Board structure and firm performance: evidence from post-COVID 19 pandemic

The purpose of this research is to examine the relationship between size of the board of directors, the proportion of independent directors, and firm performance by analyzing the financial data of 100 companies listed on the Shenzhen Stock Exchange for the years 2022 and 2023, in the context of the post-COVID-19 pandemic period. The annual data were obtained from the China Securities Market & Accounting Research (CSMAR) database and the Shenzhen Stock Exchange. To test the relationship between size of the board of directors, the proportion of independent directors, and firm performance, this research employed descriptive, Pearson correlation, and multiple linear regression analysis. The findings reveal that, after the COVID-19 pandemic, size of the board of directors has a significant positive relationship with firm performance, while the proportion of independent directors does not show a significant relationship with firm performance. Additionally, the control variables, firm size and industry classification, have no significant impact on firm performance, while financial leverage has a significant negative impact on firm performance. This research provides a reference for studies on the relationship between board structure and firm value in the post-COVID-19 pandemic context. However, the limitations of the sample and geographical differences may restrict the applicability of the findings. Future research could extend the study period and sample size to further refine the understanding of the relationship between board structure and firm performance.