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

Syed Abdulla Al Mamun, Mohammad Moniruzzaman


This paper examines the relationship between board attributes and
performance of non-banking financial institutions in Bangladesh. Based on the
economic perspective of agency theory, the study develops hypotheses to explain the
board-performance relationship. With the sample of 40 firm-year observations, this
study conducts regression analysis to investigate the relationship. Results of the
study 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 non banking financial institutions, and these have important policy
implications to public and private policy makers to formulate appropriate corporate
governance framework.


corporate governance, board of directors, board attributes, non-banking financial institutions, agency theory, managerial opportunism.

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