The study aims to pinpoint the moderating role of an aspect of corporate governance, that is, Board Structure, in the relationship between managerial behaviour and firm performance. Using data envelopment analysis (DEA), firm efficiency is measured, and afterward, this firm efficiency is regressed on firm size, market share of the company, business segment and foreign currency translation. The residual values are the measurements of managerial behaviour. The data for 11 years (2009–2019) was collected from 492 non-financial firms listed on the stock exchanges of Pakistan, Bangladesh and India. The results are obtained by applying the system dynamic generalized method of moments (GMM) to address the problem of endogeneity. The study’s main findings prove that corporate governance, measured by the board structure index, positively modifies the relationship of managerial behaviour with firm performance in all three emerging economies. Secondly, the results show positive influence of managerial behaviour on both measures of firm performance (Tobin’s Q and return on assets (ROA)) in Bangladesh and Pakistan scenarios, but negative impact on ROA and inconclusive on Tobin’s Q in the Indian context. The study is helpful for creditors and loan providers to scrutinize managerial behaviour and firm performance.

该研究旨在确定公司治理的一个方面，即董事会结构，在管理行为与公司绩效之间的关系中的调节作用。使用数据包络分析 (DEA) 来衡量公司效率，然后根据公司规模、公司的市场份额、业务部门和外币折算对公司效率进行回归。剩余价值是管理行为的衡量标准。从巴基斯坦、孟加拉国和印度证券交易所上市的 492 家非金融公司收集了 11 年（2009-2019 年）的数据。应用系统动态广义矩量法（GMM）解决内生性问题，得到结果。该研究的主要发现证明，以董事会结构指数衡量的公司治理，在所有三个新兴经济体中，管理行为与公司绩效之间的关系发生了积极的变化。其次，结果表明，在孟加拉国和巴基斯坦的情景中，管理行为对公司绩效的两个衡量指标（托宾 Q 和资产回报率 (ROA)）有积极影响，但在印度背景下对 ROA 有负面影响，对托宾 Q 没有定论。该研究有助于债权人和贷款提供者审查管理行为和公司绩效。