Board Characteristics and Firm Performance: A Configurational Analysis


  • Muhammad Maisam Raza Lyallpur Business School, Government College University, Faisalabad, Punjab, Pakistan
  • Safdar Husain Tahir Lyallpur Business School, Government College University, Faisalabad, Punjab, Pakistan
  • Hamad Raza Lyallpur Business School, Government College University, Faisalabad, Punjab, Pakistan
  • Ali Fadhil Ali Faculty of Administration & Economics, University of Kirkuk, Kirkuk, Iraq and Faculty of Management, Universiti Teknologi Malaysia, Malaysia
  • Areeba Rahat Alvi Lyallpur Business School, Government College University, Faisalabad, Punjab, Pakistan



Board characteristics, configurational analysis, financial performance, fuzzy-set QCA, PSX-100 Index


Investors and governments have drawn attention to company governance due to the 2007 financial crash. This study aims to determine the impact of board characteristics, i.e. women on the board, busy directors, blockholder ownership, and director qualification on firm financial performance based on evidence from Pakistan. Former research on the impact of board features on company financial performance is built on contradictory theoretical viewpoints and factual results, which are primarily built on regression and are equivocal. Based on the con- figurational analysis, this study clarifies previously ambiguous findings concerning the link between keyboard attributes and business financial success. This research draws upon theories, including resource dependence and agency theory. The study utilized fuzzy-set qualitative comparative analysis to examine a sample of 60 non-financial companies listed on the Pakistan Stock Exchange (PSX). Data referred to the pre-crisis period. Findings have shown that different combinations of board attributes can significantly impact a firm profitability, i.e. return on assets (ROA) and return on equity (ROE). Practical implications spotlight the policymakers need to evaluate corporations current level of regulatory and competitive development to plan strategy accordingly. It emphasises unique governance solutions for the non-financial sector.


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How to Cite

Raza, M. M., Tahir, S. H., Raza, H., Fadhil Ali, A., & Rahat Alvi, A. (2023). Board Characteristics and Firm Performance: A Configurational Analysis. JISR Management and Social Sciences & Economics, 21(1), 69–91.



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