• AZBARIYAH AZIZ Faculty of Business, International University Malaya Wales (IUMW), Kuala Lumpur, Malaysia.
  • KAUSHALYAA CHANDRAN Faculty of Business, International University Malaya Wales (IUMW), Kuala Lumpur, Malaysia.
  • NADISAH ZAKARIA Faculty of Business, International University Malaya Wales (IUMW), Kuala Lumpur, Malaysia.
  • SIONG MIN FOO School of Business and Economics, Universiti Putra Malaysia, Selangor, Malaysia.



board characteristics, financial performance, PN17 companies, Malaysia


This study aims to investigate the connection between board composition and a company's financial performance. To determine whether board size, board independence, and board gender composition affect a company's financial performance, experiments on board size, board independence, and board gender composition were conducted. Considering the high level of family ownership in Malaysian publicly traded companies, the analysis presents data from a developing market. From 2018 to 2022, a sample of 25 PN17 publicly traded companies in Malaysia served as the basis for the study. A multiple regression analysis revealed that board size and gender composition positively and substantially correlate with financial performance; thus, appointing more female board members will improve the company's financial performance. Therefore, a business justification exists for the Malaysian government's effort to require publicly traded companies to have at least 30 percent female board members. Nonetheless, according to the study's findings, board independence does not affect corporate performance. Therefore, the appointment of independent board members will not affect the economic performance of the companies.


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