2014
DOI: 10.11648/j.jfa.20140203.17
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Board Characteristics and Company Performance: Evidence from Nigeria

Abstract: This study examines the relationship between board characteristics and company performance (measured by turnover) in Nigeria. The study uses multiple regression technique on 90 sampled firms from the main board of Nigerian Stock Exchange from 2010 to 2012. The empirical evidence shows that board size and board education are positively and significantly related to company performance. While there is no relationship between board equity, board independence, and board age. Also, this study evidences a negative si… Show more

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Cited by 51 publications
(24 citation statements)
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References 48 publications
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“…Moreover, the higher the education, the more problemsolving methods that can be applied. Our finding supports the Upper Echelon theory and is consistent with King, Srivastav, and Williams (2016) and Akpan and Amran (2014), who found that educational attainment affects firm performance; those who have received higher education would possess knowledge, experience, and the skills to manage performance and organizational affairs. b) Independent directors and bank performance The p-value for INDIE is .2621 and consequently, H2 was rejected.…”
Section: Methodssupporting
confidence: 91%
“…Moreover, the higher the education, the more problemsolving methods that can be applied. Our finding supports the Upper Echelon theory and is consistent with King, Srivastav, and Williams (2016) and Akpan and Amran (2014), who found that educational attainment affects firm performance; those who have received higher education would possess knowledge, experience, and the skills to manage performance and organizational affairs. b) Independent directors and bank performance The p-value for INDIE is .2621 and consequently, H2 was rejected.…”
Section: Methodssupporting
confidence: 91%
“…In contrast, other Nigerian studies (Kajola, 2008;Sanda et al, 2010;Akpan & Amran, 2014;Ironkwe & Adee, 2014;Ilaboya & Obaretin, 2015) and non-Nigerian studies (Adams & Mehran, 2012;Owusu, 2012) have found a positive relationship between board size and firm performance. Using a sample of 20 Nigerian listed firms from 2000 to 2006 measured by ROE, Kajola (2008) found a positive and statistically significant relationship.…”
Section: Board Size and Financial Performancementioning
confidence: 80%
“…To align executives' and owners' goals, agency theory recommends separation of decision making between executives and owners. Akpan and Amran (2014), for example, used agency theory to identify the impact of independent directors and sustainability performance and found that independent directors within the board help to minimize the agency costs, monitor the agent decisions effectively, and supervise the executive directors.…”
Section: Board Of Directors and Sustainability Performancementioning
confidence: 99%