Board of directors and business transformation: A bibliometric analysis

de En ique A nau, Luis; Pinillos, Ma ía-José
A icle
Boa d o di ec o s and business ans o ma ion: A
bibliome ic analysis
Eu opean Jou nal o Managemen and Business Economics (EJM&BE)
P o ided in Coope a ion wi h:
Eu opean Academy o Managemen and Business Economics (AEDEM), Vigo (Pon e ed a)
Sugges ed Ci a ion: de En ique A nau, Luis; Pinillos, Ma ía-José (2024) : Boa d o di ec o s and
business ans o ma ion: A bibliome ic analysis, Eu opean Jou nal o Managemen and Business
Economics (EJM&BE), ISSN 2444-8451, Eme ald, Leeds, Vol. 33, Iss. 2, pp. 212-236,
h ps://doi.o g/10.1108/EJMBE-10-2022-0338
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Boa d o di ec o s and
business ans o ma ion:
a bibliome ic analysis
Luis de En ique A nau and Ma 
ıa Jos
e Pinillos-Cos a
Depa men o Business Adminis a ion, Uni e sidad Rey Juan Ca los,
Mad id, Spain
Abs ac
Pu pose –This pape aims o analyze he hema ic con en o esea ch add essing he ela ion be ween boa d
o di ec o s (BoD) and business ans o ma ion (BT) o ob ain be e unde s anding o s a us and o de i e
u u e a eas o s udy.
Design/me hodology/app oach –This pape e iews li e a u e h ough a bibliome ic analysis based on co-
occu ence o a icles published in Web o Science Co e Collec ion ™(WoS) be ween 1990 and 2022, iden i ying
key concep s, se ing ne wo k o ela ions and iden i ying he s a egic impo ance o clus e s o concep s.
Findings and implica ions a e discussed, u u e lines o esea ch a e p esen ed and limi a ions a e no ed.
Findings –Thema ic esea ch on boa ds add essing ans o ma ion shi ed om he analysis o indi iduals’
ai s o an o ganiza ional app oach wi h majo i y o esea ch cen e ed on he ole o boa ds unde di e en
heo ies and he consequences o s a egic changes on i m’s pe o mance. Fu he esea ch is a ound gende
di e si y, sus ainabili y and he mode a ing ole o owne ship s uc u e and business cul u e.
Resea ch limi a ions/implica ions –Some limi a ions a e also no ed. This analysis conside ed a icles
indexed by WoS o Q1þQ2 publica ions as sou ce o li e a u e, while including o he s such as Scopus would
inc ease knowledge base. Also, o iden i y main s eams o esea ch, he au ho s conside ed keywo ds wi h
cumula i e occu ence spanning om 30% o 40% while inc easing his pe cen age would add e ms ha
migh imp o e p ecision o he connec ions among keywo ds. O he echniques could ha e been used such as
co-ci a ion o bibliog aphic coupling, al hough he au ho s ind hese as be e sui ed o in es iga e he basic
s uc u e behind he ounda ional knowledge o he opic while he au ho s’in en ion was o unde s and he
posi ioning o s udy ields ega ding he deg ee o esea ch p og ess.
P ac ical implica ions –This pape p esen s some p ac ical implica ions o u u e esea che s. Those who
wish o le e age p e ious e idence o add ess new esea ch ques ions migh look in o p incipal hemes
co e ing BoD dynamics and composi ion o exe CG, and he ela ion be ween s a egic decisions and
pe o mance measu ed by di e en a iables. Those who wish o posi ion hei esea ch as new indings o
shed ligh on dilemmas, migh ind oppo uni ies in he ields o clima e change-sus ainabili y, R&D o g ow h
and inno a ion unde he pe spec i e o in angible asse s.
O iginali y/ alue –This pape , is he i s o he bes o he au ho s’knowledge, o iden i y esea ch clus e s
o he in e sec ion o boa ds and ans o ma ion and o de e mine hei s age o de elopmen .
Keywo ds Boa d-o -di ec o s, Co po a e-go e nance, T ans o ma ion, Bibliome ic-analysis
Pape ype Resea ch pape
1. In oduc ion
Business ans o ma ion (BT), al hough adi ionally p esen in co po a e deba es and
academic esea ch, gained exponen ial a en ion since 2015, when he UN published he
Sus ainable De elopmen Goals (SDGs) 2030, a amewo k o sus ainable de elopmen o
economies and socie ies. In his en i onmen , he ole o business is key (Mio e al., 2020) wi h
EJMBE
33,2
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JEL Classi ica ion —G3, G34
© Luis de En ique A nau and Ma 
ıa Jos
e Pinillos-Cos a. Published in Eu opean Jou nal o
Managemen and Business Economics. Published by Eme ald Publishing Limi ed. This a icle is
published unde he C ea i e Commons A ibu ion (CC BY 4.0) licence. Anyone may ep oduce,
dis ibu e, ansla e and c ea e de i a i e wo ks o his a icle ( o bo h comme cial and non comme cial
pu poses), subjec o ull a ibu ion o he o iginal publica ion and au ho s. The ull e ms o his licence
may be seen a h p://c ea i ecommons.o g/licences/by/4.0/legalcode
The cu en issue and ull ex a chi e o his jou nal is a ailable on Eme ald Insigh a :
h ps://www.eme ald.com/insigh /2444-8494.h m
Recei ed 30 Oc obe 2022
Re ised 19 Janua y 2023
11 Feb ua y 2023
24 Feb ua y 2023
Accep ed 27 Feb ua y 2023
Eu opean Jou nal o Managemen
and Business Economics
Vol. 33 No. 2, 2024
pp. 212-236
Eme ald Publishing Limi ed
e-ISSN: 2444-8494
p-ISSN: 2444-8451
DOI 10.1108/EJMBE-10-2022-0338
boa d o di ec o s (BoD) acing g ea complexi y as s a egic decision make s leading BT
owa d sus ainable de elopmen models.
The economic consequences o Co id-19 pandemic led o ganiza ions o e hink hei
business models, and di e en au ho s sha e ha companies need o go h ough some so o
ans o ma ion ei he o e u n o p e ious si ua ion o o adap o new scena ios (Ca acedo
e al., 2021;See ha aman, 2020;Yeganeh, 2021) as a consequence o an accele a ed
digi aliza ion (Amankwah-Amoah e al., 2021), al e na i e managemen sys ems (Dwi edi
e al., 2020) o oppo uni ies de i ed om new ways o consuming p oduc s, he need o lea n
new skills and he agili y o some o ganiza ions o adap o unce ain y (Beli ski e al., 2022).
