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Board Attributes and Performance of Non-Banking Financial Institutions in Bangladesh: An Empirical Study

This paper examines the relationship between board of directors, an important corporate governance instrument, and performance of non-bank financial institutions in Bangladesh. Based on the economic perspective of agency theory, this research develops hypotheses to explain the board-performance relationship. With the 40 firm-year observations, this study conducts regression analysis to investigate the relationship. Results show the positive but least significant impact of board independence on firm performance. However, the associations of other board attributes with performance measures are insignificant which indicates the lack of effectiveness of board as a corporate governance mechanism to protect shareholders’ interests. Empirical findings of the study contribute in the scarce literature related to corporate governance in financial institutions, and these have important policy implications to public and private policy makers to formulate appropriate corporate governance framework.