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Board size has received significant attention among researchers and regulators. However, the advisory role of boards has not been studied much. In this study I examine the notion that investors value larger boards for their advisory capabilities. Prior studies examine board size in the context of monitoring role of corporate boards and find opposite effects on debt holders and equity holders. Using market-based measures of total firm performance, which take both equity and debt into account; I find that larger boards are associated with greater economic value added (EVA). Using a sample of S&P 1500 firms from 2000 to 2003 and controlling for various firm and industry characteristics, I also find that the board size is positively associated with firm productivity and various other efficiency measures such as return on assets (ROA), return on equity (ROE) and Sales-Turnover ratio. I argue that firms with larger boards, valuing the advisory role of directors offer greater compensation to the directors. Overall the results indicate that large board size has a positive impact on firm's performance. The results are robust to alternative measures of firm performance and other key variables.

Incorporating the voice of older adults into all phases of research has the potential to make findings more relevant and impactful. Beyond the direct benefit, researchers have an ethical obligation to elicit the contributions of older adults into their work. Recently, organizations such as the Patient Centered Outcomes Research Institute in the United States, the Canadian Institutes of Health Research and the National Institute of Health Research in the United Kingdom have stepped up to accelerate the incorporation of public and patient voice into research, resulting in innovative engagement strategies for involving stakeholders, including older adults in research. However, those who are physically and mentally capable are more often included in research than those with multiple chronic conditions or living with disabilities. The ability to incorporate older adult voice into research is possible and has provided tangible benefits to researchers. Older adults have expertise based on their lived experiences that can provide invaluable insights on how to conduct research with real-world applications. Programmes such as the Bureau of Sages have worked to implement and disseminate best practices and guidelines for incorporating the voice of older adults into research. Principles for engaging older adults include flexibility, mutual engagement of the older adult and the researcher, time for rapport building and partner development and increased focus on accessibility. By working to understand these principles and overcome challenges to incorporating older adult voice into research, research will be more meaningful and relevant to the public, and will inherently include a focus on translation of research into practice.

Since at least the 1980s, the accounting profession has discussed and written about the gap between academics and the practice of accounting. More recently, accounting academics have joined the call for increased faculty engagement with the accounting profession. As a result, the 2018 Association to Advance Collegiate Schools of Business International (AACSB) Eligibility Procedures and Standards for Accounting Accreditation include “Engagement” as a significant pillar of the new standards. The objective is to challenge accounting department faculty to engage more intentionally with accounting practitioners. Accounting Advisory Councils might represent an important opportunity to achieve such engagement. The authors conducted a survey to gain an understanding of advisory councils and how they might address the concerns of the accounting profession for more interaction and collaboration between the academy and the profession. It is encouraging that 96% of our AACSB accounting accredited respondents indicated that they have a functioning Accounting Advisory Council and that they believe the Council is very valuable in support of the department’s mission. In addition, the accounting department leaders reported a very high level of engagement with council members outside regular meetings. The survey results of this chapter provide additional insights on organization, membership, and engagement regarding Accounting Advisory Councils.

Despite being the dominant form of business globally, it is widely recognised that research focused on the governance of small family-owned entities has been largely overlooked. The benefits of sound governance practices are deemed salutary for small business prosperity; however, these enterprises are confronted with significant governance issues and unique concerns of their own. One particular issue concerns the compliance costs of governance for family-owned businesses and the extent to which the regulatory environment actually encourages an evolvement towards an improvement in governance practices in smaller businesses. Reconciling decision speed, flexibility and entrepreneurial innovation to necessary enhanced governance practices and procedures remains problematic. It is argued that a proper balance between the costs and benefits of proper governance codes and structures for smaller firms can only be achieved with a strong emphasis on flexibility to take account of myriad types of governance requirements of firms. This would entail the development of an evolutionary view of corporate governance implementation, one which mirrors the process of delegation of the entrepreneurial function to company boards and management. This would lend support to the view that there is no universal ‘best way’ for all firms at all stages of the business life cycle. In this respect, the application of the principles of subsidiarity and incentives plays an important role.

Taking a micro-perspective of governance that includes problem-solving and stakeholder involvement capabilities as part of the strategic steering role, we wish to contribute to the understanding of the human side of governance. Thus we have studied the relationships between the board and its management and stakeholders, and in so doing we recognize internal and external actors as well as the board itself, and how they all contribute to the implementation of the governance function.

Based on an interpretative approach that focuses on change over time, we performed a qualitative empirical study of the governance of Robotdalen, a small non-profit public organization in Sweden that is a joint public and private collaboration. This chapter forms part of a longitudinal study that has been carried out since 2009. It is based primarily on interviews with board members, management and other stakeholders, and complemented by document studies and observations.

