total number of directors
 
The number of directors sitting on the board at the annual shareholders meeting (Belkheir, 2009)
 
the number of directors on the Board at the end of each examined financial year (Panagiotis et al, 2007)
 
 
 
Our finding of a positive relationship between the logarithm of board size and Tobin’s Q is more interesting. It is consistent with the findings in Coles et al. (2008) and Graham et al. (2011) that performance increases in board size for complex firm