The Non-Correlation between Board Independence and Long-Term Firm Performance
Sanjai Bhagat and Bernard
Black Journal of Corporation Law 27, 231-273, 2002

The relationship between board composition and firm performance has been the subject of numerous studies. However, no conclusive evidence can be drawn. This study reexamines this issue using a large, long horizon sample. The authors find evidence that low profitability firms increase the independence of boards but no evidence that such changes lead to superior future performances.