When and How Board Members

with
Marketing Experience Facilitate
Firm Growth

The research paper focuses on the impact of including board members with marketing experience (MEBMs)
on firm growth. The authors argue that MEBMs can positively influence revenue growth by prioritizing growth
strategies and providing expertise to improve revenue growth strategies. They develop a theoretical framework
and find that MEBMs positively affect firm-level revenue growth, with the relationship being influenced by
situational, dispositional, and structural factors. The research suggests that including experienced marketers on
boards can give firms a competitive advantage. The paper also discusses the implications for practice,
executive recruiters, and CMOs. The limitations and future research directions are also highlighted. Overall,
the paper provides insights into the role of marketing expertise at the board level and opens up possibilities for
further research in this area.

Author have asked some questions to himself while writing this paper, we will discuss them to understand his
aspects.

1-How can including more board members with marketing experience contribute to firm growth?

- Including more board members with marketing experience (MEBMs) can contribute to firm growth in
several ways. Firstly, MEBMs can help firms prioritize growth as a strategic objective. Their expertise in
marketing and revenue generation allows them to advocate for growth-oriented strategies and goals within the
boardroom. This focus on growth can help the firm overcome challenges and drive revenue growth.

- Secondly, MEBMs can contribute their marketing expertise to improve the effectiveness of revenue
growth strategies. As the primary interface between the firm and the customer, marketers understand
customer behavior and can provide valuable insights on how to attract and retain customers. Their
knowledge and experience in demand generation can enhance the firm's marketing decisions,
governance of the marketing function, and advice to the top management team (TMT). By injecting
their demand-generating expertise into board decisions, MEBMs can help the firm make more
effective growth-related decisions.

Overall This can ultimately contribute to the firm's overall growth and, including more competitive
advantage board members with marketing experience can lead. to better strategic prioritization,
improved marketing decisions, and a focus on revenue growth. This can ultimately contribute to the
firm's overall growth and competitive advantage.

2-What factors influence the impact of MEBMs on firm growth?

The impact of board members with marketing experience (MEBMs) on firm growth is influenced by several
factors. The research paper identifies three categories of factors that moderate the influence of MEBMs:
situational, dispositional, and structural factors.

1. Situational factors: These factors make marketing expertise particularly salient and necessary in
board decision-making. When circumstances require specific out-group expertise, people are more
likely to consider the input of individuals with marketing experience. For example, in industries with
weak growth, firms compete over a fixed or dwindling market share, making revenue growth more
important and challenging. In such situations, the value of MEBM expertise increases as firms need to
develop and manage resources to enable growth.
2. Dispositional factors: The preexisting dispositional orientation of other board members can affect the
degree to which MEBM counsel is respected and accepted. Boards comprise experts with different
backgrounds and experiences, and their dispositional orientation can influence the acceptance of
 marketing expertise. Understanding the disposition of non-marketing experts on the board is crucial to
determine the extent of MEBM influence.
3. Structural factors: These factors affect the degree to which the board can influence the top
management team (TMT). The board's ability to influence the TMT is influenced by structural factors
such as board meeting agendas, attendees, and discussions. MEBMs may engage directly with the
firm's Chief Marketing Officer (CMO) and other marketing managers, which may deviate from the
typical structural influence of the board on the TMT.

These factors collectively shape the influence of MEBMs on firm growth. By considering these factors,
firms can better leverage the expertise of MEBMs and enhance their impact on growth strategies and
outcomes.

What are the findings regarding the relationship between MEBMs and revenue growth?

The findings regarding the relationship between MEBMs and revenue growth indicate a positive association.
The research paper states that the presence of a marketer on the board is associated with an increase in firm
revenue growth. Specifically, the paper mentions that the presence of a single MEBM can lead to an increase
of 5.78 percentage points in annual revenue growth compared to when there is no marketer on the board. In the
full model, the presence of one MEBM equates to an additional 7.87 percentage points in revenue growth.
These findings suggest that including board members with marketing experience can have a significant impact
on firm revenue growth.

What is the theoretical framework used in the study?

The theoretical framework used in the study is based on the behavioral model of corporate governance and
upper echelons theory. The behavioral model of corporate governance suggests that the characteristics of top
leaders in a firm influence strategic decisions and outcomes. Upper echelons theory focuses on how the
backgrounds and experiences of firm leaders shape their perspectives and decision-making processes. In this
study, the researchers develop a contingency model that examines the impact of board members with
marketing experience (MEBMs) on firm growth. They identify three categories of moderating conditions:
situational influence moderators, dispositional influence moderators, and structural influence moderators.
These conditions affect the influence that MEBMs have on the board and the top management team (TMT),
ultimately influencing firm outcomes. The theoretical framework integrates the perspectives of marketing
expertise at the board level and the behavioral aspects of corporate governance to understand the role and
impact of MEBMs on firm growth.
What is the significance of not including experienced marketers on boards?