Since o ganiza ions will adop ans o ma ion s a egies, i is ele an o unde s and how
BoDs ela e o BT, gi en accoun abili y o boa ds in s a egy o mula ion. This
accoun abili y can be app oached bo h om an ins i u ional pe spec i e and om he
di e en heo ies ha explain he ole BoDs play in co po a e li e.
Di e en ins i u ions u ned hei a en ion o BoD as he main body o exe cise co po a e
go e nance (CG) s a ing in 1992 wi h he Cadbu y Repo . The UK CG Code 2018 [1],
Sec ion 1, p inciple B s a es ha “ he boa d should es ablish he company’s pu pose, alues and
s a egy, and sa is y i sel ha hese and i s cul u e a e aligned”,and he EU Commission G een
Pape da ed Ap il 5 h 2011, concluded ha “high pe o ming, e ec i e boa ds a e needed o
challenge execu i e managemen . This means ha boa ds need non-execu i e membe s wi h
di e se iews, skills and app op ia e p o essional expe ience. Such membe s mus also be willing
o in es su icien ime in he wo k o he boa d”[2]. In 2012, The Ins i u e Risk Managemen
(www. hei m.o g) s a ed ha BoDs a e o de e mine wha isks and o wha ex en hey
should be assumed, and speci ically men ions “changes”wi hin he esponsibili ies o
moni o by di ec o s. Also, OECD P inciples o CG s a e ha boa ds a e esponsible o
s a egic guidance, p o ing ha i is up o BoD o unde ake an ac i e ole ega ding BT.
Fu he mo e, in some coun ies such is in Spain, his has been become a legal equi emen
when he Spanish Capi al Company Law (2010), ules in a icle 249-bis ha “boa d o
di ec o s will no delega e unde any ci cums ances .... The o mula ion o gene al ules and
s a egies o he company”. The e o e, i is up o di ec o s o decide and lead BT.
T adi ional CG heo ies help o unde s and he engagemen o BoD in BT s a egic
decisions, namely agency, esou ce dependency (RDT), and s ewa dship heo ies. The
agency heo y explains he ela ion be ween i m’s owne ship ( he p incipal) and
managemen ( he agen ) in e ms o he i s engaging he la e o pe o m a se ice in
hei name (Fama and Jensen, 1983;Jensen e al., 1976). Since he e is a isk ha managemen
migh pu sue di e en goals om hose o owne ship by beha ing in sel -in e es a he
owne s’cos (Fe kins e al., 2005), BoD would play a con ol ole wi h managemen ocusing
on s a egy execu ion while BoD ocuses on s a egy o mula ion, and bo h wo king in close
collabo a ion when signi ican changes o s a egy a e a o ed by BoD (Hend y e al., 2010).
On he con a y, he s ewa dship heo y sees manage s (“s ewa ds”) ac ing in ull de ense
o owne s’in e es s because he e is no collision o in e es s be ween he wo g oups and,
he e o e, esou ces en us ed o manage s a e well managed (Donaldson, 1990;Donaldson
and Da is, 1991). These au ho s a gue ha inside di ec o s a e in a be e posi ion o make
op imal decisions han ou side di ec o s gi en hei supe io knowledge o in e nal p ac ices
and he e o e, BoDs play a se ice ole by encou aging manage s o do hei bes , including
s a egy o mula ion and execu ion (Pugliese e al., 2009). Unde his pe spec i e, BoD ole in
BT would be o acili a e s a egic achie emen s pu sued by managemen .
RDT sees BoD p o iding access o esou ces needed by i ms and he abili y o di ec o s o
gene a e connec ions be ween he i m and i s en i onmen (P e e and Salancik, 1978).
These au ho s s a e ha boa d membe s also minimize he dependencies be ween i ms and
en i onmen le e aging ou ypes o esou ces b ough by di ec o s o companies: (1) ad ice
and counseling; (2) access o channels o in o ma ion; (3) p e e en ial access o physical
Boa d o
di ec o s and
business
213
esou ces; and (4) legi imacy. These con ibu ions a e essen ial o de ine and o lead BT
le e aging ex e nal expe iences o e ed by ou side di ec o s (P e e and Salancik, 1978),
whose social ies o o he di e se business con ex s would enhance BoD ole in ela i ely
uns able en i onmen s equen ly seen in BT (Ca pen e and Wes phal, 2001). One o hese
esou ces would be ecogni ion, and in his line, D
ıez-Ma 
ıne al. (2021) sugges ha an
o ganiza ion achie es legi imacy when (among o he s) i is d i en by a pa icula mission, led
by p es igious leade s o i is linked o high p es igious en i ies wi h all his dissemina ed by
media (D
ıez-Ma 
ıne al., 2021). The e o e, when BoDs p ese e owne s’mission (agency
heo y), nomina e and suppo adequa e i m’s o icials (s ewa dship heo y) and coope a e in
gene a ing ies wi h o he o ganiza ions (RDT), hey no only build legi imacy bu lay
g ounds o change and ans o ma ion.
O he pe spec i es challenge adi ional heo ies and o e complemen a y iews on
BoD’s ole. The manage ial hegemony heo y suppo s he idea o BoD as de ju e co po a e
go e nmen wi h legal bu no eal powe which esides on managemen , a de ac o co po a e
go e nmen . This would imply ha BoD a e in he hands o managemen and he e o e, BT
would en i ely be he consequence o manage ial decisions (S iles, 2001). O he au ho s mo e
away om o mal heo ies o p esen BoD as a g oup o indi iduals ha ga he , p ocess and
sha e in o ma ion unde a jungle o ba ie s ha comp omise ei he an e ec i e moni o ing
ole o a se ice ole (Boi ie e al., 2016).
On he o he hand, di e en au ho s belie e ha BoD’s ull po en ial is achie ed when hey
play di e en oles (Macus, 2008), ha he e is li le heo e ical consensus ega ding he
con ibu ion o BoD o s a egizing (Pugliese e al., 2009), ha he e ec i eness o a BoD
depends as much on he indi idual ai s o i s membe s as on he dynamics gene a ed wi hin
BoD (Ba oso e al., 2011), and ha BoD added alue is o igina ed when boa d plays a
combined ole consis en wi h bo h he s ewa dship heo y and RDT (A zubiaga e al., 2018).
