Overview

Original Research

BOARD CHARACTERISTICS AND FINANCIAL PERFORMANCE OF FIRMS: EVIDENCE FROM NIGERIA

AKINLOLU ADEKUNLE AKINWUMI, LUCKY OTSOGE ONMONYA, OFILI UGWUDIOHA and AHMAD BUKOLA UTHMAN.

Vol 21, No 04 ( 2026 )   |  DOI: 10.5281/zenodo.19588251   |   Author Affiliation: Accounting Department, Nile University of Nigeria, Abuja, Nigeria 1, PhD, Accounting Department, Nile University of Nigeria, Abuja, Nigeria 2, Professor, Accounting Department, Nile University of Nigeria, Abuja, Nigeria 3, Associate Professor, Accounting Department, Nile University of Nigeria, Abuja, Nigeria 4.   |   Licensing: CC 4.0   |   Pg no: 01-22   |   Published on: 15-04-2026

Abstract

This study investigates the impact of board characteristics on the financial performance of NGX 30 firms in Nigeria from 2014–2023. Using panel data techniques—including Random Effects and Mundlak Correlated Random Effects models—the analysis reveals that board independence significantly enhances Return on Equity, supporting Agency Theory. Conversely, gender diversity and governance committee size negatively affect performance, while board size, meetings, risk committee size, and institutional ownership show no significant influence. Findings highlight the primacy of substantive independence and balanced gender representation in strengthening governance–performance linkages within Nigeria’s evolving corporate environment.

Keywords

Board Characteristics, Financial Performance, NGX 30.