We investigate whether directors with multiple outside board directorships are related to corporate financial strategy across firm life cycle stages. Using a large sample of firms from the Gulf Cooperation Council (GCC) countries, we find that when number seats increases, firms' level cash holdings rises, capital expenditure declines, selling, general and administrative (SG&A) expenses increase...

This paper starts with a survey of different notions of learning, and finds that the “logic” of discovery has been neglected. The paradox of “exploitation” and “ exploration”, derived from the organization literature, is proposed as the core issue. We need to recognize the importance of organization and co-ordination, in learning and innovation. This implies, among other things, that transactio...

We develop theory to show board composition and, consequently firm performance are a reflection of the firm’s life cycle stage and the relative power of the CEO and external financiers at the time of founding. This theory provides insight into the predictive validity of agency, resource dependence, institutional and social network theories. We also argue that boards are subject to path dependen...

Using panel data on micro-enterprises from Peru, we find evidence suggesting that firm dynamics explain ‘formality’, i.e. the decision to participate in societal institutions. In particular, we find that participation increases with firm size and age, implying transition of firms to formality as they grow. The distinct characteristics of sub-groups, segmented according to life-cycle criteria, f...