It totally depends on the frame and on your body dimensions!
I'm also 5'4" and my LBS measured me onto a 43cm Specialized women's specific design. I have a long torso, but very short legs and arms. I could ride (and stand over) a bigger bike because of the compact frame geometry (sloping top tube) but the effective top tube lengths would have been too long for my short reach. They put me on a 43 for reach (not standover). What's funny, is that my new bike is a Terry which is also obviously women's specific. On a Terry, I ride a 19" which is more equivalent to a 48cm bike, but the Terry geometry works better for me.
When it comes to bike fit, height is the first measurement, but it is definitely not the most important!




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