Impact of external events on the performance of listed companies in China: the board characteristics perspective

This study examines the relationship between board characteristics and firm performance during periods of external shocks, with a particular focus on the impact of the COVID-19 pandemic on Chinese listed companies. Using a sample of non-financial A-share firms listed on the Shanghai and Shenzhen Stock Exchanges from 2017 to 2022, we employ a fixed-effects panel regression model with interaction terms to investigate how board size, independence, and gender diversity are associated with Tobin’s Q before (2017–2019) and during (2020–2022) the pandemic.