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Impact of Board Structure on Financial Performance: A Study of CNX Nifty Listed Companies in India

Vol 9 , Issue 1 , January - June 2022 | Pages: 20-38 | Research Paper  

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Author Details ( * ) denotes Corresponding author

1. * Mahesh Bendigeri, Associate Professor, Academics, Global Business School, Hubli, Karnataka, India (
2. R L Hyderabad, Professor, Commerce, Karnatak University Dharwad, Dharwad, Karnataka, India (

The present study examines the impact of board structure and composition on the financial performance of CNX Nifty-listed companies in India. The main objective of this study is to test whether board structure and composition influence firm performance. Board Structure, Board Size, Board Ownership, and CEO Duality are considered as independent variables, and Return on Asset is taken as Dependent variable. Using the data from 2010 to 2017 covering a sample of 45 CNX Nifty Companies and applying Multivariate Regression Technique, the study finds that Board Composition, Board Ownership has a positive and significant relationship with Return on Assets. Board Size is positive but statistically insignificant with Return on Assets. CEO Duality is negative but has insignificant relation with Return on Assets. From this study, we conclude that among the board structure attributes board composition represents the presence of independent directors, and Board Ownership represents the proportion of equity held by promoters that play important role in influencing firm performance. Whereas the other attributes like board size and CEO Duality do not influence the firm performance. 


Board Structure, Board Composition, Financial Performance, CEO Duality, Board Size

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