Corporate governance and firm performance: A meta-analysis
In this paper, we used previous literature on corporate governance and firm performance to conduct a meta-analysis, so we can find a combined mean effect size of all papers. We analyzed 40 fine sorted studies and were able to find statistically significant results for all variables using the fixed effects model and only one significant result using the random effects model. The results based on 22 observations showed that the board size is negatively related to firm performance, but the effect size of the mean value was considerably weak.
Keywords: Meta-analysis, board of directors, board size, board independence, CEO duality, ownership concentration, firm performance, corporate governance