Board Resources and Firm Performance in SMEs

The objective of this paper is to analyse whether the knowledge, experience and capabilities of the board of directors aid the expansion of growth-oriented SMES. The sample consists of 200 board members of 32 firms listed on Spain's alternative investment market. Our results show that average board tenure, educational level and CEO experience all affect firm growth. This article highlights the particular importance of human capital for these firms and how it can improve their performance.