ABSTRACT
The recent regulatory initiatives around the world have been moving in the direction of greater structural independence in the boardroom. Nevertheless, the determination of the directional superiority of a specific boardroom structure remains to be unambiguously established in the prevailing academic literature. The linkage between boardroom configuration/financial performance very much depends on the environmental context (or the industry) of the firms. In addition, the endogenous relationship boardroom configuration/financial performance (i.e., the two way interactive association between independent and dependent variables) has most probably blurred previous ...