The researcher found evidence in support of a
positive relationship between corporate governance structures (e.g., board size, board
meetings, or audit committees) and a significant impact on firm performance.
Additionally, Takao and Cheryl (2004) found that key governance indicators related to
firm performance were board size, the proportion of executive and nonexecutive
directors, gender composition, the cost of board maintenance, audit committee size
(Larcker, Richardson, & Tuna, 2007), and the frequency of financial disclosures.