Abs ac
This pape de elops a iew o how speci ic elemen s o he di ec o s' human and social
capi al can enhance a company's in e na ional pe o mance. We ha e aken he iew ha
he boa d is an ac i e pa icipan in he i m’s managemen , and we ha e he e o e se ou
and es ed a numbe o a gumen s ela ed o he boa d’s ole in he adop ion o in e na-
ional decisions. Speci ically, ou esul s poin o he need o inco po a e boa d membe s
wi h high le els o educa ion and in e na ional backg ound wi h abili y o lea n and
p ocess in o ma ion and o help in e na ional decision-making. As shown by ou esul s,
a high le el o ex e nal connec i i y o di ec o s could ha e nega i e epe cussions o
in e na ionaliza ion since hey limi he ime spen on he boa d and he e o e educes he
cohesion and us inside he boa d. The implica ions o his esea ch, he e o e, a e
impo an o bo h execu i es and academics, as i helps o know wha a ibu es con-
ibu e o he boa d’s e ec i eness in such a way as o posi i ely a ec he in e na ional-
iza ion o he i m.
Keywo ds: Boa d o di ec o s, human capi al, social capi al, i m´s in e na ionaliza ion.
JEL codes: C33, M16.
Esic Ma ke Economics and Business Jou nal
Vol. 44, Issue 3, Sep embe -Decembe 2013, 59-81
The boa d o di ec o s and in e na ional
decision-making
Le icia Pé ez-Cale o Sánchez*
Uni e si y o Pablo de Ola ide (Se ille)
Mª del Ma Villegas Pe iñán and Ca men Ba oso Cas o
Uni e si y o Se ille
* Co esponding au ho . Email: [email p o ec ed]
ISSN 0212-1867 / e-ISSN 1989-3558
© ESIC Edi o ial, ESIC Business & Ma ke ing School
DOI: 10.7200/esicm.146.0443.2i
h p://www.esic.edu/esicma ke
In oduc ion
The li e a u e on co po a e go e nance highligh s he impo ance o he boa d’s
e ec i eness o achie ing company success (Pe o ic, 2008; Nicholson and Kiel,
2004). Boa ds o di ec o s a e a key elemen in he s udy o co po a e go e nance,
no only because o hei disciplina y o con olling oles, bu also because o hei
ac i e pa icipa ion in hei company’s key decisions (Ba oso, De la Concha, Veci-
no and Villegas, 2009). We belie e ha he boa d’s pa icipa ion in a company’s
majo in e na ional decisions is pa icula ly impo an . Globalisa ion and he libe -
alisa ion o inancial ma ke s ha e d ama ically changed he business en i onmen ,
making in e na ionalisa ion s a egies mo e impo an han e e be o e. Businesses
a ound he wo ld a e becoming inc easingly globalised, which encou ages i ms o
de elop an in e na ional p esence. Unde hese condi ions, i ms need o ha e e ec-
i e boa ds ha can make app op ia e decisions on in e na ionalisa ion.
Howe e , despi e he impo ance o he boa d o he o ganisa ion’s esul s and
he high deg ee o in e na ionalisa ion ha many i ms ha e expe ienced in ecen
yea s, he majo i y o s udies ela ing o hese wo concep s con inue o ely on a-
di ional a iables as he explana o y elemen s o hei models: he p opo ion o
ex e nal di ec o s; boa d size; o duali y o CEO / P esiden o he Boa d o Di ec-
o s (Ells and, Tihanyi and Johnson, 2002; Da a, Mus een and He mann, 2009;
Pe o ic, Kakabadse, A. and Kakabadse, N.K., 2006; Kim, P esco and Kim, 2005;
Ri as, 2012; Lien, Piesse, S ange and Fila o che , 2005). In gene al, hese a iables
ha e been cha ac e ised by ambigui y, and in es iga o s ha e been unable o each a
consensus on he a iables ha de ine he boa ds ha a e mo e o less e ec i e in
ul illing hei oles, and he e o e, in a ec ing he i m’s in e na ional pe o mance
(Kim, 2005; Kim and Cannella, 2008; Daily and Dal on, 1993; Dal on, Daily, John-
son and Ells and, 1999).
