Do board characteristics affect corporate performance? Firm-level evidence for India

Saibal Ghosh

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Corporate Finance and Governance Gender Diversity and Inequality Corporate Governance and Financial Management

Abstract

The study examines the association between financial performance and boards of non-financial firms. Using data on 127 listed manufacturing firms in India for 2003 the findings indicate that, after controlling for various firm-specific factors, larger boards tend to have a dampening influence on firm performance, judged in terms of either accounting or market-based measures of performance. In terms of policy implications, the analysis suggests that compensation of the CEO has a significant effect on the performance of the firm.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1983Separation of Ownership and Control 1980Agency Problems and the Theory of the Firm 1993The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems 1988Management ownership and market valuation 1996Higher market valuation of companies with a small board of directors 1985The Structure of Corporate Ownership: Causes and Consequences 1990Performance Pay and Top-Management Incentives

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2019Intellectual Capital Performance and Profitability of Banks: Evidence from Pakistan 2018Independence, size and performance of the board: An emerging market research 2017Determinants of corporate financial performance relating to board characteristics of corporate governance in Indian manufacturing industry 2016Analysis of Board Size and Firm Performance: Evidence from NSE Companies Using Panel Data Approach 2008The impact of board independence and ownership structure on the timeliness of corporate internet reporting of Irish‐listed companies

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