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Board Size and Corporate Performance: An Empirical Investigation

International Journal of Business Ethics in Developing Economies

Volume 2 Issue 1

Published: 2013
Author(s) Name: Shivan Sarpal, Fulbag Singh | Author(s) Affiliation: Commerce and Business Management Department, Guru Nanak Dev University, Amritsar, Punjab, India
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The subject of corporate governance has always been of keen interest to the researchers in the area of management and finance. This paper basically concentrates on the corporate board of directors which is an internal corporate governance mechanism. Since the effectiveness of boards counts on several characteristics such as board size, board composition, leadership structure etc, therefore considering this viewpoint, the present study is based on the analysis of board size of BSE listed companies in India. This analysis broadly embraces the relationship between board size and performance as represented by various indicators such as Operating Profit Margin, Return on Assets, Return on Equity, Earnings per Share and Tobin’s Q. Spearman’s rho correlation, One Way ANOVA and Kruskal-Wallis tests were applied to draw the inferences. Results of the study remained robust and thus concluded that both board size and firm performance were independent of each other as board size was not found to be associated with firm performance.

Keywords: Corporate Governance, Board Size, Firm Performance

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