This study provides one of the rare evidences based on a field study regarding the influence of corporate governance on innovation. Drawing on semi-structured interviews, it investigates how the internal governance chain (board of directors and top management teams) contribute to foster innovation in their organization. The interviewees' statements highlight the considerable impact that directors and managers can have on innovation, and in that sense that they certainly have "a hand on the rudder of innovation". However, the collected data also shows that other factors such as organizational characteristics (e.g. sector of the firm and partners) play a major role, thus revealing that many other aspects and stakeholders also have "a hand on the rudder of innovation". The in-depth analysis contained in the present paper gave rise to a conceptual framework that includes 5 dimensions and 19 sub-dismensions. This framework promotes a more holistic approach when studying the link between the internal governance chain and innovation. It also emphasises the complexity of this relationship and thus helps to better tackle it.
Board of directors, top management teams, innovation, resource dependency theory, resource-based view.