NUMBER OF DIRECTORS AND FINANCIAL PERFORMANCE: A META-ANALYSIS.

1999/12/01 by D. R. Dalton, C. M. Daily, Catherine M. Daily +4 · 17 citations
Business, Management and Accounting · #Accounting #Business #Corporate Finance and Governance #Economics #Family Business Performance and Succession #Islamic Finance and Banking Studies #Management

paper · doi:10.2307/256988

openalex publication_date 1999/12/01 · openalex created_date 2025/10/10 · openalex updated_date 2026/08/04

Abstract

Although a host of theory-driven rationales suggest a relationship between board of directors size and firm performance, the literature provides no consensus about the direction of that relationship. A meta-analysis of 131 samples (N = 20,620) provided systematic evidence of nonzero, positive, true population estimates of board size-performance relationships.

Cited by

• Board of directors structure and firm financial performance: A qualitative comparative analysis
• Board Characteristics and Corporate Social Responsibility: A Meta-Analytic Investigation
• Boards: Does one size fit all☆
• Resource Dependence Theory: A Review
• The Contextual Impact of Nonprofit Board Composition and Structure on Organizational Performance: Agency and Resource Dependence Perspectives
• GRI guidelines in developing countries: uncovering the antecedents and consequences
• Ownership concentration, board characteristics and firm performance
• CORPORATE GOVERNANCE OF BANKS: A SURVEY
• The Effect of Board Characteristics on Firm Environmental Performance
• Signaling Firm Value through Board Structure: An Investigation of Initial Public Offerings
• Board Composition Beyond Independence
• Corporate Social and Financial Performance: A Meta-Analysis
• Top management teams in international business research: A review and suggestions for future research
• Politicians on the Board of Directors: Do Connections Affect the Bottom Line?
• Meta‐analyses of post‐acquisition performance: indications of unidentified moderators
• The relationship between social capital and quality management systems in European hospitals: a quantitative study. [europepmc]
• The market reaction to syndicated loan announcements before and during the COVID-19 pandemic and the role of corporate governance. [europepmc]

Related

• Board Composition Beyond Independence
• Ownership concentration, board characteristics and firm performance
• The Role of Boards of Directors in Corporate Governance: A Conceptual Framework and Survey
• Effectiveness of Supervisory Boards: 5 Crucial Factors
• Director Reputation, CEO-Board Power, and the Dynamics of Board Interlocks