Board dynamics and firm performance: The case of Nigeria

This study examines the relationship between board characteristics and company performance in Nigeria. The paper uses secondary data from 90 companies listed on the Nigerian Stock Exchange over a period of three years from 2010-2012. Conceptual framework was developed based on extensive review of literature and hypotheses postulated to examine the relationship between board size, board composition, board equity, women on board, board age and board higher educational qualification. Firm performance is measured by Turnover and Return on equity. Empirical analysis was undertaken using multiple regressions. The findings of the study show that board size, board age and board equity were negatively significant measured by ROE. However, when measured by Turnover board education and board size were significant and
positively correlated with firm performance, while board women are negatively significant. On the other hand, board composition was found to be insignificant. The study recommends legislation mandating companies to appoint at least 30-35% of women on board of directors