Fu he mo e, om ou poin o iew, hese wo ks ha e p oposed a se o unsui -
able and incomple e models, in which boa ds o di ec o s a e ea ed as homogenous
g oups, wi hou aking accoun o hei social and human dimensions (Tian, Hale-
blian and Rajagopalan, 2011; Hillman and Dalziel, 2003). Mo e in-dep h s udies
need o be ca ied ou in o how boa d composi ion, h ough i s human and social
capi al, a ec s he i m’s in e na ional pe o mance. While human capi al allows
di ec o s o become amilia wi h and unde s and he logic and dynamics o ex e -
nal ma ke s and he global business en i onmen , i s social capi al p o ides ex e nal
in o ma ion ha mi iga es he isks associa ed wi h in e na ionalisa ion s a egies.
Hillman and Dalziel (2003) p opose a heo e ical model ha examines how
boa d capi al, consis ing o human and social capi al, a ec s he i m’s pe o mance.
In he wake o his s udy, many esea che s ha e ca ied ou empi ical analyses o
how ce ain elemen s o he boa d’s human and social capi al can be used o imp o e
he i m’s p incipal o ganisa ional esul s (Les e , Hillman, Za dkoohi and Cannella,
2008; S e enson and Radin, 2009; Ko and Sunda amu hy, 2009; Wincen ,
Anokhin and Bo e , 2009; Tian e al., 2011; Haynes and Hillman, 2010; Dalziel,
Le icia Pé ez-Cale o Sánchez e al.60
61The boa d o di ec o s and in e na ional decision-making
Gen y and Bowe man, 2011). Howe e , he join e ec o hese wo elemen s on he
i m’s in e na ional esul s has been o e looked. While he e a e a ew p io s udies
ha analyse he e ec o he human capi al o he TMT on he i m’s p incipal in e -
na ional esul s, (A hanassiou and Nigh, 2002; Pey e i e, Fadil and Thomas, 2002;
Reube and Fische , 1997; Sambha ya, 1996), he e a e i ually no s udies ha
analyse he boa d’s human capi al, and e en ewe ha also include ex e nal social
capi al. The e o e, he p incipal objec i e o his s udy is o ca y ou an empi ical
analysis o he impo ance o he boa d o di ec o s on he p incipal in e na ional
esul s, including a s udy no only o he esou ces b ough by he boa d h ough i s
own human capi al, bu also h ough i s access o new, ex e nal esou ces.
In his s udy we aim o highligh he impo ance o he i m o he boa d’s capac-
i y, h ough i s knowledge and abili ies, o ackle he complexi y and he high
demand o in o ma ion-p ocessing associa ed wi h in e na ional di e si ica ion.
The knowledge ha he i m’s boa d membe s con ibu e, h ough hei expe ience,
could be used in in e na ional ma ke s o o e come he isks associa ed wi h o eign
ope a ions (Ells and e al., 2002). Simila ly, al hough indi idual boa d membe s
possess unique esou ces, hey also equi e access o complemen a y esou ces, such
as in o ma ion, powe and in luence, so ha hey can be in ol ed in he managemen
o in e na ional business. A di e si y o ex e nal con ac s gi es boa d membe s
g ea e access o in o ma ion on he ma ke s, inno a ions, capi al, in es o s and o h-
e key asse s ha a e needed o launch a new business. These connec ions could also
bene i he company by se ing as a communica ion channel be ween ex e nal o gan-
isa ions and he i m, and would be a e y impo an ool when pa icula in o ma-
ion is equi ed o mi iga e he isks associa ed wi h in e na ionalisa ion.