Rega ding how BoDs add ess BT ge s complica ed due o o he ac o s. T ans o ma ion is
a isky endea o wi h high le els o ailu e due o misalignmen s among o ganiza ional
alues, indi idual alues and change ini ia i es (Bu nes and Jackson, 2011), he lack o a
holis ic app oach ha in eg a es all ac o s a play (E ida and Lo i, 2021), he isk a e sion
by owne s and manage s (Asensio-L
opez e al., 2019) o he absence o a change p ocess ha
le e ages change d i e s (Whelan-Be y and Some ille, 2010). Fo he la e , he i s i al
s ep o ini ia e change is he accep ance o a ision a indi idual le el by bo h employees and
s akeholde s, and some au ho s emphasize he need o collabo a ion be ween BoD and CEO
o os e a sha e ision (Miles and Wa kins, 2007). Addi ionally, Golds om (2019) highligh s
en easons explaining ans o ma ions ailu es including poo acking o ini ia i es, which
esembles he moni o ing ole o BoD.
Fo some au ho s, success ul ans o ma ions depend on well posi ioned leade s wi hin
o ganiza ions, ha go beyond he no m, equi ing a p oac i e mo e by companies o ins all he
igh manage s in leading posi ions and empowe hem (Walls e al., 2021). Whe he
empowe men is a esou ce o be le e aged unde RDT o a means o suppo adequa e
manage s unde he s ewa dship heo y, BoD would ha e much o say in success ul BT. Also de
Waal (2018) e iewsli e a u e on ac o s o success ul ans o ma ions, concluding ha he low
ma ching be ween heo e ical and p ac ical ac o s migh explain he eason o high ailu e in
ans o ma ion in e en ions (de Waal, 2018). This au ho highligh s eigh heo e ical and
p ac ical ac o s ha a e p esen in success ul ans o ma ions wi h six o hem clea ly
associa ed o manage ial domains, and wo ac o s (connec ed company; high pe o mance
pa ne ships) po en ially le e aged by BoD unde RDT in he o m o adequa e ne wo king.
Gene ally, his amewo k p o ides he basis o unde s and he balance o powe among
indi iduals, he ele ance o pe sonal cha ac e is ics in BoD e ec i eness and he con ibu ion
o BoD o o ganiza ional legi imacy. Howe e , some au ho s ask o a holis ic model ha helps
boa ds and manage s o p epa e o ganiza ions o he u u e in iew o mega ends-
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dis up o s ha imply changes (de Waal and Lin ho s , 2020), o u he esea ch on how BoD
leade ship ela es o di e si y, CSR and inno a ion (Zheng and Kouwenbe g, 2019) and on
how he sequence CG-s a egy decisions-pe o mance be e explains he ue ela ionship
be ween CG mechanisms and sus ainable esul s (Medina-Salgado e al., 2020). Ou in en ion is
o add ess hese calls by analyzing he in e sec ion be ween BoD and BT.
Gi en ha li e a u e su ounding his opic is as , we decided o use bibliome ic echniques o
unde s and he hemes ha shape he con en , as sugges ed by p e ious au ho s ha le e age his
app oach o ob ain la ge amoun s o keywo ds as da a om incumben pape s (Kuma e al.,2022)
o analyze he ou pu ob ained om b oad and la ge da a se s and summa ize he in ellec ual
amewo k behind a opic (Don hu e al.,2021;Ga ield e al.,2006;Vo
sne e al.,2017). The e o e,
he aim o ou wo k is o: (1) ob ain an o e iew o his ield o s udy, (2) iden i y and unde s and he
hemes ha gi e con en o he ela ion be ween BoD and BT and (3) de i e u u e lines o analysis.
To do so, we will ocus on h ee esea ch ques ions:
RQ1. who a e op au ho s co e ing BoD and BT?
RQ2. which a eas we e p e iously analyzed?
RQ3. which o hose a eas cons i u e de eloped a eas o s udy and which o e
oppo uni ies o u he esea ch?
The con en o his wo k can be used in di e en ways. P ospec i e esea che s on he opic will
quickly iden i y key au ho s when sea ching o e e ences (RQ1), will unde s and he pilla
hemes ha cons i u e he in ellec ual basis o his opic (RQ2) and will be able o posi ion hei
esea ch con ibu ions ei he as alida ion o a well-co e ed a ea o as a b eak h ough o an
unde eloped a ea. Also, p ac i ione s and p o essionals can gain access o expe s in he ield o
u he consul a ion (RQ1), unde s and he heo y behind he p ac ical issues hey ace in co po a e
li e (RQ2), and iden i y whe e o look o alida ed solu ions in a eas al eady analyzed (RQ3). We
belie e ha in ul illing he abo e, a s a ing poin is ini ia ed o be complemen ed wi h u he
s udies ha would yield heo e ical con ibu ions (Mukhe jee e al.,2022).
The s uc u e o his wo k is as ollows: Sec ion 2 summa izes me hodology, Sec ion 3
p esen s he ou pu o ou analysis, Sec ion 4 discusses indings and Sec ion 5 con ains ou
conclusions, u u e lines o esea ch and limi a ions.
2. Me hodology
Ou me hodology is based on wo ca ego ies o echniques: pe o mance analysis, o highligh
mos in luen ial au ho s, and science mapping, o unco e a eas o knowledge. To answe
RQ1, au ho s’pe o mance is e alua ed acco ding o p oduc i i y and impac (Don hu e al.,
2021). Addi ionally, we ha e analyzed mos in luen ial a icles measu ed as ci a ions pe yea
o unde s and mos ele an con ibu ions a ound BoD and BT.
The con en o science mapping will be a co-wo d analysis, a echnique ha enables o
unco e ela ions among keywo ds ha con e ge in o compac clus e s sha ing a common
heme o analysis, acili a ing answe s o RQ2 and RQ3 (Escamilla-Faja do e al., 2020;
Ma 
ın-Pe~
na e al., 2017;Mukhe jee e al., 2022). We ha e disca ded o he echniques, namely
bibliog aphic coupling, co-ci a ion, and co-au ho ships, because we belie e hese a e mo e
sui ed o unde s and he ins i u ional backg ound o he opic o o unco e social ela ions
among incumben s, while ou in e es es s upon un eiling hemes buil up by keywo ds as
componen s (Paule-Vianez e al., 2020).
2.1 Sea ch p o ocol
The da a used in his analysis was e ie ed om WoS indexed in he da abase o Social
Science Ci a ion Index. We p e e ed WoS o e SCOPUS since WoS s a ed o collec
Boa d o
di ec o s and
business
215

scien i ic pape s in 1900 while Scopus s a ed in 1966 (Paule-Vianez e al., 2020) al hough
sup emacy o one da abase o e he o he is di icul o asse (Aghaei Chadegani e al., 2013).
