Drawing from the resource-based view of the firm, Penrosean theory, and the resource dependence theory, it is argued in this study that the characteristics of directors are key factors for achieving the resources that listed SMEs will require to develop innovation, a scenario that often highlights the necessary replacement of the founding board members. We test our proposed relationships with a sample consisting of all the companies listed on the MAB (Alternative Spanish Stock Market) between 2010 and 2017. Our results offer new insights into the role of the founding board members, highlighting the need for the professionalization of the governance of these SMEs, by appointing independent outside directors and by decreasing the proportion of founding members on the board. Likewise, our results showed that this relationship is moderated by the age of the company.

从企业基于资源的观点，彭罗斯（Penrosean）理论和资源依赖理论出发，本研究认为董事的特征是获得上市中小企业开发创新所需资源的关键因素，这种情况是通常会强调必须更换创始董事会成员。我们使用2010年至2017年间在MAB（西班牙替代股票市场）上所有上市公司组成的样本来测试我们建议的关系。我们的结果为创始董事会成员的角色提供了新见解，强调了对专业化的需求通过任命独立外部董事并减少董事会创始成员的比例来治理这些中小企业。同样