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.

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