Yes and no. Beadboard wainscoting, especially if stained/painted a darker shade, tends to create a warm, cozy (small) feel; painted white a cooler, "sanitary" (& larger) feel. Recessed panel wainscoting can make a room feel taller if the panels are narrower. The height of the chair rail/wainscot cap rail will also have an impact on the perceived size of the room. But, ultimately, how the room is furnished will impact it's perceived size much more than whether or not it is wainscotted.