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BOARD ATTRIBUTES AND FINANCIAL PERFORMANCE OF SELECTED LISTED DEPOSIT MONEY BANKS IN NIGERIA

Adesina, O. D., Adekanmbi, J. A. (Ph.D), Ogunleye, W. A.

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Abstract

The study examined the relationship between board attributes and the financial performance of selected deposit money banks in Nigeria 2013-2022. The banks' annual reports and financial statements were the secondary sources of data. Descriptive and inferential statistics were employed in the data analysis. The study found that the return on assets (ROA) of deposit money bank is positively and significantly correlated with the board size (BZ) and board expertise (BE). While there is a positive correlation between CEO duality (CEOD) and ROA for deposit money banks, the results indicated that this correlation is not statistically significant. The results showed that the return on assets (ROA) of deposit money banks is negatively and insignificantly correlated with gender diversity (GD) and board independence (BI). The study showed that in the Nigerian deposit money banks surveyed, ROA was positively and significantly affected by board size and board expertise. As a result, DMB policymakers should promote the diversification of board expertise by advocating for representation from different sectors, including finance, marketing, technology, and others. This will help to improve strategic decision-making and foster innovation.

Keywords: Board size, Board Independence, Board Expertise, Gender Diversity, Corporate Governance.