The purpose of this paper is to use the dynamic capabilities framework to explain the effect of board networks, as a source of intellectual capital, on firm performance. The authors propose that the influence of board interlocks depends on their ability to contribute to strategic decision making. As a result, their effect is subject to the business context in which they occur and the different role of the interconnected directors involved.,The authors use social network analysis to make board connections and to calculate centrality measures. The authors also identify busy boards to analyze whether their effect differs from centrality. The authors estimate the theoretical model using the Generalized Method of Moments in order to take advantage of the panel database.,For a sample of Spanish firms from 1999 to 2015, the results show there is no direct significant effect of directors’ networks on firm performance. However, the authors find a positive and significant influence of intra-industry board connections, particularly when they are established among outsiders.,The Spanish context of the study can limit the generalization of the papers’ results.,The results can be useful both for practitioners – since they can serve as a guide for companies to reformulate their boards in search of the optimal structure-, and when implementing good governance codes – establishing limits for director interlocking.,This study helps to offer a better understanding of how directors’ networks can add value to the firm depending on the kind of resources they provide (context) and the role of the director who is connected.

中文翻译：

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董事会网络是公司智力资本的来源

本文的目的是使用动态能力框架来解释作为智力资本来源的董事会网络对公司绩效的影响。作者认为，董事会联锁的影响取决于其为战略决策做出贡献的能力。结果，它们的影响取决于它们发生的业务环境以及所涉及的相互联系的董事的不同角色。作者使用社交网络分析来建立董事会联系并计算集中度度量。作者还确定了忙碌的董事会，以分析其影响是否与中心性不同。作者利用广义矩法来估计理论模型，以便利用面板数据库。对于1999年至2015年西班牙公司的样本，结果表明，董事网络对公司绩效没有直接的显着影响。但是，作者发现行业内部董事会之间的联系产生了积极而显着的影响，特别是当在外部人士之间建立联系时。西班牙的研究背景可能会限制论文结果的概括。执业者-因为他们可以作为公司重新制定董事会以寻找最佳结构的指南-以及在实施良好的治理准则时-为董事之间的联系建立限制。，本研究有助于更好地理解董事网络的方式可以根据公司提供的资源类型（上下文）和联系的董事的角色来为公司增加价值。