Abstract
This paper focuses on the impact of goal alignment between owners and managers on board demographics and board size in non-quoted family businesses. Hypotheses from agency and stewardship theory test how goal alignment affects board composition and board size. The results show that goal alignment leads to different board composition and significantly smaller board size. The analysis extends current knowledge about board structures and board sizes in family businesses. In addition, the paper contributes to theories of governance studies by providing an integrative and complementary use of agency and stewardship theory.
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