Abstract
This study investigates the issue of stakeholder dialogue in the context of art museums. We propose and empirically test the existence of two different kinds of stakeholder dialogue: monetary and in-kind. By relying on a sample of 70 US art museums during the 2007–2010 period, we show that high monetary and high in-kind stakeholder dialogue museums are significantly different. In particular, we test the impact of the number of independent directors on fundraising activity and board monitoring. We find that a higher number of independent directors leads both to better monitoring and to improved fundraising activity, with the effect being stronger for monetary stakeholder dialogue museums.