Board characteristics and financial performance: A comprehensive literature review

Abstract

This paper reviews literature on corporate governance and firm performance published from 1998 to 2019 in a comprehensive manner. The board characteristics such as board size, meetings, composition, and CEO duality are the main discussion points. The findings show that most of the studies have used panel data and statistical tools such as random effects, multiple regression analysis, or instrumental variables approach, etc. The citation analysis revealed that the most cited studies are Eisenberg, Sundgren, and Wells (1998) and Jackling and Johl (2009) in international and Indian contexts respectively. This compilation of past studies will stimulate scholars to identify the research gap in this area and pursue further research