BOARD ATTRIBUTES AND FINANCIAL PERFORMANCE OF LISTED CONSUMER GOODS COMPANIES IN NIGERIA
Abstract
This study investigated board attributes and financial performance of listed consumer goods companies in Nigeria. The specific objectives are to ascertain the effect of foreign ownership, board size, board meeting, board gender diversity on financial performance (proxied by Return on Equity .The study covered a period of ten (10) years ( 2014 to 2023). A multiple regression estimation approach was employed on information extracted from a sample consisting of sixteen (16) consumer goods companies listed on the Nigerian Exchange Group between the years 2014 to 2023. Panel Least Square regression technique was employed in estimating the data and testing the formulated hypotheses. The study reveals the existence of significant effect of foreign ownership, board size gender diversity on financial performance of listed consumer goods companies in Nigeria. The study also discovered that board meeting, has no significant effect on financial performance of listed consumer goods companies in Nigeria. In line with the findings, the study recommended that management of consumer goods companies in Nigeria should consider the reduction of number of meeting held in a year, doing this will help consumer goods companies to save cost which will in turn enhance financial performance of the sector. The study also recommended that the idea of given more room to foreign investors should be discouraged, instead indigenous investors should be encouraged to own large portion of shares in our listed consumer goods companies, this is because the presence of more foreign investors will amount to expropriation of the firm values.
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Published in BUSINESS AND FINANCE JOURNAL
ISSN: 988-47878
This article appears in our peer-reviewed academic journal
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