EFFECT OF BOARD DIVERSITY ON FINANCIAL PERFORMANCE OF LISTED CONSUMER GOODS FIRMS IN NIGERIA
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Author
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Department of Administration
ABSTRACT
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The most crucial level of control in every organization is board of directors. However, the role of a diverse board on the financial performance of a firm can never be over emphasized. Diversity in terms of gender, foreign director and board composition (outside director) are expected to affect the advisory role of board of directors due to the diverse information they posses. Thus, the study investigates the effect of board diversity on financial performance of consumer goods firms in Nigeria, the study covers a period of five years (2012-2016). The population of the study is made up of the twenty six (26) listed consumer goods firms as at 31st December, 2016. A sample of seventeen (17) firms was drawn from the population as they have all the information required within the period under study. Secondary data was obtained from the annual report and account of sample firms. The study used correlational research design and a multiple regression technique was employed for analysis to determine the effect of board diversity on financial performance of firms under study. The result was interpreted using fixed-effect regression model. The finding of the study showed that two of diversity variables (foreign director and board composition) have a positive effect financial performance and gender diversity has no significant impact on firm performance. The study, therefore, concludes that on the overall board diversity has a significant impact on financial performance of the firms under study. It is therefore, recommended that regulatory authorities should encourage firms to consider foreign directors in their board room when appointing board of directors for efficient monitoring and effective board oversight function.
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