This wo k is s uc u ed as ollows: in he i s sec ion we se ou he easons o
choosing his opic, and explain ou main objec i es. In he ollowing sec ions we
ca y ou a li e a u e e iew, which will help us o o mula e a se o hypo heses. In
he inal sec ion we p esen he empi ical e idence and an analysis and in e p e a ion
o he da a ob ained.
Li e a u e e iew and wo king hypo heses
The human capi al o he boa d
The human capi al o he boa d can be de ined as he capabili ies and knowledge
ha indi idual membe s b ing o he boa d, s emming om hei in es men in edu-
ca ion and/o expe ience (S e enson and Radin, 2009; Becke , Huselid and Ul ich,
2001; Nicholson and Kiel, 2004; Wincen , Anokhin and Ö q is , 2010; Ko and
Sunda amu hy, 2009; Les e e al., 2008; Becke , Chambe s and Wilks, 1988; Cole-
man, 1988). While knowledge acqui ed h ough expe ience (accumula ed o no )
leads o he adop ion o speci ic human capi al, lea ning, h ough educa ion, ends
o ha e a mo e gene al conno a ion, since i is assumed ha he bene i s o educa-
62 Le icia Pé ez-Cale o Sánchez e al.
ion encompass no only lea ned in o ma ion, bu also he abili ies associa ed wi h
lea ning h ough a di e si y o si ua ions. Bo h elemen s a e included in his s udy.
The s uc u es o lea ning and knowledge gained om a highe le el o o mal
educa ion will be o immense alue o boa ds (Wincen e al., 2010; Reeb and Zhao,
2009; Kim and Lin, 2010). Boa d membe s wi h high le els o educa ion b ing a
g ea e abili y o lea ning and mo e e ec i e in o ma ion-p ocessing (Ban el and
Jackson, 1989; Hamb ick and Mason, 1984; Pennings, Lee and an Wi eloos ujin,
1998; Wie sema and Ban el, 1992) and hey a e he e o e able o become in ol ed
in he company’s s a egies. Boa d membe s wi h high le els o educa ion a e mo e
likely o pa icipa e in he i m’s in e na ional s a egies, since hese equi e he di ec-
o s o quickly assimila e la ge amoun s o complex in o ma ion and i he knowl-
edge s uc u es a e in place, hey a e mo e able o in e p e and ca ego ise he in o -
ma ion p esen ed o hem. The e is e idence o a posi i e ela ionship be ween highe
le els o educa ion among di ec o s and hei willingness o make use o ex e nal
in o ma ion and ex e nal consul an s o o moni o mo e ex ensi ely he i m’s
accoun ing sys ems (C ab ee and Gomolka, 1991).
Mo e highly educa ed people a e be e able o ind c ea i e solu ions o help he
i m hey ep esen (Wincen e al., 2009). They a e undamen al o he acquisi ion,
use and unde s anding o knowledge, and he de elopmen o abili ies ha suppo
e ec i e decision-making in an in e na ional con ex . A highe le el o educa ion is
also associa ed wi h openness o inno a ion and a ole ance o ambigui y (Goll,
Johnson and Rasheed, 2007); wo undamen ally impo an aspec s when he boa d
is conside ing s a egic change linked o he i m’s in e na ionalisa ion.
We he e o e p opose he ollowing wo king hypo hesis:
H1. The boa d membe s’ le el o educa ion is posi i ely ela ed o he deg ee o he
i m’s in e na ional di e si ica ion.
In addi ion o examining he boa d’s le el o educa ion, he majo i y o s udies
ocus on a mo e speci ic human capi al, de i ed om he di ec o s’ expe iences
(S e enson and Radin; 2010; Tian e al., 2011; K oll, Wal e s and W igh , 2008;
Haynes and Hillman 2010; Ko and Misangyi, 2008; Si mon, A egle, Hi and
Webb, 2008). Expe ience (ei he pe sonal o ia eedback om an e en ) imp o es
u u e beha iou s speci ically because o he knowledge ha has been acqui ed. Indi-
iduals who lea n and accumula e knowledge h ough expe ience eel mo e enabled
and make a mo e ac i e con ibu ion o he i m’s compe i i e ad an age (Ma ch,
1999). Di ec o s wi h expe ience can pa icipa e mo e ully in hei ole because,
h ough hei lea ning, hey migh be able o make a posi i e con ibu ion o he
i m’s esul s. The possession o ele an knowledge and lea ning h ough expe i-
ence, he e o e, could be impo an o explaining boa d e ec i eness (K oll e al.,
2008).
