A Meta-Analysis of the Effect of Board and Firm Characteristics on Firm Performance

Abstract

The board of directors is a key element of corporate governance. Board characteristics play a significant role in determining a company’s success. Besides, for effective supervision, accountability, and strategic decision-making, board characteristics such as board independence, expertise, frequency of board meetings, size and ratio of female directors are essential. Using meta-analysis technique, this study examines the effect of board and firm characteristics on firm performance. The detected 60 studies published by 2023 were analyzed. The findings indicate that board size doesn’t have significant impact on firm performance. Board independence, board meeting frequency, the proportion of women on the board, and board expertise have a significant and positive impact on firm performance. In addition, total assets have a significant and positive impact on a company’s performance. In contrast, CEO duality, leverage, and firm age have significant and negative impacts on firm performance. Also, it can be put forward that the findings have significant implications for policymakers, investors, and corporate executives attempting to comprehend the function of board characteristics in influencing firm performance.

Keywords

• Board Characteristics
• Firm Characteristics
• Firm Performance
• Meta-Analysis

Yönetim Kurulu ve Firma Özelliklerinin Firma Performansı Üzerindeki Etkisinin Meta Analiz Yöntemiyle İncelenmesi

Abstract

Yönetim kurulu, kurumsal yönetişimin temel unsurudur. Yönetim kurulu özellikleri, bir firmanın başarısının belirlenmesinde önemli bir rol oynar. Yönetim kurulunun büyüklüğü, bağımsızlığı, toplantılarının sıklığı, kadın üye oranı ve uzmanlığı gibi yönetim kurulu özellikleri firmalarda etkili gözetim, hesap verebilirlik ve stratejik karar verebilmek için gereklidir. Bu çalışmada, meta-analiz yöntemi kullanılarak yönetim kurulu ve firma özelliklerinin firma performansı üzerindeki etkisi araştırılmıştır. 2023 yılına kadar yayınlanan 60 çalışma analiz edilmiştir. Bulgular, yönetim kurulu büyüklüğünün firma performansı üzerinde anlamlı bir etkisi olmadığını göstermektedir. Yönetim kurulu bağımsızlığının, yönetim kurulu toplantıları sıklığının, yönetim kurulu kadın üyeleri oranının ve yönetim kurulu uzmanlığının firma performansı üzerinde anlamlı ve pozitif etkisi bulunmaktadır. Ayrıca, toplam varlıkların firma performansı üzerinde anlamlı ve pozitif bir etkisinin olduğu görülmektedir. CEO duality’nin, kaldıraç oranının, firma yaşının firma performansı üzerinde anlamlı ve negatif etkisi bulunmaktadır. Sonuçlar, yönetim kurulu özelliklerinin firma performansını şekillendirmedeki rolünü anlamaya çalışan politika yapıcılar, yatırımcılar ve kurumsal liderler için önemli çıkarımlara sahiptir.

Keywords

• Yönetim Kurulu Özellikleri
• Firma Özellikleri
• Firma Performansı
• Meta-Analiz.

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