In o de o cap u e all ele an pape s dealing wi h he opic, we buil a sea ch s ing ha
included he di e en meanings o add ess ans o ma ion ound in he ields o business and
managemen , wi h he inal s ing being (“boa d”OR “boa ds”) AND (“ ans o ma ion”OR
“ es uc u ing”OR “change”OR “inno a ion”OR “business de elopmen ”OR “ enewal”).
The sea ch was comple ed on Decembe 23 d, 2022 co e ing he pe iod be ween Janua y
1s , 1990, and Decembe 23 d, 2022, a 32-yea in e al ha is conside ed adequa e, since i
cons i u es an impo an segmen o ime ha has wi nessed he s ages o g ow h and
ma u i y o an academic discipline. O he il e s ha we applied include a ea o s udy
(business, managemen , inance, economics and ma ke ing), ype o documen s (a icles,
e iew a icles) and sou ce (220 publica ions a ed Q1 o Q2 by Jou nal Ci a ion Repo ). As a
esul , we ob ained 1,023 a icles upon which we conduc ed he p ocess o analysis.
2.2 Analysis p ocess
Gi en he echniques behind ou me hodology, we d aw ou analysis on au ho s and
keywo ds om he 1,023 a icles ob ained in ou il e ed sea ch.
Au ho s we e anked and assessed acco ding o publica ions as a measu e o
p oduc i i y, and ci a ions as a measu e o impac . Al hough ci a ions do no ell us all, i
is an objec i e indica o o ele ance (Bo nmann and Leydesdo , 2013). Ci a ions pe
publica ions and h-index we e also conside ed as combined measu es o p oduc i i y and
impac (Don hu e al., 2021).
Fo keywo ds analysis, we conside ed bo h au ho ’s and KeyWo ds plus®( hose
gene a ed au oma ically by WoS based on a icle’s i le) e ie ing 10,553 keywo ds. Fu he
deduplica ion le 4,634 unique i ems (Cobo e al., 2011), ocusing ou s udy on hose e ms
achie ing a signi ican a e o occu ence, being 42 in 1990–2007 wi h mo e han ou imes
(39.2% o cumula i e occu ence) and 65 in 2008–2022 wi h mo e han nine een imes (31.9%
o cumula i e occu ence).
In o de o iden i y ela ions among op keywo ds, we o med a co-wo d ma ix using
Bibexcel™, a piece o so wa e designed o assis bibliog aphic da a analysis. Then, g oups
o ela ed keywo ds and ne wo ks we e iden i ied using UciNe ™so wa e. We a o ed his
las ool o e o he s (namely VOS iewe ) because i acili a es co-occu ence ma ix
o ma ion and enables da a p ocessing o u he analysis h ough s a egic g aphs (Cobo
e al., 2011). UciNe ™enables analysis o social ne wo ks, wi h deg ee o closeness as a key
indica o o a node’s con ibu ion o he ne wo k, so he g ea e his deg ee, he g ea e he
keywo d’s impo ance in he ne wo k. This helps ca ego ize keywo ds as cen al ( hose
shaping he ne wo k due o hei s eng h and posi ion), semi-pe iphe ic and pe iphe ic ( hose
poo ly linked wi hin he ne wo k), depending on hei loca ion in he ne wo k o ela ions
(Callon e al., 1991;D
ıaz-Ga ido e al., 2018).
Gi en ou aim o unde s and he composi ion and ele ance o hemes a ound he
in e sec ion o BoD and BT, mos ci ed keywo ds we e clus e ed, and hei impo ance
classi ied in s a egic g aphs acco ding o he echnique in oduced by Callon e al. (1991).
Each clus e ep esen s a heme cha ac e ized by a pai o da a (cen ali y; densi y) wi h
cen ali y measu ing he in ensi y o i s links o o he clus e s in he ne wo k ( he highe he
cen ali y, he mo e connec ed o o he ields o s udy) and densi y measu ing he inne
s eng h o he links ha ie he wo ds wi hin he clus e ( he highe he densi y, he mo e
de eloped is he esea ch). The sum o cen ali y and densi y gene a es an Equi alence-Index
(E-I) wi h he highe his E-I, he g ea e he s a egic impo ance o a clus e in a ne wo k
(Callon e al., 1991;Cobo e al., 2011). Plo ing he pai o da a cen ali y-densi y in a XY g aph,
we ob ain ou ca ego ies o hemes wi h dis inc i e meaning o each one (Table 1).
EJMBE
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3. Resul s
Al hough ou ini ial in en ion was o analyze he en i e pe iod 1990–2022, esul s sugges ed
ha he e migh be wo pa e ns o esea ch (Figu e 1). We decided o app oach he s udy in
wo subpe iods (1990–2007; 2008–2022) in o de o de ec changes in esea ch pa e ns i hey
had occu ed.
3.1 Pe o mance analysis
P oduc ion a ound he opic has inc eased in ecen yea s wi h 85.7% o a icles concen a ed
in 2008–2022, e ealing a g owing in e es by esea che s on he opic.
A o al o 323 au ho s published du ing 1990–2007 wi h only se en p oducing mo e han
wo a icles. Mos p oduc i e au ho is James D Wes phal wi h i e a icles on he
in e ela ions be ween di ec o s and CEO and how hese wo in luence each o he a boa ds
o la ge US co po a ions. Howe e , mos in luen ial au ho s a e Robe E. Hoskisson (la ges
h-index) and Richa d A. Johnson (la ges ci a ions) (Table 2), who co-au ho ed wo pape s on
Isola ed hemes
Unconnec ed and de eloped hemes. He e, we
usually ind hemes wi h s ong in e nal connec ions
(high densi y) bu poo ly connec ed o o he hemes
(low cen ali y), which would be he case o once
p incipal hemes and now o ma ginal ele ance
P incipal hemes
In e connec ed and de eloped hemes show high
densi y ( obus and in e nally cohe en ) and high
cen ali y (highly ela ed o o he s). These hemes
ha e concen a ed he co e o he esea ch e o s and
a e essen ial o he opic a s udy
Dilemma hemes
Pe iphe al and unde eloped hemes. He e, we ind
declining hemes wi h low in e es o esea che s
mixed up wi h eme ging hemes s ill o de elop and
showing li le connec ion o o he a eas o s udy
Seconda y hemes
In e connec ed bu unde eloped hemes, show low
densi y bu high cen ali y. Themes in his quad an
a e men ioned in nume ous pape s bu esea ch is in a
basic s age gi en weak inne connec ions
Sou ce(s): Table by au ho s
Table 1.