Governance practice entails multiple and multilevel tasks, and the tensions between representativeness/professional boards, conformance/performance, and controlling/partnering up with management, are prevalent in both small non-profit and public organizations. According to our results the apparent choice between the extremes of each tension is, however, not a choice at all but rather a balancing act. In trying to balance tensions through collaboration between managers, board, financiers, and the hosting university, new governance structures and practices emerge at the organizational level.

By following the process of the emergence of a new board, we illustrate how various actors work together to co-produce governance functions in practice. In the past little or no effort has been made to take into account contextual factors such as organizational size – an aspect that may influence or shape board characteristics and work methodology. We therefore attempt to do so in our chapter, by studying the emergence of a new board in a small public organization, what possible paradoxes and tensions are involved in such work, and how such tensions are managed.

Change in ownership among U.S. community hospitals has been frequent and, not surprisingly, remains an important issue for both researchers and public policy makers. In the past, investor-owned hospitals were long suspected of pursuing financial over other goals, culminating in several reviews that found few differences between for-profit and nonprofit forms (Gray, 1986; Sloan, 2000; Sloan, Picone, Taylor, & Chou, 2001). Nevertheless, continuing to the present day, several states prohibit investor-ownership of community hospitals. Conversions to investor-ownership are only one of six types of ownership change, however, with relatively less attention paid to the other types (e.g., for-profit to nonprofit, public to nonprofit). This study has two parts. We first review the literature on the various types of ownership conversion among community hospitals. This review includes the rate at which conversions occur over time, the relative frequency in conversions between specific ownership categories and the observed effects of conversion on hospital operations (e.g., strategic direction and decision-making processes) and performance (e.g., access, quality, and cost). Overall, we find that the impact of ownership conversion on the different measures is mixed, with slightly greater evidence for positive effects on hospital efficiency. As one explanation for these findings, we suggest that the impact of ownership conversion on hospital performance may be mediated by changes in the hospital's strategic content and process. Such a hypothesis has not been proposed or examined in the literature. To address this gap, we next study the role of strategic reorientation following hospital conversion in a field study. We conceptualize ownership conversion within a strategic adaptation framework, and then analyze the changes in strategy content and process across sixteen hospitals that have undergone ownership conversions from nonprofit to for-profit, public to for-profit, public to nonprofit, and for-profit to nonprofit. The field study findings delineate the strategic paths and processes implemented by new owners post-conversion. We find remarkable similarity in the content of strategies undertaken but differences in the process of strategic decision making associated with different types of ownership changes. We also find three main performance effects: hospitals change ownership for financial reasons, experience increases in revenues and capital investment post-conversion, and pursue labor force reductions post-conversion. Membership in a multi-hospital system, however, may be a major determinant of both strategy content and decision-making process that is confounded with ownership change. That is, ownership conversion may mask the impact of system membership on a hospital's strategic actions. These findings may explain the pattern of performance effects observed in the literature on ownership conversions.

Purpose – Although not extensively documented, academic libraries in the United States of America have been involved in fund-raising for centuries. In more recent years, decreases in university budgets forced academic libraries to rely more heavily on philanthropy in order to operate or expand collections. However, much remains unknown about many aspects of academic library fund-raising. This study expands knowledge regarding library development efforts so that scholars and library administrators can better understand library fund-raising and become more successful in raising money.

Findings – Development work for academic libraries has shown to differ from other forms of development activities on a campus due to the fact that donors to academic libraries tend to differ from other kinds of donors on a campus. This research highlights strategies academic library development officers believe work in cultivating donors from a limited target population and how they believe this differs from or is similar to the work of other development officers in higher education.

Practical and social implications – This research sought to understand how organizational placement of the library development officer in the university has an impact on successful fund-raising.

Originality/value – This is the first research to directly study academic library development officers. This will help library administrators and those involved with academic library development efforts learn what library development officers believe works and doesn’t work in fund-raising.

In this chapter, I examine stories that foster care youth tell to legislatures, courts, policymakers, and the public to influence policy decisions. The stories told by these children are analogized to victim truth testimony, analyzed as a therapeutic, procedural, and developmental process, and examined as a catalyst for systemic accountability and change. Youth stories take different forms and appear in different media: testimony in legislatures, courts, research surveys or studies; opinion editorials and interviews in newspapers or blog posts; digital stories on YouTube; and artistic expression. Lawyers often serve as conduits for youth storytelling, translating their clients’ stories to the public. Organized advocacy by youth also informs and animates policy development. One recent example fosters youth organizing to promote “normalcy” in child welfare practices in Florida, and in related federal legislation.