Edited by Jonas Gabrielsson, Wafa Khlif and Sibel Yamak
Chapter 21: On value and value creation: perspectives from board research and practice in SMEs
In this chapter the contributions of the board of directors to value and value creation are discussed. The study reveals that, independent of the context of the board, there will be various definitions and perceptions of value and consequently of value creation in firms. In addition to a literature review of recent research on the governance of small and medium-sized enterprises (SMEs) with a focus on value and value creation, results from interviews with board directors on SME boards are presented and reveal what directors perceive to be value and what they aim to do to create value. While research supports the practitioners’ perspective of value and value creation, there seems to be a disproportionate focus on financial performance and the structural aspects of boards in corporate governance research, which is not supported by the practitioners’ perspective.
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