Ca ego ies o Themes
in S a egic G aph
Figu e 1.
Publica ions pe yea ,
1990–2022
Boa d o
di ec o s and
business
217
he oles o ins i u ional in es o s and BoD in ela ion o in e na ional di e si ica ion, and he
p e e ence o ei he in e nal o ex e nal inno a ion o di e en ypes o ins i u ional
in es o s and di ec o s’p o iles.
The subpe iod 2008–2022 sees 2,256 au ho s wi h 26 o hem publishing mo e han wo
pape s and wo au ho s o highligh : Isabel M. Ga cia S
anchez as he mos p oduc i e wi h
eigh pape s on boa d independency issues, and Al edo de Massis as he mos in luen ial
wi h highes ci a ions and h-index (Table 3), who esea ches on BoD in ol emen in
inno a ion a small and medium sized en e p ises (SMSE).
Mos o ci ed a icles du ing 1990–2007 (Table 4) ocus on go e nmen in e en ion in
Chinese p i a ized companies (Fan e al., 2007), he impac o di e en ins i u ional owne ship
on co po a e social pe o mance (Johnson and G eening, 1999), he dis inc i e p e e ences o
di e en ypes o inno a ion by inside and ou side di ec o s (Hillman e al., 2000), he bias o
di e en ype o R&D unding by di ec o s (Hoskisson e al., 2002) and he impac o ensions
among managemen and boa ds on no ul illing s ock epu chasing p og ams widely
announced du ing he 90s(Wes phal and Zajac, 2001).
The subpe iod 2008–2022 sees a g owing a en ion o socie al issues (Table 5), and
al hough hey do no add ess BT di ec ly, hey del e in o co po a e changes ela ed o
sus ainabili y (Eccles e al., 2012;Lozano, 2015) en i onmen al aspec s (Liao e al., 2015) and
di e si y a boa ds (Dezs}
o and Gaddis Ross, 2012).
3.2 Analysis o science mapping
Ne wo k o ela ions among op keywo ds we e c ea ed acco ding o hei ole o he ne wo k,
using closeness deg ee (Figu es 2,3).
Co e e ms (la ges ed icons) a e highly connec ed o o he e ms, se ing he pe sonali y
o he ne wo k and he esea ch. In 1990–2007, we ound concep s ela ing o di e en laye s
o powe ac oss he en e p ise (owne ship; di ec o s; managemen ), he amewo k o ules o
Au ho # A icles Ci a ions Ci a ions pe a icle H index To al publica ions
Wes phal, James D 5 1.133 226,6 41 60
Filal o che , Igo 4 466 116,5 45 138
Hoskisson, Robe E 3 862 287,3 53 93
Ba ke , Vincen L 3 450 150,0 20 42
Johnson, Richa d A 3 1.617 539,0 12 62
Hi , Michael A 3 1.010 336,7 49 121
Zajac, Edwa d J 3 912 304,0 17 32
Sou ce(s): Table by au ho s
Au ho
#
A icles Ci a ions
Ci a ions pe
a icle
H
index
To al
publica ions
Ga cia Sanchez, IM 8 310 38,7 44 186
K ause, R 6 263 43,8 19 30
De Massis, A 5 405 81,0 48 139
Ma inez-Fe e o, J
Co-au ho ed 4 o 5 wi h Ga cia
S
anchez, IM
5 185 37,0 22 52
Wi he s, MC 5 119 23,8 19 37
Sou ce(s): Table by au ho s
Table 2.
Au ho s wi h highes
numbe o publica ions
(>2), 1990–2007
Table 3.
Au ho s wi h highes
numbe o publica ions
(>4), 2008–2022
EJMBE
33,2
218
Re Aim Key wo ds Con ibu ion
# Ci a ions
pe yea
Fan e al.
(2007)
To examine he ole o go e nmen in e en ion in
China’s newly pa ially p i a ized i ms
poli ical connec ions; co po a e go e nance;
IPO; pe o mance; pa ial p i a iza ion; China;
ope a ing pe o mance; sha e; ma ke ; s a e
The p esence o poli ically connec ed CEO’s in newly
pa ially p i a ized in China in he pe iod 1993–2001
eaches 27%. These companies s. simila companies
wi h non-poli ically connec ed CEO’s:
(a) unde pe o m long- e m pos -IPO s ock e u ns by
18% wi h poo e accoun ing pe o mance; (b) IPO
ini ial ( i s day) e u ns a e nega i ely ela ed o he
CEO’s poli ical connec ions; (c) boa ds show ewe
p o essionals han o he s wi h mo e p esence o o he
bu eauc a s, less gende and age di e si y.
In summa y, go e nmen in e en ion h ough
poli ically connec ed CEO’s isn’ a d i e o
sha eholde alue maximiza ion
72,9
Johnson and
G eening
(1999)
To examine ela ionship among ypes o ins i u ional
in es o s, boa d composi ion, op managemen eam
equi y, and speci ic Co po a e Social Pe o mance
dimensions
o ganiza ional a ac i eness; sha eholde
ac i ism, i m inno a ion; in es o s; di ec o s;
incen i es; boa ds; en i onmen ; in ensi y;
s a egy
Ce ain ypes o ins i u ional owne ship and
go e nmen mechanisms a e posi i ely ela ed o a
pai o isola ed aspec s o co po a e social
pe o mance such as p oduc quali y and people.
Pension und equi y ela es posi i ely o bo h
dimensions, while mu ual and in es men banks
equi y show no ela ion o hose aspec s. Ou side
di ec o s show posi i e ela ion while cases whe e
Top Managemen holds equi y has a posi i e impac
on p oduc quali y bu no e ec on people dimension
36,2
Hillman e al.
(2000)
To p esen a axonomy o classi ying di ec o s ha
e lec s he esou ce dependence ole as dis inc om
he agency ole, and o explo e he ole o esou ce
dependence by examining he changing na u e o
boa d composi ion in he US ai line a el indus y
pe o mance; go e nance; op; i m;
pe spec i e; managemen ; owne ship;
u no e ; impac ; model
A axonomy o ou ypes o di ec o s (Inside s,
Business Expe s, Suppo Specialis s and
Communi y In luen ials) ha e lec s he dis inc i e
ole ha di ec o s play unde esou ce dependence
heo y as opposi e o hei ole unde agency heo y
pe spec i e. Gi en an en i onmen al change such as
mo ing om egula ion o a de egula ion in US ai
lines sec o , boa ds eplacemen s we e mo e likely o
come om he business expe and communi y
in luen ial ypes, while du ing egula ion boa d
eplacemen s we e mo e likely om he inside and
suppo specialis ca ego ies
28,9
(con inued)
Table 4.
