The present study considers all non-financial firms that are part of the All
Ordinaries Index (AOI). The present study constructs Fama French 25 portfolio and estimate the excess return
as the difference between actual return and the average return of the relevant FF portfolio. OLS analyses show
that board independence has no significant impact on the value of the firm though cash holdings have
significant influence. Analysing using panel data methods however unearth the significant influence of board
independence on the value of Australian firms. [PUBLICATION ABSTRACT]