Boa d membe s’ in e na ional expe ience b ings a speci ic aci knowledge, which
is one o he esou ces ha is ha des o imi a e (Ba ney, 1991). Fi ms can imp o e
hei abili y o ace he challenges o he in e na ional en i onmen by elec ing mem-
be s o he boa d ha ha e he pa icula cha ac e is ics, abili ies o expe ience
equi ed o he in e na ionalisa ion p ocess. A di ec o ’s in e na ional expe ience
migh be an a ac i e cha ac e is ic o o he i ms ha a e in e es ed in acqui ing
his aci knowledge.
Many s udies ha e esea ched he ole o he op managemen eam in he i m’s
in e na ional beha iou (A hanassiou and Nigh, 2002; Pey e i e e al. 2002; Reube
and Fische , 1997; Sambha ya, 1996), and ha e es ablished links be ween he TMT’s
in e na ional expe ience and in e na ionalisa ion, bu ew s udies ha e examined he
e ec o he boa d o di ec o ’s in luence on he i m’s in e na ionalisa ion. Boa d
membe s wi h expe ience o in e na ional ma ke s possess he knowledge and abili-
ies o deal wi h he ac ual ins i u ions, i ms and ne wo ks in o eign ma ke s. They
also help wi h he collec ion, analysis and in e p e a ion o in o ma ion on wo ld-
wide oppo uni ies. They can he e o e play a undamen al suppo ing ole in he
decision-making p ocess wi h ega d o in e na ional business (Zah a, P iem and
Rasheed, 2007).
Finally, i is impo an o poin ou ha , beyond hei gene al educa ional le el,
boa d membe s wi h a o eign educa ion will be mo e open-minded owa ds o he
cul u es. Boa d membe s who ha e s udied ab oad will be mo e awa e o in e na-
ional p oblems and will be mo e inclined o look o in e na ional oppo uni ies. We
he e o e belie e ha he in e na ional backg ound o he boa d membe s, measu ed
by hei in e na ional expe ience and/o educa ion, is posi i ely ela ed o he le el
o in e na ional de elopmen achie ed by he i ms ha hey go e n.
The e o e:
H2. The boa d membe s’ in e na ional backg ound is posi i ely ela ed o he deg ee
o he i m’s in e na ional di e si ica ion.
Social capi al o he boa d
As we ha e sugges ed in he hypo heses abo e, he membe s o he boa d a e
esou ces o he i m and will be e alua ed acco ding o hei compe ences and
knowledge (Ba ney, 1991; G an , 1991; Hillman, Cannella and Pae zold, 2000).
Simila ly, esea che s conside ha boa ds a e use ul o gi ing access o esou ces
ia hei social connec ions. The i m will y o de elop s a egies ha make use o
he s eng hs o he esou ces ha i possesses, bu will also a emp o acqui e new,
ex e nal esou ces. I we conside ha he boa d b ings exogenous esou ces and
capabili ies o he i m, which enable con inuous adap a ion o he compe i i e en i-
onmen , and ha social capi al p o ides access o hose exogenous esou ces, which
a e mobilised h ough ela ionships, hen his means ha ex e nal social capi al plays
a c i ical ole in he su i al and success o a i m a in e na ional le el. Fi ms oday
adop s a egies ha a e o ien ed o in e na ional business, and he e o e membe s
The boa d o di ec o s and in e na ional decision-making 63

Le icia Pé ez-Cale o Sánchez e al.64
o he boa d o di ec o s mus be gi en p i ileged access o he ne wo k o ex e nal
ac o s so ha hey can help o es ablish hese s a egies (Yeung, 2002). In p ac ice,
his means ha he boa d can be used as a link o o he i ms and go e ning bodies,
o help i o es ablish ope a ions and s a egic alliances ab oad (P e e and Salancik,
1978).