Top mos ci ed a icles
published, 1990–2007
Boa d o
di ec o s and
business
219
indi iduals owa d change (B unninge e al., 2007;Cha e jee e al., 2003;Le e al., 2006;Luan
and Tang, 2007;Wes phal and F ed ickson, 2001;Yawson, 2006), while in 2008–2022, he
p incipal hemes ake a mo e public pe spec i e ocusing esea ch on co po a e esponses
om BoD, as an o ganiza ional body, o sus ainabili y isks (Ben-Ama e al., 2017;
Quad an : P incipal hemes
Co po a e Go e nance: Agency cos s; boa d
composi ion; co po a e go e nance (93.18);
de e minan s; di e si ica ion; i ms; go e nance;
incen i es; in es men s; owne ship; akeo e s
Boa d o Di ec o s: Boa d o di ec o s (85.41);
empi ical analysis; inno a ion; owne ship s uc u e;
R&D; s a egy
Di ec o s: CEO compensa ion; demog aphy;
di ec o s (93.18); managemen ; o ganiza ional change;
pe o mance; op
Quad an : Dilemma Themes
Impac : beha io ; cos s; economies; impac (68.33)
Execu i e Compensa ion: compensa ion;
execu i e compensa ion (71.93); i m pe o mance;
ma ke ; sys em
Model: model (71.93); pe spec i e; u no e
S a egic Change: en i onmen ; inancial
pe o mance; o ganiza ions; s a egic change (70.69)
Powe : powe (67.21); ans o ma ion
Sou ce(s): Table by au ho s
Quad an : P incipal Themes
Boa d o Di ec o s-Co po a e Go e nance:
agency; agency cos s; boa d composi ion; boa d o
di ec o s (100); CEO; CEO compensa ion; China;
compensa ion; co po a e go e nance (100);
de e minan s; di ec o s; dynamics; ea nings
managemen ; managemen ; owne ship; owne ship
s uc u e
Fi m Pe o mance: consequences; decision
making; expe ience; inancial pe o mance; i m
pe o mance (95.52); mode a ing ole; o ganiza ional
pe o mance, powe ; isk- aking; s a egic change; op
managemen ; uppe echelons
Quad an : Dilemma Themes
CSR: clima e change; CSR (84.21); sus ainabili y
Pe o mance: beha io ; business; i ms;
pe o mance (98.46); quali y; isk; USA
In es men s: cos s; e iciency; incen i es;
in o ma ion; in es men s (84.21); ma ke s
R&D: compe i ion; g ow h; policy; p oduc i i y;
R&D (91.42); echnology
Inno a ion: en ep eneu ship; inno a ion (98.46);
knowledge; model; ne wo ks; o ganiza ions; s a egy
Quad an : Seconda y Themes
Impac : boa d di e si y; di e si y; gende ; gende
di e si y, go e nance; impac (98.46); women; women
on boa ds
Sou ce(s): Table by au ho s
Table 7.
Thema ic Clus e s pe
Quad an in 1990–2007
Table 8.
Thema ic Clus e s pe
Quad an in 2008–2022
EJMBE
33,2
226

Be nile e al., 2018;Buyl e al., 2019;Haque, 2017;Hus ed and Sousa-Filho, 2019;McGuinness
e al., 2017) o o signi ican al e a ions on compe i i e landscape (Ka ae li and Zajac, 2013;
Oehmichen e al., 2017;Yang and Zhao, 2014). This o ien a ion can also be seen in mos ci ed
pape s in 2008–2022 wi h esea ch ocusing on g oup beha io a he han indi idual ai s
o di ec o s (Table 5).
All he abo e implies ha p incipal hemes ha e a he changed han e ol ed since we
canno conside bo h hema ic clus e s being o igina ed unde simila cul u al amewo ks.
To iden i y his, we ha e conduc ed consensus analysis (CA), a me hodology p e iously
applied o di e en ields such as cul u al di e si y wi hin social mo emen s (Bo ga i and
Halgin, 2011) o clima e change (C ona e al., 2013) which helps o iden i y simila i ies
(consensus) be ween de ini ions. Bo ga i and Halgin (2011) highligh ha his me hodology
assesses consensus in esponses o mul iple ypes o answe s, and s a e ha a low consensus
would indica e ha de ini ions (i.e. he e ms o ming clus e s) a e d awn om di e en
cul u es wi h sys ema ically di e en belie s. This me hodology e alua es he “ag eemen ”
be ween clus e s h ough a co ela ion index, wi h his index abo e 0,7 when hey sha e a
concep ual backg ound. Table 9 shows mos s a egic heme in 2008–2022 (BoD-CG) sha ing
low co ela ion e sus any o he om p e ious pe iod, indica ing i cons i u es a s andalone
s eam o easoning, and he e o e, we can no say ha p incipal hemes o bo h subpe iods
a e he same.
We a gue ha his change o pe spec i es goes beyond he heo e ical backg ound
discussion. Mos in luen ial pape s when he opic ocuses on indi idual cha ac e is ics, show
connec ions o bo h agency heo y (Fan e al., 2007;Hoskisson e al., 2002;Wes phal and Zajac,
2001) as well as RDT (Hillman e al., 2000;Johnson and G eening, 1999). This also happens
when he pe spec i e u ns mo e o ganiza ional, wi h esea ch connec ed o bo h agency
heo y (Eccles e al., 2014;Liao e al., 2015) and RDT (Dezs€
o and Ross, 2012;Lozano, 2015).
Rega ding he seconda y heme (di e si y), he analysis o gende di e si y a BoD is
connec ed o a b oad a ie y o opics including i m’s inno a ion pe o mance, esponse o
ESG-CSR challenges, s ock ola ili y, co po a e esul s, consequences o gende quo as, o
he quali y o accoun ing. Howe e , as in he case o p incipal hemes, he a iable unde
sc u iny is he “who”( he associa ion be ween an indi idual a ibu e and a pe o mance
a iable) wi h deepe esea ch needed ega ding he “how”(p ocesses and o ganiza ional
aspec s), namely he deploymen o inno a ion ini ia i es ac oss o ganiza ional s uc u es
(Dezs€
o and Ross, 2012), how gende di e si y is mode a ed by cul u al, ins i u ional and legal
se ings (Hus ed and Sousa-Filho, 2019;McGuinness e al., 2017) o compe i i e en i onmen
(Be nile e al., 2018), he impac o di e si y on p ocesses (Conyon and He, 2017;Haque, 2017)
and how gende quo as a BoD is ac ually ansla ed in o a mo e di e se managemen
(Be and e al., 2014) and mo e accu a e inancial epo ing (Ga c
ıa La a e al., 2017).
