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.