“…The results of the studies are, however, inconclusive and give mixed results. Some of the studies indicate a positive effect of some of the corporate governance indicators like board size, composition, diversity, and board independence on performance (Chen et al, 2005;Jackling & Johl, 2009;Riyadh et al, 2019). In contrast, findings of other studies indicate a negative relationship (Afrifa & Tauringana, 2015;Conyon & Peck, 1998;Guest, 2009;Mak & Kusnadi, 2005;Malik & Makhdoom, 2016;O'connell & Cramer, 2010), while others indicate that there is no relationship (Bhagat & Black, 2002;Ferrer & Banderlipe II, 2012;Ghazali, 2010;Haji, 2014).…”