The causal effect of board size in the performance of small and medium-sized firms

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Incentive and entrenchment effects in European ownership (2009, background): “13 Family influence over management decisions in these firms can either be directly through a family CEO, or indrectly through family directors on the board as documented by Bennedsen et al. (2008).”
The impact of board size on firm performance: evidence from the UK (2009, methodology): “…problems by employing instrumental variable techniques (Eisenberg et al., 1998; Postma et al., 2003; Adams and Mehran, 2005; de Andres et al., 2005; Beiner et al., 2006; and Bennedsen et al., 2008), and as shown in Table 1, the results suggest that there is causality from board size to performance.”
Corporate governance and firm value during the global financial crisis: Evidence from China (2012, background): “Bennedsen et al. (2008), Eisenberg et al. (1998), and Yermack (1996) offer evidence that small boards are accompanied by high firm value.”
Performance and governance in microfinance institutions (2009, background): “Bennedsen et al. (2008) confirm the negative relationship in small family firms.”