مجلة الباحث الإقتصادي
Volume 13, Numéro 2, Pages 90-105
2025-12-30
The Effect Of Board Size And Ceo Duality On Firm Performance: Evidence From Malaysia
Authors : Djerfi Abderahmane . Chaalal Cherif Abdelillah . Sebai Saber .
Abstract
This research will evaluate that some of the board features, namely board size and CEO duality and corporate performance in the sample of 100 largest non-financial firms on Bursa Malaysia between 2017 and 2020. STATA 16 was employed in their analysis in panel data. The theoretical model developed by the study was based on agency theory, stewardship theory and resource dependence theory to test the hypothesis that was used to prove whether the performance was influenced by the governance. Company performance was measured using two main indicators: Tobin's Q (Tobin's Q) as a measure of market performance, and return on assets (ROA) as an indicator of accounting performance. Panel-Corrected Standard Errors (PCSE) were employed to estimate the variables to make up the problems of heteroscedasticity and cross-correlation. The results showed a significant positive relationship between board size and Tobin's Q, indicating that larger boards may provide strategic advantages valued by the market. The board size was not relevant with the ROA. On the other hand, the results revealed a significant positive relationship between CEO duality and both Tobin's Q and ROA, suggesting that unified leadership may enhance market value and operational performance in some contexts.
Keywords
Board Size ; CEO Duality ; Firm Performance ; Agency Theory ; Resource Dependence Theory ; StewardShip Theory
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