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ABSTRACT
This study examines the impact of corporate governance characteristics, such as board size, board independence, CEO duality, and external auditors' independence, on the financial performance of manufacturing firms in Nigeria. This study uses a quantitative method and secondary data from the annual reports of some manufacturing companies listed on the Nigeria Exchange Group (NGX) between 2013 and 2022. It also uses descriptive statistics and regression analysis to look at the link between corporate governance indicators and financial performance, as measured by return on assets (ROA). The findings suggest significant relationships between certain corporate governance characteristics and financial performance indicators. Board size has no significant effect on financial performance. In contrast, board independence has a significant negative impact on financial performance, demonstrating notable effects on ROA. In contrast, CEO duality has a non-significant effect on financial performance, while external auditors' independence has a positive effect. The study recommends that manufacturing firms in Nigeria prioritize enhancing board independence and consider optimizing board size to improve financial performance. Additionally, organizations should implement measures to mitigate the risks associated with CEO duality and ensure the independence of external auditors, thereby fostering transparency and accountability. These recommendations aim to strengthen corporate governance practices and contribute to the sustainable growth and resilience of manufacturing firms in Nigeria.
