This paper discusses the empirical studies investigating the association between board composition and organizational outcome. The board composition is the most important attribute of the board institution as such a composition determines board’s characteristics, structure and process. The paper explores the motivation and contribution of previous studies that serves as a basis for defining the significance of a replication work. The paper also presents the outcome ap-proach adopted by previous works. An avenue for further research is presented in the last sec-tions.

Keywords:    corporate governance, board structure, firm performance, outcome approach, specific task, financial-based performance