The main objective of this paper was to examine the effects of board independence, board size and leverage on the financial performance of listed Chinese agricultural enterprises after merger and acquisition (M&A). The study addressed the lack of understanding of corporate governance and leverage on the financial performance of post-merger listed Chinese agricultural companies, given the unique challenges and opportunities facing the agricultural sector. This study adopted purposive sample method to select data of 77 M&A events from 2007 to 2019. Data for the two years before and after the acquisition of these 76 listed Chinese agricultural companies were examined. Key variables included board independence, board size, leverage ratio and the change of ROA. Descriptive analysis and linear regression were used to detect the relationship between independent and dependent variables. The results showed that board independence and leverage were associated with improved financial results after mergers and acquisitions. However, board size had no substantial effect on the financial performance of the enterprise after the M&A. This study provided corresponding insights for business leaders, policy makers and investors. The study highlighted the need for strategic governance reforms to achieve sustainable growth, financial stability and long-term value creation in the agricultural sector.
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