Board Characteristics Impact on the Firm Performance in the Indian Context

The research aims to determine the impact of board characteristics on firm performance for 348 firms National Stock Exchange (NSE) 500 Index listed India period 2012-2018 using (OLS) Ordinary Least Square (FEM) Fixed Effect Model and more robust (GMM) Generalized Method Moments regression techniques. GMM technique also controls endogeneity as well heteroscedasticity heterogeneity in panel data. Further, moderating effects market capitalization are observed considering interaction technique. Lastly, ideal size was determined based classification including small, mid large cap. Board percentage shares held by promoters have a positive significant while pledged has negative performance. results show that moderates relationship between Findings suggest an 8 mid-cap range 7-18 large-cap which similar result Kotak Committee Report (2017) recommendations with being minimum 6 directors board. cannot be generalized only manufacturing services (excluding financial) industries taken into account, but can applied abovesaid industry sectors.