The current study aims to investigate the effects of board’s human capital on the relationship between board’s characteristics and firm’s performance. The Q Tobin’s and return on assets, which represent firm’s performance, are considered as the dependent variables and independent variables include board’s human capital, board dependence and managerial share ownership based upon a sample of 990 firm-year data from companies listed on the Tehran Stock Exchange from 2008 to 2014 using multivariate linear regression analysis, it is concluded that board’s human capital positively affects the relationship between board’s dependence and performance and also managerial share ownership and performance. The results indicate that firms benefit from board human capital in terms of outside directors’ proficiency, validity, experience, specialty and knowledge to monitor and counsel managers.

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