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This study aims to know whether board composition is effective in improving firm performance and particularly to determine whether this relationship varies across different levels of performance, that is, companies with very low performance, low performance, moderate performance, high performance and very high performance.

The authors use a data set covering 213 Indian companies registered on S&P Bombay Stock Exchange 500 Index over the period 2001 to 2019 by using Tobin's Q as a performance parameter. The study applies the quantile regression technique and compares the results with fixed effect generalized least squares (GLS) regression.

The findings reveal that board size positively affects the company's performance across all quantiles. Independent directors negatively impact the performance of companies across all quantiles. However, the strength of these relationships increases with increase in performance, thereby supporting agency theory and stewardship theory, respectively. The effect of executive directors on the performance of the companies varies across quantiles. The effect is adverse at moderate and high quantiles only.

The findings provide some grounds for regulators to exercise caution while designing board composition guidelines, keeping in mind the unique internal environment of each company which ultimately affects their performance levels. Similarly, Indian companies are also suggested to compose their boards keeping in mind their performance levels.

The study contributes towards the debate on the board composition and firm performance relationship by adding to the agency theory and stewardship theory that all the companies cannot have the similar board composition. Rather its composition depends upon the performance levels of the companies.

The COVID-19 pandemic has popularized wearing face masks for personal protection. However, the protection afforded by a mask is decreased if an individual accidently touches the outer surface of the mask and then touches other parts of their face. To overcome this problem, antimicrobial masks have become commercially available. However, many are disposable and/or made from synthetic antimicrobial agents which have a negative impact on the environment. The purpose of this study was to create material for stitching antimicrobial masks that are reusable and natural.

The authors developed natural antimicrobial finishes from Azadirachata indica, Butea monosperma and Litchi chinensis leaves. The authors used biodegradable polyurethane binder and pad-dry-cure method to apply them on 100% cotton fabric. The authors used Fourier-transform Infrared Spectroscopy (FTIR) and Scanning Electron Microscope (SEM) to confirm the application and ASTM E2149 to assess the efficacy and wash-resistance of the finish.

Fabric treated with leaves of A. indica, B. monosperma and L. chinensis showed 80%, 100 and 100% antimicrobial activity, respectively. All fabrics were washed 25 times in home laundry cycles and maintained 100% of their antimicrobial effect.

These findings highlight that B. monosperma and L. chinensis finishes on cotton fabric can be a used as a material for stitching antimicrobial, natural and reusable masks that provide more protection than traditional masks but do not pose the environmental concerns of disposable masks or synthetic finishes. This study can be furthered by performing more laundry cycles to determine if the finishes remain 100% effective beyond 25 cycles.