As wi h he gene al managemen eam, boa d membe s who a e di ec o s on
o he boa ds can con e hei expe ience, h ough hei in e locks, in o an impo -
an esou ce ha allows hem o u he de elop hei oles, by applying hei
ex e nal expe iences o he i m. Some s udies ha e examined he ansmission o
ideas h ough he boa d’s social ies, es ablishing a posi i e ela ionship be ween
in e locks and he i m’s adop ion o new s a egies (Gele kanycz and Hamb ick,
1997; Miz uchi, 1996; Wes phal e al., 2001). Thus, while s a egic decisions ela -
ing o in es men in R&D, en y in o new ma ke s o se ing up subsidia ies in
in e na ional ma ke s b ing signi ican bene i s o he i m’s g ow h, hey also
end o be complex ope a ions, gi en he high le els o unce ain y and isk o ail-
u e linked o hem (Sande s and Ca pen e , 1998). In his con ex , in e locks a e a
e y impo an ool ha gi es boa d membe s he oppo uni y o access in o ma-
ion ha mi iga es isks and o seek in o ma ion om o he i ms. This ype o link
could bene i he i m by ac ing as a communica ion channel be ween ex e nal
o ganisa ions and he i m. Connelly e al. (2011) s udied he e ec s o in e locks
on he p obabili y o a i m adop ing an in e na ional s a egy and poin ou ha
he in e locks o a i m ha has success ully pu in o p ac ice an in e na ional
s a egy ha e a posi i e e ec on he likelihood ha o he i ms will adop he
same s a egy.
I is he e o e necessa y o a i m o ha e s ong social ne wo ks, c ea ed by he
membe s o i s boa d, in o de o gain in o ma ion and expe ience o o eign ma -
ke s. Mo eo e , he in o ma ion acqui ed is pa icula ly in luen ial, because i comes
om a us wo hy sou ce (Gele kanycz and Hamb ick, 1997).
Howe e , despi e hese bene i s, he e can be some cos s. A di ec o who belongs
o mul iple boa ds has limi ed ime and a en ion o dedica e o any pa icula
boa d (Ca e and Lo sch, 2004; Conge , Lawle and Finegold, 2001). Holding a
di ec o ship is seen as a p es igious pos ha b ings e y aluable lea ning oppo -
uni ies, and he e o e boa d membe s migh be emp ed o accep in i a ions o
se e on se e al boa ds a he same ime (Useem, 1982). I is likely ha hese boa d
membe s would be unp epa ed o boa d mee ings h ough lack o ime, o migh
be unable o a end mee ings on a egula basis, in which case hei con ibu ion o
he boa d would be nega i ely a ec ed (Finkels ein and Mooney, 2003; Conge e
al., 2001; Ko and Sunda amu hy, 2009). We should no o ge ha in e na ional-
isa ion is a complex and cos ly decision and equi es he ull pa icipa ion, suppo
and collabo a ion o he en i e boa d o di ec o s, and he e o e he educed pa -
icipa ion o commi men o membe s who belong o mul iple boa ds is e y likely
o ha e a nega i e e ec .
We he e o e p opose he ollowing wo king hypo hesis:
65The boa d o di ec o s and in e na ional decision-making
H3: The e is a cu ilinea (in e ed-U) ela ionship be ween he deg ee o he ex e -
nal connec ions o di ec o s who a e membe s o mul iple boa ds and he deg ee
o he i m’s in e na ional di e si ica ion.
