Businesses commonly access new markets through joint ventures, and these partnerships may adopt diverse structures of government, among which the Board of Directors often plays a key role. Accordingly, the aim of this study is to observe which characteristics of the Board most affect the success of joint ventures between Spanish and Moroccan SMEs, operating in Morocco. Using a structured questionnaire, we analyse the characteristics of the Board that affect success, as measured by the partners’ satisfaction with the performance achieved. The results show that factors influencing overall partners’ satisfaction with the joint venture include the existence of external directors, the existence of directors with a significant level of ownership in the partnership, the existence of an audit committee, and the (low) frequency of Board meetings. All these measures can be said to be indicators of the type of control held over the partnership, as a means of ensuring the partners’ goals are achieved.
Board, governance and firm performance: Are financial intermediaries different?
