BOARD COMPOSITION AND MARKET VALUATIONS IN NIGERIA

Abstract

The study examined the influence of board size, board meeting frequency, board
independence, and board gender o market valuation of firms (with proxy as Tobin's Q). A
sample population of 33 non-financial listed firms in Nigeria between 2013-2022 were
purposively selected and using pooled panel fixed effect model. The study found that board
size does not significantly impact Tobin's Q, board meeting frequency does not have
significant impact on Tobin's Q, and board independence does not significantly impact
Tobin's Q. However, board gender diversity has a positive and significant impact on Tobin's
Q. The study recommended evaluating the effectiveness of board size, allowing flexibility in
meeting schedules, ensuring independent directors are truly independent and capable of
providing effective oversight, encouraging board gender diversity, and focusing on the
quality and productivity of board meetings. Additionally, it recommends ensuring
independent directors have the necessary skills and experience to contribute effectively to
maintaining high governance standards and fostering an inclusive culture that values
diverse perspectives can positively impact firm performance.