A po pou i o heo ies unde lay he oles played by BoD in he abo e li e a u e including
he agency heo y (Ga c
ıa La a e al., 2017;Hus ed and Sousa-Filho, 2019), RDT (Be nile e al.,
2018;Be and e al., 2014;Dezs€
o and Ross, 2012), bo h agency heo y and RDT (Haque, 2017)
o he in eg a ion o heo ies om o he domains such as social psychology and labo
economics (Conyon and He, 2017).
Abo e shows ha he hemes su ounding BoD and BT enclose a complexi y ha goes
beyond he heo e ical oles played by di ec o s a BoD and ha he opic should conside
bo h composi ion ea u es and unc ioning mechanisms wi h unclea ela ions be ween BoD
composi ion and inno a ion (Asensio-L
opez e al., 2019).
5. Conclusions, implica ions and u u e lines o esea ch
To he bes o ou knowledge, his pape is he i s o iden i y clus e s o esea ch on BoD
and BT, o cla i y hei hema ic con en and o de e mine he s age o de elopmen o hose
Boa d o
di ec o s and
business
227
2008–2022
Boa d o
di ec o s-co po a e
go e nance Fi m pe o mance Impac CSR Pe o mance In es men s R&D Inno a ion
1990–2007 Co po a e Go e nance <0,7 <0,7 <0,7 <0,7 0,718 <0,7 <0,7 <0,7
Boa d o Di ec o s <0,7 <0,7 <0,7 0,769 <0,7 0,718 0,769 0,744
Di ec o s <0,7 <0,7 <0,7 0,821 0,795 0,821 0,718 0,744
Impac <0,7 <0,7 <0,7 0,795 0,718 0,744 <0,7 0,718
Execu i e Compensa ion <0,7 <0,7 <0,7 0,744 0,718 <0,7 <0,7 <0,7
Model <0,7 <0,7 <0,7 0,846 0,769 0,846 0,744 0,769
S a egic Change <0,7 0,718 <0,7 0,821 0,744 0,769 0,769 0,744
Powe <0,7 0,718 0,718 0,872 0,795 0,821 0,769 0,795
Sou ce(s): Table by au ho s
Table 9.
Ag eemen (co ela ion
index) be ween
Clus e s by pe iod
EJMBE
33,2
228
clus e s. Resea ch shows ha BoDs a e connec ed o BT, and his is key o achie e high
pe o mance o ganiza ions. This will help u u e esea che s o posi ion u he analysis
ei he as alida ion o indings o as new con ibu ions o enhance unde eloped hemes.
Fo his pu pose, we ook s ock o 1,023 a icles dealing wi h he opic ha ha e been
published be ween 1990 and 2022 in p es igious publica ions and un eiled ha p e ious
li e a u e is no a uni o m body o knowledge. P oduc ion spli s in wo sepa a ed subpe iods
(1990–2007; 2008–2022) wi h esea che s ocusing on dis inc i e hemes. Using Bibexcel™,
keywo ds we e ex ac ed and using UciNe ™, we plo ed g aphs o iden i y hemes ha ha e
concen a ed mos o he esea ch e o s (p incipal hemes), hose wi h connec ions o a
b oad a ie y o co po a e aspec s bu wi h deepe esea ch needed (seconda y hemes) and
hose hemes wi h li le connec ions o o he ields and unde eloped (dilemma hemes).
Rega ding he i s esea ch ques ion ( op au ho s co e ing BoD and BT), we ocused on
he numbe o a icles, ci a ions and h-index o iden i y mos in luen ial au ho s. In 1990–
2007, we ound ha he mos p oduc i e au ho is James D. Wes phal o ques ions abou he
engagemen o CEO and boa ds, Richa d A. Johnson, wi h highes numbe o ci a ions pe
a icle who would be he au ho o ead o he ole o ins i u ional owne ship on co po a e
e olu ion, and Robe E. Hoskisson, wi h highes h-index, who ocuses on he impac o
di e en ypes o owne ship on CG. In 2012–2021, we ound i e au ho s wi h mo e han ou
a icles, being au ho s o e e ence, Isabel M. Ga cia S
anchez (mos p oduc i e and second
highes h-index) o boa d independency issues, and Al edo De Massis (highes h-index) o
BoD in ol emen in inno a ion a SMSE.
To answe he second ques ion (which a eas a e being analyzed o he link be ween BoD and
BT?), we ound ha du ing 1990–2007, he opic caugh low in e es om esea che s, and mos o
hei wo k concen a ed on he balance o inne powe wi hin co po a ions (owne s, di ec o s, op
managemen ), he body o ules ha ma ked hei beha io (CG) and how di ec o s migh exe cise
con ol o e managemen (compensa ion, incen i es, agency cos s and boa d composi ion). Du ing
2008–2022, we ound ha in e es on he ma e g ows exponen ially wi h esea che s expanding
lines o wo k beyond co e adi ional aspec s (CG, owne ship, BoD and managemen ) and ele a ing
o a cen al posi ion he consequence o decisions made by s akeholde s (pe o mance, impac ).
Also, new lines o esea ch appea in hese yea s mos ly ela ed o di e si y (gende di e si y) and
sus ainabili y (CSR, clima e change).
To answe he hi d esea ch ques ion (which a eas cons i u e well-co e ed ields o s udy;
which ones a e unde eloped), we iden i ied he ele ance o hemes h ough hei loca ion in
s a egic g aphs, showing wo highly s uc u ed and well-de eloped a eas ha concen a e mos
o he esea ch e o s in 2008–2022: (1) CG and BoD om he pe spec i e o o ganiza ional
beha io a he han he sum o indi idual ea u es; (2) consequences o s a egic decisions on
i m’s pe o mance. We also no ed he exis ence o a seconda y heme co e ing he impac on i ms
o gende di e si y al hough mos o he esea ch concen a es on di e si y as an indi idual ai
a he han o ganiza ional aspec s. The impo ance o seeing BoD’s in ol emen in BT as a
complex s uc u e ins ead o a me e sum o indi iduals playing a heo e ical ole is co obo a ed by
he con ibu ions o mos ci ed a icles (Tables 4 and 5) and he ac ha we ha e seen a my iad o
di e en heo ies simul aneously used o suppo con ibu ions.
