The Impact of Board Capital on Internationalization of SMEs: Initial Theoretical Considerations

Monika Bužavaitė, Renata Korsakiene


The study aims to investigate the relationship between Board capital and internationalization of SMEs. The study implements a systematic review and synthesis of scientific literature. The article presents useful insights into the concept of Board capital, Agency, Resource dependency, Institutional theories, and Resource-Based view. These theories give us a better understanding of Board capital, the firm’s management and behavior. The analysis of recent studies suggests that external members of the Board might positively affect internationalization outcomes and be useful in overcoming obstacles during the initiation of international activities. Nevertheless, international entrepreneurship literature is still lacking studies considering Board capital. A deeper investigation of Board capital factors impacting the internationalization of SMEs can be stated as a future research direction. 


Board capital; External directors; Internationalization; SMEs.

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DOI: 10.7250/scee.2019.002


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