There is a negative but statistically insignificant relationship between board composition and firm
value. This presupposes that investors devalue companies with majority of board members as independent. On
the board intensity, there is a statistically insignificant positive relationship with value of the firm. A board that
fails to hold regular meetings runs the risk of being unable to fulfill its responsibilities to the shareholders and
the company as we document a positive association between board intensity (meetings) and firm value. There
is however positive and statistically significant relationship between board size (a measure of numerical strength
of the board) and value of the firm.