Board Characteristics on Firm Performance of Quoted Financial Services Companies in Nigeria

The research investigated the effect of Board Characteristics on Firm Performance of Financial Services companies in Nigeria. Secondary data were obtained from published financial reports and accounts of active Financial Services companies listed on the Nigerian Exchange Limited (NGX) for ten years (2011 – 2020). The independent variables are Board Size, and Board Remuneration, while the dependent variable Firm Performance was proxied as Tobin Q (TOBQ). Null hypotheses were formulated for the study and secondary data obtained from the financial statements of the companies. The data were analysed using descriptive analysis, correlation matrix, and regression analysis. The Random Effects Generalized Least Square (GLS) regression result revealed that Board Size (BODS) and Board Remuneration (DRSA) all have significant effect on firm performance of Financial Services companies in Nigeria at 5% level of significance. Though Board Size (BODS) has an inverse effect. This research recommends that board diversity should be optimised with board size as this would scale up firm performance whilst optimizing resources.