This pape p esen s some p ac ical implica ions o u u e esea che s. Those who wish o
le e age p e ious e idence o add ess new esea ch ques ions migh in es iga e p incipal
hemes co e ing BoD dynamics and composi ion o exe CG, and he ela ion be ween
s a egic decisions and pe o mance measu ed by di e en a iables. Those who wish o
posi ion hei esea ch as new indings o shed ligh on dilemmas, migh ind oppo uni ies in
he ields o clima e change-sus ainabili y, R&D o g ow h, and inno a ion unde he
pe spec i e o in angible asse s (ne wo ks, knowledge and en ep eneu ship). Also, o
highligh gende di e si y as an in e connec ed subjec wi h esea ch o de elop a ound
o ganiza ional pe spec i es.
Boa d o
di ec o s and
business
229
The s a egic g aph o 2008–2022 (Figu e 5) o e s uses o de i e u u e lines o esea ch
each one building on speci ic quad an s wi h dis inc i e aims (Table 10). The i s line would
be whe he he impac o BoDs on BT depends on co po a e cul u e and owne ship s uc u e.
A e amily-con olled companies wi h a low numbe o di ec o s (aligned wi h owne ship)
mo e success ul because boa d composi ion acili a es agile execu ion wi h less
disc epancies? O a e highly di e si ied sha eholding companies mo e success ul because
di e si y in boa ds acili a e b oade answe s o ans o ma ional challenges? Answe ing
S a egic aim
Enable
quad an in
s a egic
g aph
2008–2022
Sugges ed line
o esea ch Resea ch ques ions Suppo ing sou ces
Valida e indings
sou ced om
de eloped hemes, in
al e na i e business
con ex less
de eloped
P incipal
Theme
Family owne ship
and BoD cul u e o
BT success
Which owne ship
s uc u e mos
acili a es BT
go e nmen ?
Family-con olled
business wi h a
amily aligned BoD
o agmen ed
sha eholding
companies wi h
di e si ied di ec o s’
p o iles?
Ch isman e al.
(2004),King e al.
(2022),Maseda e al.
(2019),Vlasic (2022)
Deepen he con en
o an in e connec ed
clus e o ideas s ill
wi h a eas o
examine
Seconda y
Theme
Le e aging he
bene icial impac o
gende di e si y in
uppe echelons by a
synch onized
inc ease in emale
ep esen a ion bo h
a BoDs and Top
Managemen Team
(TMT) a he han
sepa a ed
o ganiza ional laye s
Do i ms achie ing
high pe o mance
esul s equi e an
o ganiza ion whe e
di e si y shows
pa allel s anda ds a
BoD and a TMT?
Be and e al.
(2014),de Waal
(2018),Dezs€
o and
Ross (2012),Maida
and Webe (2022),
Tampakoudis e al.
(2022),V ache a
and S oyne a (2020)
Expand an
unde eloped heme
in ela ion o o he
a eas al eady
esea ched and o
s eng h inne
con en
Dilemma
Theme
O ganiza ional
legi imacy o BoDs
as a d i e o BT due
o sus ainabili y and
clima e change isks
When BODs lead BT
o clima e change
easons, does
o ganiza ional
legi imacy ac as an
enable o as a mus -
ha e?
Wha a e he CG
a ibu es p o iling
companies
succeeding a BT?
Which o hose
a ibu es ela e o
e ec i eness and
which ones o
legi imacy?
Cach
on-Rod 
ıguez
e al. (2021),D
ıez-
Ma 
ıne al. (2021),
Galb ea h (2018),
Haque (2017),Liao
e al. (2015),O azalin
and Mahmood
(2021)
Sou ce(s): Table by au ho s
Table 10.
Fu u e Lines o
Resea ch
EJMBE
33,2
230
his migh yield ecommenda ions o amily companies on how o in eg a e s a egic
app oaches, and o mul i-owned companies on how o inc ease agili y a go e ning BT.
A second line will deepen he con en o seconda y heme (gende di e si y) ocusing on how o
le e age he bene icial impac o an inc eased emale ep esen a ion bo h in BoDs and op
managemen eams (TMT). T adi ional analyses ha e co e ed he impac o gende di e si y in
isola ed domains (ei he BoDs o TMT) and we could ask whe he o ganiza ions aiming high
pe o mance esul s equi e ha gende di e si y is equally s anda dized a BoD and TMT.
A hi d line o esea ch would concen a e on he speci ic o ganiza ional cha ac e is ics
ha p o ile sus ainable co po a ions and how his is led om BoDs. Analyzing how clima e
change and sus ainabili y en e boa d’s agenda will explain wha igge s BT, and he
a ibu es ac i a ed o gain ei he e ec i eness o legi imacy om s akeholde s.
Some limi a ions a e also no ed. This analysis conside ed a icles indexed by WoS o
Q1þQ2 publica ions as sou ce o li e a u e, while including o he s such as Scopus would
inc ease knowledge base. Also, o iden i y main s eams o esea ch, we conside ed keywo ds
wi h cumula i e occu ence spanning om 30% o 40% while inc easing his pe cen age
would add e ms ha migh imp o e p ecision o he connec ions among keywo ds. O he
echniques could ha e been used such as co-ci a ion o bibliog aphic coupling, al hough we
ind hese as be e sui ed o in es iga e he basic s uc u e behind he ounda ional
knowledge o he opic (Mukhe jee e al., 2022) while ou in en ion was o unde s and he
posi ioning o s udy ields ega ding he deg ee o esea ch p og ess.
Despi e he abo e, his e iew is he i s o add ess ans o ma ion as he ocal poin o
BoD, o iden i y mos ele an au ho s on he opics, and he hemes ha concen a e in e es
o au ho s, poin ing ou new lines whe e u u e esea ch migh head o.
No es
1. h ps://www. c.o g.uk/ge a achmen /88bd8c45-50ea-4841-95b0-d2 4 48069a2/2018-UK-Co po a e-
Go e nance-Code-FINAL.pd
2. h ps://ec.eu opa.eu/mig an -in eg a ion/lib a y-documen /eu opean-commission-g een-pape -eu-
co po a e-go e nance- amewo k_en
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