Board of directors and firm performance: a dynamic approach

Isabel Acero and Nuria Alcalde

International Journal of Business Governance and Ethics, 2026, vol. 20, issue 1, 48-67

Abstract: This paper analyses how board structure influences firm performance, considering the effect of dynamic endogeneity. For a sample of listed Spanish firms, the study did not find that board structure had any effect on the value of the firm, when controlling for dynamic endogeneity. The research results show the need to use appropriate econometric techniques (dynamic models) to avoid obtaining incorrect or biased results. They also show that each firm must determine the size and structure of the board given its own advice and control needs.

Keywords: board of directors; firm performance; dynamic endogeneity; generalised method of moments; GMM; Spain. (search for similar items in EconPapers)
Date: 2026
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