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Impact of Board Size: An Empirical Study of Companies Listed in BSE 100 Index

Corporate boards of directors play a central role in the corporate governance of modern companies. Post Enron's, sweeping regulatory changes were made, particularly regarding the role of directors in the SOX Act, 2002. Such far reaching reforms have not been witnessed in the past 70 years of corporate governance history (Byrenes, 2003). In India, in line with these regulations, Narayanamurthy Committee's report of SEBI came into force in 2006. This study examines the relationship between board size and firm valuations of companies listed in the BSE 100 index covering a five year period, 2004-05 to 2008-09, using the framework of panel data methodology. In the Indian context the results are in consonance with similar studies showing a positive impact of larger board sizes on firm valuations measured by Tobin's Q.