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    THE IMPACT OF ADVISORS’ KNOWLEDGE AND EXPERIENCE ON THE PERFORMANCE OF OWNER-MANAGER COMPANIES

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    Genre
    Thesis/Dissertation
    Date
    2021
    Author
    Corey, Michael cc
    Advisor
    Schmidt, Stuart M.
    Committee member
    Di Benedetto, C. Anthony
    Wray, Matt, 1964-
    Marram, Edward P.
    Department
    Business Administration/Interdisciplinary
    Subject
    Entrepreneurship
    Management
    Advisory board
    Board of directors
    Entrepreneurship
    Owner-managed
    Owner-manager
    Performance
    Permanent link to this record
    http://hdl.handle.net/20.500.12613/6505
    
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    DOI
    http://dx.doi.org/10.34944/dspace/6487
    Abstract
    Small businesses are an important engine of economic growth and are essential to the stability and health of the national and global economies. U.S. Census Bureau data show that small businesses have poor survival rates, however. The literature on organizational failure contains no generally agreed-on list of the variables that separate success from failure. Although external factors are beyond a company’s control, internal factors such as business practices, management teams, and choice of business model are within its influence, and an effective board of directors can address many of the internal factors that cause failure.The majority of the literature focuses on the boards of large, publicly listed companies. The unique needs of owner-manager companies (OMCs), which are generally synonymous with small business, have not been studied sufficiently. Without a legal requirement for a board of directors, some OMCs establish panels of advisors. Using a quantitative method, the first study investigated the impact of the specific knowledge and experience that advisors possess on the performance of OMCs, as moderated by the company’s stage of growth. One key finding of this study is that the early stage of growth, managerial experience has a positive relationship to both measures of OMC performance and entrepreneurial experience has a negative relationship to both. The study also provided evidence that the impact of experience and knowledge on OMC performance is moderated by the company’s current stage of growth. The second study further explored the key findings of the quantitative study using a qualitative method. A series of thirty-two semi-structured interviews were conducted with owner-mangers and advisors. The second study corroborated the importance of managerial experience to both measures of OMC performance in the early stages of a company’s development. It also corroborated the negative relationship of entrepreneurial experience to one measure of OMC performance but contradicted its negative relationship to the other. This mixed-methods approach provided a deeper understanding of the actions that owner-managers take and how those ultimately affect OMC performance.
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