This study examines the relationship between board characteristics and firm performance in Bangladeshi non-bank financial institutions. We provide evidence from a frontier market where governance institutions are still consolidating using panel data from 28 firms over ten years. We employ OLS regression analysis, to assess the effects of board size, gender diversity, CEO duality, managerial ownership, foreign ownership, and board independence. The results show that CEO duality is significantly and negatively associated with firm performance, while foreign ownership exerts a significant positive influence. Other governance attributes display no measurable effect. These findings contribute to the international corporate governance literature by demonstrating that in emerging financial markets, concentrated executive power can undermine performance, whereas foreign shareholder participation enhances oversight and transparency. Policy implications include the need to strengthen role separation in leadership and encourage foreign investment as a substitute for weaker domestic monitoring. For investors and practitioners, the results highlight governance dimensions most relevant for evaluating firm value in frontier contexts.
Pervej et al. (2025) studied this question.