Board Characteristics and Financial Performance of Selected Listed Non-Financial Firms in Nigeria

Abstract

Research Objective: The study aimed to evaluate the effect of board characteristics on the financial performance of selected listed non-financial firms in Nigeria.

Methodology: The research analysed data from thirty (30) listed non-financial firms over a ten-year period (2013-2022) using a panel data regression model with a random effect approach.

Findings: Results revealed that board size is insignificantly and negatively related to financial performance, board independence shows an insignificant positive relationship, and board gender diversity has a significant negative effect on financial performance.

Conclusion: The study concludes that the impact of board characteristics on financial performance varies across different variables, potentially due to industry-specific factors.

Recommendations: Further investigation into board characteristics is recommended to better understand their influence on firm performance.