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(Kosnik, 1990), thus nurturing exploratory behaviors (Talaulicar et al., 2005; Lyon,
Lumpkin, and Dess, 2000).
Hypothesis 1a: The more decision comprehensiveness of managers, the more likely the
firm becomes exploration-oriented.
2.4 Participative Governance and Explorative Orientation
Participative governance, as the capability of both top managers and the board of
directors to participate in the development of strategy, appears important in understanding
entrepreneurial behaviors since it creates opportunities for a firm to pursue value-creating
activities beyond existing domains (Eddleston et al., 2010). With regard to governance,
agency theory emphasizes the board’s monitoring function, while stewardship theorists
advocate participation and empowerment as opposed to monitoring and control (Davis et al.,
1997). It is believed that top managers and the board of directors are driven by more than
economic self-interest. Many wish to make a contribution to an organization’s mission and
are willing to participate in the decision-making process and provide a unique perspective
(Davis and Harveston, 2000). This involvement-oriented process enhances cooperation, and
participation allows top managers and the board of directors to participate in the
development of strategy.
Family firms often suffer from ineffective managers who are slow to recognize and
respond to changes in their environments (Zahra et al., 2008; Gómez-Mejía, Haynes, Núñez-
Nickel, Jacobson, and Moyano-Fuentes, 2007). A board of directors, which serves both
monitoring and resource providing functions can be the cure for dysfunctional management
(Hillman, Cannella, and Paetzold, 2000). Directors can provide advice and counsel to the
firm on substantial matters, such as strategy formulation, legitimacy and access to
information outside the firm through personal connections, skills and expertise (Schulze,
Lubatkin, Dino, and Buchholtz, 2001)
In addition, a board of directors can encourage firm managers to pursue entrepreneurial
activities (Zahra, 1996), thereby helping the firm to renew itself by exploring new market
opportunities and product strategies (Gabrielsson, 2007). Therefore, managers are able to
complement the fresh perspectives of directors by offering critical insights based on their
experience and knowledge of the firm. This sharing of strategic control and combination of
diverse perspectives may thereby enhance a family firm’s ability to identify entrepreneurial
opportunities and engage in explorative activities. Sirmon, Arregle, Hitt, and Webb (2008)
argue that more diverse voices at the table can prevent family firms from becoming rigid or