Purpose of the study: This study examines the relevance of boards in driving firm level performance. For this purpose, it considers firms listed on Ireland and Spain stock exchanges for the period to 2014, over a period that includes the global financial crisis. Design/methodology/approach: This study uses panel data regression analysis to analyse the effects of board characteristics on performance and also uses alternate model specifications to test the significance of robustness of relationships. Findings: The impact of board size on performance is negative and significant for Irish and Spanish firms for the study period. In general, the board independence has a positive effect on the performance of Spanish firms for the complete study period and suggests consistency with the resource dependency theory. Research implications: The analysis suggests that in general the non-executive and the board size do not affect the corporate performance of Irish and Spanish firms during the financial crisis. The fixed effects model suggests positive effects of gender diversity on performance for Spanish firms while, the random effects indicates negative relationship between gender diversity and performance for Irish companies. Practical Implications: The evidence on the Spanish firms suggests that female representation on the boards may be critical during the financial crisis Originality/value: This study contributes to the literature on the corporate governance practices and performance of two countries that were strongly affected by the crisis in the European Union. As governments increasingly contemplate board gender diversity policies, our study offers useful empirical insights on Spanish and Irish firms.
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