Title: How far are board characteristics liable for enforcement of corporate governance? A study of Indian companies

Authors: Amita Rani; Monita Mago; Sandeep Singh

Addresses: Department of Economic and Statistical Affairs, Planning Department, Haryana, India ' University School of Applied Management, Punjabi University Patiala, Punjab, India ' University School of Applied Management, Punjabi University Patiala, Punjab, India

Abstract: The present study is an attempt to examine the effect of each as well as overall board characteristics on corporate governance of the companies under study. The sample of the study comprised of 1,001 observations made over the year about 91 companies listed at Bombay Stock Exchange and covered a period of 11 years ranging from 2010-2020. The data was analysed by using panel regression and structural equation modelling through the application of E-Views (11.0) and Smart PLS version 3.3.3. It was found that the board characteristics such as institutional investors, non-institutional investors, non-executive chairperson, promoter chairperson, board size, woman CEO, proportion of women in the board, woman chairperson, board meetings, and multiple directorships of outside director had a significant effect on two or more corporate governance measures. Further, there was a significant positive effect of overall board characteristics on corporate governance of the firms under study.

Keywords: profitability; ownership structure; board structure; board busyness; agency theory; resource allocation theory; financial performance.

DOI: 10.1504/IJBG.2025.149972

International Journal of Business and Globalisation, 2025 Vol.41 No.4, pp.310 - 340

Received: 01 Aug 2022
Received in revised form: 21 Nov 2022
Accepted: 16 Dec 2022
Published online: 20 Nov 2025 *

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