Pompei Mititean

Accounting Doctoral School, Bucharest University of Economic Studies, Romania 


Abstract: This paper aims to examine the impact of board’s characteristics on the financial performance of firms operating in the energy industry, during a certain and uncertain time. For this purpose, we chose four board’s characteristics: duality of the CEO, size of the board, the board meetings and board’s independence, which represent our independent variables. For measuring financial performance, we chose the Return of Assets (ROA) and Return of Equity (ROE) ratios. The data used was collected from Refinitiv Eikon database and includes a sample of 359 companies, for the period 2018-2021. The SPSS statistical program was used to run the regression model on the selected sample. This study provides mixed results on the impact on board’s characteristics on the financial performance of companies operating in the energy industry. During certain time, CEO duality and board’s meetings are negatively correlated with ROE, but positively correlated with ROA. The size and board’s independence negatively affect the financial performance of companies for both ROA and ROE before and during COVID-19. This article contributes to previous studies conducted on the link between corporate governance and firm financial performance, showing mixed results. The results obtained may help management companies to carry out their corporate governance.

Keywords: board characteristics, corporate governance, COVID-19, energy industry, financial performance

JEL classification: M41, G34.



Mititean, P., 2022. Is The Financial Performance Affected by Board Characteristics During Covid-19? Evidence From The Energy Industry. Oradea Journal of Business and Economics, 7(special), pp. 100 – 110, http://doi.org/10.47535/1991ojbe149