The significance of not including experienced marketers on boards is that it puts firms at a competitive
disadvantage. The research paper highlights that only 2.6% of board members have marketing experience,
indicating a lack of representation of marketers at the strategic level of the firm. This absence of marketing
expertise can hinder the firm's ability to prioritize growth as a strategic objective and effectively implement
revenue growth strategies.

Experienced marketers bring valuable insights into customer behavior, demand generation, and revenue growth
strategies. By including marketers on boards, firms can benefit from their expertise in setting growth-oriented
goals, making informed marketing decisions, and providing guidance to the top management team. Without the
input of experienced marketers, boards may focus more on cost-cutting measures rather than growth-oriented
strategies, potentially limiting the firm's ability to address marketing-related growth challenges.

The research suggests that including experienced marketers on boards can help firms overcome these
challenges and drive revenue growth. By leveraging the demand-generating expertise of marketers, firms can
enhance their strategic decision-making processes, improve marketing effectiveness, and ultimately achieve
better revenue growth outcomes. Therefore, the significance of not including experienced marketers on boards
is that it deprives firms of valuable marketing insights and potentially hampers their ability to compete and
grow in the market.

What are the new moderators and mediators for this article?

In addition to the moderators and mediators discussed in the research article, there are potential new
moderators and mediators that could be considered for further investigation. These include:

1. CEO-Board Relationship: The quality of the relationship between the CEO and the board could be a
potential moderator. A positive and collaborative relationship may enhance the influence of MEBMs
on firm growth, while a strained or adversarial relationship may hinder their impact.
2. Board Diversity: The diversity of the board, including factors such as gender, ethnicity, and industry
background, could be a moderator. Research has shown that diverse boards bring different
 perspectives and expertise, which can influence decision-making and firm outcomes. Examining how
board diversity interacts with the presence of MEBMs could provide valuable insights.
3. Firm Size: The size of the firm could be a potential moderator. Larger firms may have more complex
structures and decision-making processes, which could influence the effectiveness of MEBMs in
driving revenue growth. Exploring the impact of firm size on the relationship between MEBMs and
firm growth could provide a nuanced understanding.
4. Organizational Culture: The organizational culture, including its openness to new ideas and
willingness to embrace marketing expertise, could be a moderator. A culture that values marketing
and encourages collaboration between MEBMs and other board members may enhance their impact
on firm growth.
5. Mediating Factors: There could be additional mediating factors that explain the relationship between
MEBMs and firm growth. For example, the level of marketing knowledge dissemination within the
organization or the extent to which marketing insights are integrated into strategic decision-making
processes could mediate the impact of MEBMs on firm growth.

These proposed moderators and mediators provide avenues for further research to deepen our
understanding of the relationship between MEBMs and firm growth and the underlying
mechanisms at play.

What are the shortcomings for this article and how can we improve them?

The research article acknowledges a few limitations and suggests areas for improvement. Some of the
shortcomings mentioned in the article include:

1. Data Limitations: The study relies on biographies reported in proxy statements to identify board
members with marketing experience (MEBMs). While this approach is considered reliable, it is not
specifically required for boards to identify members with marketing experience. Future research could
explore alternative methods to capture more detailed information about board member experience.
2. Endogeneity: The article mentions that the study does not identify the factors that cause a board to
nominate MEBMs. Understanding the predictors and mechanisms behind such board appointments
would provide valuable insights. Additionally, the study does not address the potential endogeneity
issue explicitly, although instrumental variable regression models were used. Further research could
explore this issue more comprehensively.
3. Long-Term Performance Outcomes: The study primarily focuses on revenue growth as the
performance outcome. While revenue growth is important, it does not capture the full picture of
organizational effectiveness. Future research could examine the impact of MEBMs on other
performance outcomes such as profitability and shareholder value.

To improve the study, researchers could consider the following:

1. Granular Understanding: Future research could employ different methods to capture more detailed
information about board member experience, such as years of board-level experience, type and quality
 of experience, and specific functions with which board members closely identify. This would provide
a more nuanced understanding of the nature of marketing's impact.
2. Mechanisms of Influence: Further investigation into the mechanisms through which MEBMs
influence growth would be valuable. This could involve capturing more detailed information about the
advice and counsel provided by MEBMs and exploring how different types of experience and tenure
affect their influence.
3. Predictors of Board Appointments: Research could explore the predictors and mechanisms behind
board appointments of MEBMs. Factors such as investor pressure, CEO beliefs about the board's role,
and the firm's need to identify new markets could be examined to understand the factors driving the
inclusion of MEBMs on boards.

