 Impact of board characteristics and capital structure on firm value: evidence from the Indian corporate sectorMahesh Chand Garg and Khushboo Tanwer Afro-Asian Journal of Finance and Accounting, 2024, vol. 14, issue 5, 708-734 Abstract: The present research paper empirically evaluates the combined impact of board characteristics and capital structure on company performance of 116 Indian firms listed on BSE Dollex for a period ranging from 2009-2010 to 2018-2019. Both random effects models and fixed effects models are used for analysis. As a proxy of firm value, the study uses both accounting-based (ROA and ROE) and market-based (TQ) performance indicators. The findings show that board meetings are insignificant for organisational performance. Independent directors have an adverse, whereas CEO dualism and female directors have a favourable impact impact on firm performance. Board size and board attendance show positive associations with ROA and ROE, whereas negative associations with Tobin's Q. The debt to equity ratio is negatively related to ROA and ROE, but positively related to Tobin's Q. This research will assist corporations, policymakers, society, and academia in general in making well-informed judgements regarding board characteristics and capital structure. Keywords: board characteristics; capital structure; firm value; Tobin's Q; India. (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:ids:afasfa:v:14:y:2024:i:5:p:708-734 Access Statistics for this article More articles in Afro-Asian Journal of Finance and Accounting from Inderscience Enterprises Ltd |
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