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Original Article | Volume 2 Issue 1 (Jan-Feb, 2025) | Pages 196 - 204
Systematic Literature Review and Meta-Analysis of Impact of Board Size on Firm Performance
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1
Associate Professor, IMT CDL, Ghaziabad, UP
2
Assistant Professor, Sir Padampat Singhania University, Bhatewar, Rajasthan
3
Assistant Professor, JIMS Vasant Kunj, Delhi
Under a Creative Commons license
Open Access
Abstract

This research paper presents a meta-analysis conducted to examine the relationship between board size and Return on Assets (ROA) as a measure of firm performance. A total of 124 research papers were selected for the meta-analysis, and the “Metafor” package in R-programming was used for data analysis. The findings revealed that board size is a common factor in most studies and has a significant impact on firm performance. Among the selected papers, eight studies were found to have a correlation value between ROA and board size. The meta-analysis results indicated that there is no statistically significant difference between board size and ROA at a 95% confidence level. Heterogeneity was observed among the studies, suggesting variations in the effect size. Overall, this study contributes to the understanding of the relationship between board size and firm performance.

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