{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,11,27]],"date-time":"2025-11-27T16:14:28Z","timestamp":1764260068020,"version":"3.41.2"},"reference-count":67,"publisher":"Emerald","issue":"10","license":[{"start":{"date-parts":[[2019,11,11]],"date-time":"2019-11-11T00:00:00Z","timestamp":1573430400000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.emerald.com\/insight\/site-policies"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["MD"],"published-print":{"date-parts":[[2019,11,11]]},"abstract":"<jats:sec><jats:title content-type=\"abstract-subheading\">Purpose<\/jats:title><jats:p>The purpose of this paper is to use the dynamic capabilities framework to explain the effect of board networks, as a source of intellectual capital, on firm performance. The authors propose that the influence of board interlocks depends on their ability to contribute to strategic decision making. As a result, their effect is subject to the business context in which they occur and the different role of the interconnected directors involved.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Design\/methodology\/approach<\/jats:title><jats:p>The authors use social network analysis to make board connections and to calculate centrality measures. The authors also identify busy boards to analyze whether their effect differs from centrality. The authors estimate the theoretical model using the Generalized Method of Moments in order to take advantage of the panel database.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Findings<\/jats:title><jats:p>For a sample of Spanish firms from 1999 to 2015, the results show there is no direct significant effect of directors\u2019 networks on firm performance. However, the authors find a positive and significant influence of intra-industry board connections, particularly when they are established among outsiders.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Research limitations\/implications<\/jats:title><jats:p>The Spanish context of the study can limit the generalization of the papers\u2019 results.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Practical implications<\/jats:title><jats:p>The results can be useful both for practitioners \u2013 since they can serve as a guide for companies to reformulate their boards in search of the optimal structure-, and when implementing good governance codes \u2013 establishing limits for director interlocking.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Originality\/value<\/jats:title><jats:p>This study helps to offer a better understanding of how directors\u2019 networks can add value to the firm depending on the kind of resources they provide (context) and the role of the director who is connected.<\/jats:p><\/jats:sec>","DOI":"10.1108\/md-12-2017-1238","type":"journal-article","created":{"date-parts":[[2018,10,5]],"date-time":"2018-10-05T10:21:07Z","timestamp":1538734867000},"page":"2653-2671","source":"Crossref","is-referenced-by-count":20,"title":["Board networks as a source of intellectual capital for companies"],"prefix":"10.1108","volume":"57","author":[{"given":"David","family":"Blanco-Alc\u00e1ntara","sequence":"first","affiliation":[]},{"given":"Jos\u00e9 Mar\u00eda","family":"D\u00edez-Esteban","sequence":"additional","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0003-0920-4950","authenticated-orcid":false,"given":"M. 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