This research paper examines the relationship between the board of directors and the firm’s performance from the angle of the R&D investment level in the French context and from some perspectives of corporate governance. Our model seeks to show if the R&D investment level acts as a mediating variable between, on the one hand, the dominance of outside directors, the dual structure and the size of the board, and on the other hand, the performance. This empirical study is based on a sample of 178 French firms for the period 2008-2012. The results of the linear regressions conducted show that the relationships between the variables linked to the composition of the board and the firm’s performance are meditated by the firm’s R&D investment level.
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