Me hodology
Sample and da a collec ion
The sample o i ms used in his s udy consis s o he Spanish i ms egis e ed on
he Mad id S ock Exchange and which we e quo ed on he Con inuous Ma ke du -
ing he pe iod 2005-2010. These i ms we e chosen because o hei equi emen o
publish da a pe aining o hei co po a e go e nance and in e na ional pe o m-
ance. We hen elimina ed hose i ms ha a e classed as inancial se ice companies
(i hey include es a e agency se ices), because o he di icul y o in e p e ing all o
he da a ela ed o his sec o ; companies ha we e emo ed om he s ock ma ke
du ing he analysis pe iod (we only included i ms ha we e quo ed on he s ock
ma ke om 2005-2010 inclusi e); and i ms whose annual epo s we did no ha e
access o. This le a g oup o 84 i ms, bu om his o al we had o emo e i ms
wi h no in e na ional ac i i y in one o mo e yea s o he s udy pe iod 2005-2010.
We unde s and no in e na ional ac i i y o mean ha he en i e y o he i m’s sales
and asse s a e a ibu able o he domes ic ma ke ; and we he e o e included i ms
in he sample wi h in e na ional asse s bu no sales, and ice e sa.
A e applying hese es ic ions, he sample comp ised 78 i ms and 468 obse -
a ions o each o he a iables used in ou s udy.
Dependen a iable
In e na ional di e si ica ion is a s a egy a i m uses o sell i s p oduc s o se ic-
es in new geog aphical ma ke s ha ex end beyond na ional and egional bounda ies
(Hi , Tihanyi, Mille and Connelly, 2006). In e na ionalisa ion has been measu ed
in di e en ways in he li e a u e and con inues o be he subjec o deba e (Elango
and Se hi, 2007; Reube and Fische , 1997). Sulli an (1994) a gues ha mul i-i em
measu es should be used, a he han indi idual a iables. This au ho was one o
he i s o iden i y he e m “deg ee o in e na ionalisa ion o a i m”, de ined by
h ee dimensions: he pe o mance aspec ( o eign sales); he s uc u al aspec ( o -
eign asse s); and a i udinal aspec s ( he in e na ional expe ience o op manage-
men ). Ramaswamy, K oeck and Ren o h (1996) also ecognise ha mul i-i em
measu es a e mo e eliable han single-i em measu es, and iden i y a ious limi a-
ions o using a single measu e.
In his s udy, and in line wi h Sulli an (1994) and o he s udies (Daily, Ce o,
and Dal on, 2000; Lee and Pa k, 2006; Ri as, Hamo i and Mayo, 2009; Sande s
and Ca pen e , 1998), we measu e a i m’s in e na ionalisa ion by mo e han a sin-
gle dimension; namely, h ough i s pe o mance and i s s uc u e. These dimensions
bo h ep esen he “dep h” o he i m’s o eign pa icipa ion (Thomas and Eden,
2004). Like Reube and Fische (1997), we ha e no used expe ience as a compo-
nen o in e na ionalisa ion, as expe ience is al eady one o he concep s in ou
hypo heses.
The pe o mance dimension is usually calcula ed by using he a io o sales in o -
eign subsidia ies o o al sales (FSTS) (Ge inge , Beamish and daCos a, 1989). This
cap u es he impo ance o in e na ional ope a ions as pa o he i m’s o e all ope -
a ions and he e o e he deg ee o i s dependence on o eign ma ke s (Thomas and
Eden, 2004). The s uc u al dimension is usually calcula ed as he pe cen age o o -
eign asse s o o al asse s (FATA) (Daniels and B acke , 1989). FATA e lec s a i m’s
con idence ega ding he numbe o o eign asse s i owns. In he in e na ional busi-
ness li e a u e, he dimensions o in e na ional sales and asse s a e ela ed o he
i m’s dependence on o eign consume ma ke s and o eign esou ces (Sande s and
Ca pen e , 1998). Likewise, and using he da a collec ed om he da abase desc ibed
abo e, we calcula ed he o al numbe o each i m’s asse s in ex e nal egions o
ma ke s and di ided ha igu e by he o al numbe o asse s owned by he i m.
