Final answer:
Some firms do not have a board of directors, which is true in certain situations such as smaller businesses or privately-owned companies.
Step-by-step explanation:
In theory, some firms may not have a board of directors, so the statement is True. While it is common for most companies to have a board of directors to ensure the firm runs in the interests of the shareholders, there are instances where firms do not have a board. This might be the case in smaller businesses or when the company is privately owned.