International Journal For Multidisciplinary Research

E-ISSN: 2582-2160   •   Impact Factor: 9.24

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Volume 7 Issue 4
July-August 2025

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Governance Dynamics and Market Performance: Unpacking the Role of Board Independence in Indian Firms

Author(s) Mr. Rakesh N, Dr. Pooja Kumari N
Country India
Abstract The relationship between board independence, stock returns, and Tobin's Q of 22 companies in the Nifty Microcap 150 index between 2020 and 2024 is examined in this study. By considering the percentage of independent directors on the board as an independent variable, the study investigates the impact of board independence on company market valuation and performance (using Tobin's Q and stock returns). The Capitaline database is the data source, while Jamovi software is used for descriptive statistics, correlation analysis, and path analysis. The findings imply that market performance might not be the main force behind governance since stock returns have no discernible effect on Tobin's Q or board independence. However, a negative, albeit almost significant, correlation between board independence and Tobin's Q indicates that businesses with lower market values are likely to have many independent directors. Additionally, the research contributes to the body of knowledge in corporate governance by introducing board independence, which may have a competitive impact on a company's financial success. The sample size and the particular market conditions during the study period are two of the study's shortcomings that could impact how broadly the results can be applied.
Keywords Board Independence, Stock Returns, Tobin’s Q, Corporate Governance, Financial Performance
Field Business Administration
Published In Volume 7, Issue 4, July-August 2025
Published On 2025-07-03
DOI https://doi.org/10.36948/ijfmr.2025.v07i04.50048
Short DOI https://doi.org/g9r7nz
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