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August 17, 2025Administrative SciencesOpen Access

Board Structure and Firm Performance: The Moderating Role of National Governance Quality

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Board independence and size are positively associated with firm performance, but the effect weakens in nations with higher governance quality.
The study analyzed data from 1604 firms across 41 economies using OLS and GMM methods to address endogeneity.
Board size refers to the number of directors, while independence is the share of non-executive directors in the board.
These findings highlight the importance of governance quality in corporate governance and performance dynamics.

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Empirical analysis shows board size and independence affect firm performance, suggesting governance quality influences this relationship.

Omenihu et al. (2025) studied this question.

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