该研究论文重点关注具有营销经验的董事会成员 (MEBM) 对公司发展的影响。 作者认为，

MEBM 可以通过优先考虑增长策略并提供专业知识来改进收入增长策略，从而对收入增长
产生积极影响。 他们开发了一个理论框架，发现 MEBM 对公司层面的收入增长产生积极
影响，这种关系受到情境、性格和结构因素的影响。 研究表明，让经验丰富的营销人员
加入董事会可以为公司带来竞争优势。 本文还讨论了对实践、高管招聘人员和首席营销
官的影响。 还强调了局限性和未来的研究方向。 总体而言，本文深入探讨了营销专业知
识在董事会层面的作用，并为该领域的进一步研究开辟了可能性。

作者在写这篇文章时向自己提出了一些问题，我们将通过讨论来了解他的方面。

1-吸纳更多具有营销经验的董事会成员如何有助于公司发展？

- 吸纳更多具有营销经验的董事会成员 (MEBM) 可以通过多种方式促进公司发展。 首

先，MEBM 可以帮助企业优先考虑将增长作为战略目标。 他们在营销和创收方面的专业
知识使他们能够在董事会内倡导以增长为导向的战略和目标。 对增长的关注可以帮助公
司克服挑战并推动收入增长。

- 其次，MEBM 可以贡献其营销专业知识来提高收入增长策略的有效性。 作为公司和客户

之间的主要接口，营销人员了解客户行为，并可以提供有关如何吸引和留住客户的宝贵见
解。 他们在需求生成方面的知识和经验可以增强公司的营销决策、营销职能的治理以及
向高层管理团队 (TMT) 提供建议。 通过将他们的需求生成专业知识注入董事会决策 ，
MEBM 可以帮助公司做出更有效的增长相关决策。
总体而言，这最终可以促进公司的整体增长，并且包括具有营销经验的董事会成员可以领
导的更多竞争优势。 更好地确定战略优先顺序、改进营销决策并关注收入增长。 这最终
有助于公司的整体增长和竞争优势。

2-MEBM 对企业成长的影响有哪些因素影响？

具有营销经验的董事会成员 (MEBM) 对公司成长的影响受到多种因素的影响。 该研究论

文确定了调节 MEBM 影响的三类因素：情境因素、性格因素和结构因素。

1. 情境因素：这些因素使得营销专业知识在董事会决策中尤为突出和必要。 当情况需要
特定的外群体专业知识时，人们更有可能考虑具有营销经验的个人的意见。 例如，在增
长疲弱的行业中，企业争夺固定或不断缩小的市场份额，使得收入增长变得更加重要和具
有挑战性。 在这种情况下，随着公司需要开发和管理资源以实现增长，MEBM 专业知识
的价值就会增加。
2. 性格因素：其他董事会成员先前存在的性格倾向会影响 MEBM 律师受到尊重和接受的
程度。 董事会由具有不同背景和经验的专家组成，他们的性格倾向会影响对营销专业知
识的接受程度。 了解董事会中非营销专家的配置对于确定 MEBM 的影响程度至关重要。
3.结构性因素：这些因素影响董事会对高层管理团队（TMT）的影响程度。 董事会影响
TMT 的能力受到董事会会议议程、与会者和讨论等结构性因素的影响。 MEBM 可能会直
接与公司的首席营销官 (CMO) 和其他营销经理接触，这可能会偏离董事会对 TMT 的典型
结构性影响。
这些因素共同决定了 MEBM 对企业成长的影响。 通过考虑这些因素，企业可以更好地利
用 MEBM 的专业知识，并增强其对增长战略和成果的影响。

关于 MEBM 与收入增长之间的关系有哪些发现？

关于 MEBM 与收入增长之间关系的研究结果表明存在正相关关系。 该研究论文指出，董

事会中营销人员的存在与公司收入增长的增加有关。 具体来说，该论文提到，与董事会
中没有营销人员时相比，单一 MEBM 的存在可以导致年收入增长增加 5.78 个百分点。 在
完整模型中，一个 MEBM 的存在相当于收入额外增长 7.87 个百分点。 这些发现表明，包
括具有营销经验的董事会成员可以对公司收入增长产生重大影响。

研究中使用的理论框架是什么？

研究中使用的理论框架基于公司治理行为模型和高层理论。 公司治理的行为模型表明，
公司高层领导的特征会影响战略决策和结果。 高层理论关注公司领导者的背景和经验如
何影响他们的观点和决策过程。 在这项研究中，研究人员开发了一个应急模型，研究具
有营销经验的董事会成员 (MEBM) 对公司发展的影响。 他们确定了三类调节条件：情境
影响调节器、性格影响调节器和结构影响调节器。 这些条件会影响 MEBM 对董事会和高
层管理团队 (TMT) 的影响，最终影响公司的成果。 该理论框架整合了董事会层面的营销
专业知识和公司治理的行为方面的观点，以了解 MEBM 对公司成长的作用和影响。

