%0 Journal Article
%T Outside Directors, Corporate Governance and Firm Performance: Empirical Evidence from India
%A Naveen Kumar
%A J. P. Singh
%J Asian Journal of Finance & Accounting
%D 2012
%I 
%R 10.5296/ajfa.v4i2.1737
%X The current study examines the efficacy of outside directors on the corporate boards of 157 non-financial Indian companies for the year 2008. The research particularly investigates if the monitoring by grey director (non-executive non-independent) and independent director influences firm performance. Research finding reveals that while the proportion of grey directors on board has marginally deteriorated effect, the independent director¡¯s proportion has an insignificant positive effect on firm value. Outcome of research has significant implications for devising a board model for companies in India that have a significant ownership concentration and insider control. Independent directors require greater representation on the board in lieu of other non-executive outside directors.
%U http://www.macrothink.org/journal/index.php/ajfa/article/view/1737