Studies on the board of director’s composition and their effect on the performance of the firm have followed three major trends (agency theory, stewardship theory, and resource dependency theory). Research has been inconclusive on these theories. Using the extant theories on BOD I believe that the changes in BOD composition can be explained through the stewardship theory, agency theory and resource dependence theory.
"CHANGES IN STRUCTURE OF BOARD OF DIRECTORS OF NEW VENTURES: A MULTI-THEORETIC APPROACH (SUMMARY),"
Frontiers of Entrepreneurship Research: Vol. 26
, Article 4.
Available at: http://digitalknowledge.babson.edu/fer/vol26/iss15/4