence the effect of board composition on innovation?

机译：董事会成员的股份所有权是否会影响董事会组成对创新的影响？

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摘要

This study analyses the influence of board composition on companies' innovation in the Spanish corporate governance system. Drawing from a multi-theoretical perspective, the analysis shows the moderating effect of board member stock ownership on the relationship between board composition and innovation. Using secondary data from a sample of Spanish-quoted companies in technology industries over the 2003-2005 period, the findings demonstrate that board composition influences the innovative behaviour of firms, and that this influence is also conditioned by directors' stock ownership because directors' attitude towards innovation could vary depending on their power and on how many shares they own. These results confirm that innovation increases in firms whose boards have a high proportion of affiliated directors with significant stock ownership. This study also makes some important contributions towards creating a more effective board that can shape companies' strategic orientation, highlighting the need to consider the joint impact of board composition and ownership concentration.
机译：本研究分析了董事会组成对西班牙公司治理体系中公司创新的影响。从多理论角度出发，分析显示了董事会成员持股对董事会组成与创新之间关系的调节作用。使用2003年至2005年期间技术行业中一家西班牙上市公司的样本的辅助数据，研究结果表明，董事会组成会影响公司的创新行为，而且这种影响也取决于董事的股份所有权，因为董事的态度进行创新的方式可能会有所不同，具体取决于其能力和拥有的股份数量。这些结果证实，在董事会中拥有大量股份的关联董事比例很高的公司，创新能力得到了提高。这项研究还为建立更有效的董事会以塑造公司的战略定位做出了重要贡献，强调需要考虑董事会组成和股权集中度的共同影响。

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