董事会中不包括经验丰富的营销人员有何意义？

董事会中不包括经验丰富的营销人员的意义在于，它会使公司处于竞争劣势。 研究报告
强调，只有 2.6% 的董事会成员具有营销经验，这表明营销人员在公司战略层面缺乏代表
性。 营销专业知识的缺乏可能会阻碍公司将增长作为战略目标并有效实施收入增长战略
的能力。
经验丰富的营销人员可以为客户行为、需求生成和收入增长策略带来宝贵的见解。 通过
让营销人员加入董事会，公司可以受益于他们在设定以增长为导向的目标、做出明智的营
销决策以及为高层管理团队提供指导方面的专业知识。 如果没有经验丰富的营销人员的
投入，董事会可能会更多地关注成本削减措施，而不是增长导向的战略，这可能会限制公
司应对营销相关增长挑战的能力。

研究表明，让经验丰富的营销人员加入董事会可以帮助公司克服这些挑战并推动收入增长。
通过利用营销人员的需求生成专业知识，公司可以增强其战略决策流程，提高营销效率 ，
并最终实现更好的收入增长成果。 因此，不让经验丰富的营销人员加入董事会的意义在
于，它剥夺了公司宝贵的营销洞察力，并可能妨碍他们在市场中竞争和发展的能力。

这篇文章的新版主和调解人有哪些？

除了研究文章中讨论的主持人和调解员之外，还有潜在的新主持人和调解员可以考虑进行
进一步调查。 这些包括：

1.首席执行官与董事会的关系：首席执行官与董事会之间关系的质量可能是一个潜在的调
节因素。 积极的合作关系可能会增强 MEBM 对公司成长的影响，而紧张或敌对的关系可
能会阻碍其影响。
2. 董事会多元化：董事会的多元化，包括性别、种族和行业背景等因素，可以起到调节作
用。 研究表明，多元化的董事会带来不同的观点和专业知识，这可以影响决策和公司成
果。 研究董事会多样性如何与 MEBM 的存在相互作用可以提供有价值的见解。
3. 公司规模：公司的规模可能是一个潜在的调节因素。 较大的公司可能有更复杂的结构
和决策流程，这可能会影响 MEBM 推动收入增长的有效性。 探索企业规模对 MEBM 与企
业成长之间关系的影响可以提供细致入微的理解。
4. 组织文化：组织文化，包括对新思想的开放态度和接受营销专业知识的意愿，可以起到
调节作用。 重视营销并鼓励 MEBM 与其他董事会成员之间合作的文化可能会增强其对公
司发展的影响。
5. 中介因素：可能还有其他中介因素可以解释 MEBM 与企业成长之间的关系。 例如，组
织内营销知识传播的水平或营销见解融入战略决策过程的程度可以调节 MEBM 对公司发
展的影响。
这些拟议的调节因素和调解因素为进一步研究提供了途径，以加深我们对 MEBM 与企业
增长之间的关系以及发挥作用的潜在机制的理解。

这篇文章有哪些不足之处以及如何改进？

该研究文章承认了一些局限性并提出了需要改进的领域。 文章中提到的一些缺点包括：

1. 数 据 限 制 ： 该 研 究 依 赖 委 托 书 中 报 告 的 简 历 来 确 定 具 有 营 销 经 验 的 董 事 会 成 员
(MEBM)。 虽然这种方法被认为是可靠的，但董事会并没有特别要求识别具有营销经验的
成员。 未来的研究可以探索替代方法来捕获有关董事会成员经验的更详细信息。
2.内生性：文章提到，该研究并未确定导致董事会提名 MEBM 的因素。 了解此类董事会
任命背后的预测因素和机制将提供有价值的见解。 此外，尽管使用了工具变量回归模型 ，
但该研究并未明确解决潜在的内生性问题。 进一步的研究可以更全面地探讨这个问题。
3. 长期绩效结果：该研究主要关注收入增长作为绩效结果。 虽然收入增长很重要，但它
并不能全面反映组织效率。 未来的研究可以考察 MEBM 对其他绩效结果（例如盈利能力
和股东价值）的影响。
为了改进研究，研究人员可以考虑以下几点：

1. 精细理解：未来的研究可以采用不同的方法来获取有关董事会成员经验的更详细信息，
例如董事会经验的年限、经验的类型和质量，以及董事会成员密切认同的具体职能。 这
将使人们对营销影响的本质有更细致的了解。
2. 影响机制：进一步研究 MEBM 影响生长的机制是有价值的。 这可能涉及获取有关
MEBM 提供的建议和咨询的更详细信息，并探索不同类型的经验和任期如何影响其影响力。
3. 董事会任命的预测因素：研究可以探索 MEBM 董事会任命背后的预测因素和机制。 可
以检查投资者压力、首席执行官对董事会角色的看法以及公司识别新市场的需要等因素，
以了解推动 MEBM 加入董事会的因素。