This is a complicated issue, there being no one "right" size. See F. Alton Everest's Master Handbook of Acoustics, 4th edition, or his Sound Studio Construction on a Budget.
Several versions of the "ideal" are given in one or the other of these books. Not just proportions count: the bigger the room, the better its resonant modes will be spaced, if the proportions are good. Reading Everest will teach you how to analyze a room yourself, and see how good it is and where its problems lie.