Corporate governance is one of the topics receiving increased attention in the management research area. Despite the increasing attention of management scholars to corporate governance and boards of directors, empirical evidence on the relationship between board composition and corporate financial performance on the other hand is still equivocal (Minichilli et al., 2009). The number of papers studying board composition is very large. Researchers have analysed the effect of board size (Eisenberg et al., 1998; Fernández et al., 1997; Huther, 1997; Yermack, 1996), board composition (Baysinger and Butler, 1985; Fiegener et al., 2000; Hermalin and Weisbach, 2003; Voordeckers et al., 2007; Jaskiewicz and Klein, 2007; Bammens et al., 2008; Sacristán-Navarro and Gómez-Ansón, 2009; Arosa et al., 2010) on corporate performance, the distinction between inside and outside boards (Finkelstein and Hambrick, 1996; Johnson et al., 1996), but despite numerous studies, the relationship between board characteristics and corporate performance remains unclear (Oxelheim and Randoy, 2003; Anderson and Reeb, 2004).
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