1. For Board size, the tests found that board size affected performance in terms
of return on assets, return on equity, earnings per shares, market capitalization and
market share. The research results indicated that company boards verified strategies
and goals with honesty and maintained their company’s benefits, resulting in good
performance; investors responded to information in an announcement on the size of
company board by using it in decision making to invest in the assets. This is in
accordance with the research results of Kajananthan (2012), which found that board
size impacted upon the return on equity and the return on total assets, including the
work of Moilahh (2007) which found that board size affected market capitalization
significantly.