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ABSTRACT
This study evaluated the effect of board characteristics on financial performance of selected listed non-financial firms in Nigeria. Specifically this study focuses on the effect of board size, board independence and board gender diversity on return on asset. This study sampled thirty(30) listed non-financial firms whose annual reports were utilized for ten (10) years, 2013-2022.Panel data regression model was used to analyze the data for the study and the study adopted random effect. From the regression results, board size was found to be negatively related to financial performance in Nigeria and the relationship was found to be insignificant. Board Independence was found to be positively related to financial performance and the relationship was found to be insignificant. Board gender diversity was found to be negatively related to financial performance and the relationship was found to be significant. Based on the findings, the study concluded that there are several characteristics that affect the financial performance. However, the impact tends to vary among the different variables investigated. This can be as a result of the variance among firms and the particular industries used for the study. It was recommended that there is a need for more understanding and investigation of the characteristics that could significantly affect firm performance. A further improvement of the role of directors, and their possible impact to the business environment should be enhanced.
Organizations are encouraged to have more female members on the board in other to improve customer satisfaction.
