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Determinants of Nonprofit Board Size and Composition

The Case of Spanish Foundations

University of Valladolid

Valentín Azofra-Palenzuela

University of Valladolid

M. Elena Romero-Merino

European University Miguel de Cervantes

Recently, many empirical studies have examined the determinants of corporate boards of directors. Using an agency theory framework, the authors explain how nonprofit boards are structured. Although nonprofits cannot disburse profits to their contributors, the role played by their boards of trustees in monitoring and advising managers is analogous to that of corporate boards of directors. Using a sample of Spanish foundations, the authors show that nonprofit board determinants, such as organizational complexity and financing structure, are similar in many ways to those of corporate boards. However, nonprofit age illustrates the different natures of these organizations and their voluntary boards.

Key Words: nonprofit governance • board of trustees • foundations • Spain

This version was published on October 1, 2009

Nonprofit and Voluntary Sector Quarterly, Vol. 38, No. 5, 784-809 (2009)
DOI: 10.1177/0899764008320501


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