Η επίδραση της σύνθεσης του διοικητικού συμβουλίου στην οικονομική απόδοση : στοιχεία από τις μεγαλύτερες εισηγμένες ελληνικές εταιρείες
Impact of board composition on financial performance : evidence from the largest greek listed companies
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Abstract
This study investigates the relationship between board composition and financial performance
in the context of the largest Greek listed companies. By examining the effect of key board
characteristics such as size, gender diversity and independence, the research examines their
relationship with return on assets (ROA), return on equity (ROE) and price-to-earnings (P/E)
ratio for the years 2019 and 2021. The findings for both years reveal that these items, which
according to the literature significantly affect the financial results of companies, did not emerge
as statistically significant predictors of the examined financial performance measures. This
implies that, in this context, the direct relationship between board composition and enhanced
financial performance may be less pronounced than expected. The results underscore the
multifaceted nature of corporate governance with financial performance, highlighting that the
complex interplay between industry dynamics, management strategies, market forces and other
external influences cannot be ignored. While these findings may not validate the effect of board
composition on financial performance, they highlight the broader debate about effective
corporate governance practices and their complex role in shaping a company's financial
performance.