The influence of boards of directors' characteristics on strategic decision-making: Evidence from Greek companies

Abstract

This study explores the influence Boards of Directors' demographic characteristics on the process of making strategic decisions. Empirical testing is based on a sample of 105 Greek companies listed on the Athens Stock Exchange. The results suggest that educational level affect both the financial reporting and the hierarchical decentralisation in the strategic decision-making process. Also, functional background of executives was found to be related with financial reporting. However, the educational specialty did not appear to have any significant influence on the strategic decision-making process. In light of these findings, implications for practitioners are made and avenues for future research are suggested.