Larger boards of directors lead to better performance in small firms
It is well-documented in the literature that board size of large listed companies has a negative impact on firm performance.Extant research on the relationship between board size and performance of small firms is yet to be established.A meta-analysis approach is adopted to systematically synthesise the empirical results in prior studies.Contrary to the literature for large corporations,a positive correlation is found between board size and firm performance.To explain the heterogeneity caused by data type,research methodology and single measure bias,a Feasible Generalised Least Squares (FGLS) meta-analytic regression is employed and four publication-related factors are identified.The study contributes to the literature in five aspects: (1) the first meta-analytical study focusing on the connection between board size and performance in small firms; (2) finding of a positive relationship between board size and performance,which is different from the relationship in large firms; (3) the conclusive relationship between board size and performance of small firms may serve as a foundation for future empirical research; and (4) multiple measures of performance are included in this study; (5) shielding light on the future investigation of board roles in small firms.
meta-analysis board size financial performance small firm FGLS
Yongqiang LI Anona ARMSTRONG Andrew CLARKE
Victoria Law School,Melbourne,Victoria,3000,Australia
国内会议
广州
英文
1-36
2012-11-16（万方平台首次上网日期，不代表论文的发表时间）