Sales Governance: The Impact of Board Members’ Sales Experience on the Valuation of Industrial Firms in Mexico

This study examines whether directors with executive sales experience positively influence firm valuation (EV/Sales) in industrial firms compared with directors with marketing experience, introducing the concept of sales governance as a distinct dimension of board expertise. Grounded in Upper Echelons, Resource Dependence and Agency theories, it uses a quantitative longitudinal panel design on industrial and construction firms listed on the Mexican Stock Exchange, measuring Board Sales Expertise against EV/Sales with ROA as a supplementary indicator. It anticipates a positive and significant relationship between board sales experience and valuation that exceeds the effect of marketing experience.