Abstract
The major purpose of this paper was to identify and analyze the board size, board composition and firm performance for firms listed at Tehran Stock Exchange (TSE) from 2004 to 2009. We used multiple regressions to examine the board characteristics and firm performance. Board characteristic variables includes board size, board composition for testing the hypotheses, required data, information collected from the annual reports of the official bulletins of Tehran stock exchange, market information, stock organization library and stock sites such as www.rdis.ir and www.irbourse.com. Based on a sample of 66 firms listed at Tehran stock exchange, during the period from 2004 to 2009, we found out that board size and board compositions are positively associated with firm performance. The results suggested that the impact of the board size on firm performance is more than theimpact of the board composition on firm performance. This research provided a good chance for examining the effect of board characteristics regarding firm performance. Meanwhile, it took into consideration if quarter firm size has any effect on firm performance or not. Key words: Corporate governance, firm performance, board size, firm size
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