The heo e ical ange o each dimension is 0 o 1. The wo a iables ( o eign
sales and o eign asse s) will o m ou composi e measu e o he deg ee o in e na-
ionalisa ion and he e o e we will use a heo e ical ange om 0 o 2. To summa ise,
we chose his composi e measu e because i is a be e measu emen o he i m’s
in e na ionalisa ion han unidimensional a iables (Lu and Beamish, 2004).
The in o ma ion was ex ac ed om he audi ed epo s ob ained om he
CNMV da abase. These consolida ed epo s ( he majo i y issued by P icewa e -
houseCoope s, E ns & Young and Deloi e) p o ide in o ma ion ela ing o he dis-
ibu ion o sales and asse s o each o he geog aphical sec o s in which he i m
ope a es and owns i s asse s. F om his da a we can ob ain in o ma ion on he sales
and asse s o he i m bo h in Spain and in o he egions o ma ke s.
Independen a iables
On one hand we ha e he a iables ha de ine he boa d’s human capi al, such
as educa ional le el and in e na ional backg ound, and on he o he hand, we ha e
he a iables ha de ine social capi al, such as he in e locks be ween boa ds.
In o de o calcula e he boa d membe s’ le el o educa ion, we ha e codi ied he
educa ion a iable as 1 i he boa d membe holds a Mas e s Deg ee and 0 i hey do
no (Ruig ok, Peck and Tache a, 2007; Wes phal and Zajac, 1995; Wie sema and
Ban el, 1992). Almos all o he boa d membe s included in ou sample ha e a qual-
i ica ion in highe educa ion (in law, economics, enginee ing, e c.) and a high pe -
cen age o hem ha e also a ained a Mas e s Deg ee. In Spain, un il he new egu-
la ion ega ding he Eu opean C edi T ans e Sys em, ha ing a deg ee was a
Le icia Pé ez-Cale o Sánchez e al.66
67The boa d o di ec o s and in e na ional decision-making
p e equisi e o aking a Mas e s. To measu e boa d membe s’ in e na ional back-
g ound (expe ience and/o aining ab oad), we used a dicho omous a iable ha
was codi ied as 1 i he boa d membe occupies o has occupied a pos ab oad o
any ime o , i hey we e wo king ab oad, i hey we e placed in an in e na ional di i-
sion. Simila ly, we also conside ha hey ha e an in e na ional backg ound i hey
ha e a ained a highe educa ion quali ica ion ab oad. We codi ied his a iable as 0
i his had no occu ed (Rindo a, 1999). The boa d’s educa ional le el and i s in e -
na ional backg ound we e measu ed as he pe cen age o boa d membe s holding
hese esou ces o e he o al numbe o boa d membe s (Wincen e al., 2009)
We de ine he boa d’s ex e nal social capi al h ough i s in e locks; he links
o med when one boa d membe si s on he boa d o ano he i m. Measu ing in e -
locks has been used p e iously in he li e a u e on boa ds o di ec o s (Ko and Sun-
da amu hy, 2009; Wincen e al., 2009; Haney and Hillman, 2010; Tian e al.,
2011; Fila o che , 2006; Pombo and Gu ié ez, 2011; O iz, A agón, Delgado and
Fe ón, 2012). To calcula e he igu e we added he o al numbe o links om all
boa d membe s and di ided i by boa d size – he o al numbe o boa d membe s.
The esul ing measu e is he a e age numbe o in e locks pe boa d.
To ob ain he in o ma ion on each membe ’s in e locks, we u ned o Axeso ,a
consul ancy i m specialising in p o iding in o ma ion on i ms and hei execu i es,
de i ed om o icial eco ds. The in o ma ion p o ided by Axeso is a ailable om
he Bole ín O icial del Regis o Me can il ( he O icial Me can ile Regis y Newsle -
e ) and includes a lis o di ec o ships ha each boa d membe holds on one o mo e
boa ds –bo h lis ed and unlis ed on he s ock exchange.
