Board of Directors’ Size and Firm Performance: Evidence from Non-Financial French Firms Listed on CAC 40

Boussenna Hemza

External / Open Access

2020 Studies in Business and Economics DOI: 10.2478/sbe-2020-0024

Abstract

The study aims to investigate the relationship between board size and firm’s performance for a sample of non-financial French firms listed on the CAC 40 between 2005 and 2017. We estimated the firm’s performance using two types of metrics, the accounting-based measures (ROA and ROE) and the market-based measures (Tobin Q and MTB). By applying the panel data regressions (fixed-effects and random-effects), the findings show that there is a positive effect of board size on firm performance. In addition, our results show that the optimal number of the board size should be between 13 and 17 members in order to achieve good performance for non-financial French firms.

Full Title Board of Directors’ Size and Firm Performance: Evidence from Non-Financial French Firms Listed on CAC 40

Primary Author Boussenna Hemza

Publication Type Journal Article

Year 2020

Journal Studies in Business and Economics

Volume / Issue Vol. 15, No. 2

Pages 46–61

Category Corporate Governance

Institution External / Open Access

Access Open Access

Added to Library March 24, 2026

Cite This Publication

APA

Boussenna Hemza (2020). Board of Directors’ Size and Firm Performance: Evidence from Non-Financial French Firms Listed on CAC 40. *Studies in Business and Economics*, 15(2), 46–61.

MLA

Boussenna Hemza. "Board of Directors’ Size and Firm Performance: Evidence from Non-Financial French Firms Listed on CAC 40." *Studies in Business and Economics*, vol. 15, no. 2, 2020, pp. 46–61.

DOI

https://doi.org/10.2478/sbe-2020-0024