Recently, many empirical studies have examined the determinants of corporate boards of directors. Using an agency theory framework, the authors explain how nonprofit boards are structured. Although nonprofits cannot disburse profits to their contributors, the role played by their boards of trustees in monitoring and advising managers is analogous to that of corporate boards of directors. Using a sample of Spanish foundations, the authors show that nonprofit board determinants, such as organizational complexity and financing structure, are similar in many ways to those of corporate boards. However, nonprofit age illustrates the different natures of these organizations and their voluntary boards.
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