Con ol a iables
In acco dance wi h p io s udies on co po a e go e nance, we ha e included he
ollowing con ol a iables ha migh a ec he p oposed ela ionships: i m size;
business sec o ; i m age; boa d size; duali y (o P esiden and Chie Execu i e); and
he p opo ion o ex e nal boa d membe s.
Boa d size is commonly used as a con ol a iable, gi en i s ela ionship wi h he
i m’s esul s. Bigge i ms a e mo e ac i ely in ol ed in expo ing and unde aking
in e na ional ope a ions (Calo , 1993; Zah a e al., 2007), p obably because hey
ha e g ea e esou ces. Bigge i ms also bene i om mo e specialised s a , who a e
capable o explo ing o eign ma ke s and a e be e able o supe ise in e na ional
expansion. Fi m size has been measu ed, as in p io in es iga ions, by he loga i hm
o he numbe o employees in each i m du ing he pe iod o ou s udy.
The i ms included in ou sample co e a b oad mix o sec o s, since ope a ing in
a pa icula sec o migh a ec in e na ionalisa ion (Ri as e al., 2009). We ha e
he e o e included he sec o as a con ol a iable in ou s udy. We ha e used he
in o ma ion om he s ock ma ke sec o al classi ica ion da abase p oposed by he
CNMV (Na ional Sha e Ma ke Commission), codi ied as ollows: 1) pe oleum and
Le icia Pé ez-Cale o Sánchez e al.74
ou dependen a iable, he deg ee o in e na ional di e si ica ion, and in es iga e
new sou ces and me hods o measu ing he deg ee o i ms’ in e na ionalisa ion. I
would also be in e es ing, since we ha e his in o ma ion a ou disposal, o s udy
he des ina ion ex e nal ma ke s chosen o o eign asse s and sales. No all ma ke s
p esen he same deg ee o unce ain y, and so in o de o achie e he same esul s,
boa ds need o main ain di e en le els o human and social capi al. I would be use-
ul in u u e in es iga ions o know he le el o in e na ionalisa ion o he i ms ha
boa ds a e able o access h ough hei in e locks.
A p ac ical implica ion o his wo k ela es o he selec ion o boa d membe s. In
o de o inc ease boa d e ec i eness and o achie e be e in e na ional esul s, he
selec ion p ocess should ocus on he elec ion o di ec o s who ha e an exis ing
knowledge and expe ience o in e na ional ma ke s, o who ha e he equi ed abili y
o p ocess new in o ma ion and seek c ea i e solu ions in an uns able en i onmen .
To summa ise, ou in es iga ion con ibu es o he de elopmen o he heo y o
boa d e ec i eness and how his in u n leads o imp o ed decision-making in he
ield o in e na ionalisa ion.
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80 Le icia Pé ez-Cale o Sánchez e al.
The boa d o di ec o s and in e na ional decision-making 81
No es on Con ibu o s
Name: Le icia Pé ez-Cale o Sánchez
Posi ion: Lec u e
School / Facul y: Facul y o Business Sciences
Uni e si y: Uni e si y o Pablo de Ola ide (Se ille)
Add ess: C a. de U e a Km. 1, Se ille 41013
Telephone: +34 954557575
Email: [email p o ec ed]
Name: Mª del Ma Villegas Pe iñán
Posi ion: Associa e P o esso
School / Facul y: Facul y o Economics and Business Sciences
Uni e si y: Uni e si y o Se ille
Add ess: Admon de Emp esas y Ma ke ing, Se ille 41005
Telephone: +34 954556133
Email: [email p o ec ed]
Name: Ca men Ba oso Cas o
Posi ion: Senio P o esso
School / Facul y: Facul y o Economics and Business Sciences
Uni e si y: Uni e si y o Se ille
Add ess: Admon de Emp esas y Ma ke ing, Se ille 41005
Telephone: +34 954557521
Email: [email p o ec ed]