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Growth Intentions and Board Composition in High-Growth Firms

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Abstract

This paper examines the influence of board composition on growth intentions of high-growth firms. We hypothesize that gender diversity and a high proportion of independent directors on the board will reduce a firm's growth intentions, whereas founder duality will increase a firm's growth intentions. Using survey data from 773 high-growth Norwegian firms, we find that gender diversity has a negative effect on growth intentions. A high proportion of independent directors do not facilitate further growth in high-growth firms. Furthermore, our results indicate that the founder's presence in the decision-making group increases a firm's growth intentions.

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