Board size and performance of small firms: a meta-analysis

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Li, Yongqiang, Du, Miaoli, Armstrong, Anona and Clarke, Andrew (2012) Board size and performance of small firms: a meta-analysis. In: 26th Australian and New Zealand Academy of Management Conference : managing for volatility and instability. Soontiens, Werner, ed. Australia and New Zealand Academy of Management, Perth.


The extant literature has reached no consensus on the correlation of board size and performance in small firms. We applied a HOMA meta-analytic procedure based on 29 empirical articles, representing a maximum of 151 effect sizes and total of 279194 firm-year observations. Contrary to the literature for large corporations, we find a positive correlation between board size and firm performance. To count for methodological and multi-measure heterogeneity, we applied a Feasible Generalised Least Squares (FGLS) estimator in the Meta-analytic regression. Regression results show that four publication-related mediating factors, eg. published or not, cross-sectional or panel data, and survey or secondary data. Such findings can be used for the estimation of effect size between board size and performance in future research. --26th ANZAM conference held: 5 - 7 December, 2012, at Perth Convention and Exhibition Centre.

Item type Book Section
Official URL
ISBN 9780987415806
Subjects Historical > FOR Classification > 1503 Business and Management
Historical > SEO Classification > 9104 Management and Productivity
Current > Division/Research > College of Law and Justice
Keywords ResPubID26247, ResPubID26643, meta-analysis, board size, financial performance, small firms, businesses, FGLS
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