Board Characteristics and Firm Values of Quoted Consumer Goods Firms in Nigeria
Keywords:
Board Characteristics, Firm Values, Consumer Goods Firms, Firm Performance.
Abstract
The study examined the implication of board characteristics on firms’ values of quoted consumer goods firm in Nigeria over the period of 2010 to 2020. The study employed secondary data from annual report of the 10 sampled quoted consumer goods firms. The study employed the stationarity test and the panel regression tests. Findings showed that the board size and board independence had adverse effect on firm profitability and show negative and significant influence on the earnings per shares and profit after tax, while displaying a positive and significant relationship with Return on equity. Board diversity shows a positive and significant relationship with Earnings per shares. Conclusively, it can be seen overall that the level of board composition is mediocre and the significance level of the employed dimensions of board composition shows that quoted consumer goods firms in Nigeria have better financial information quality in terms of their return on equity reported than in view of their earnings per shares. It was recommended that firms should prune the size of active auditors and should not compromise quality with quantity.The management of quoted consumer goods firms in Nigeria should, as a legal mandate, provide a “statement of the quality of its earnings” arrived at using acceptable and uniform criteria and make assertions that the earnings of the company have not been manipulated during the period
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References
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Abu, S.O., Okpah, A.J. & Okpe, U.J. (2016). Board characteristics and firm performance eo deposit money banks in Nigerian. International Journal of Business and Social Science, 7(9),159-171.
Abu, S.O., Okpah, A.J. & Okpe, U.J. (2016). Board characteristics and firm performance eo deposit money banks in Nigerian. International Journal of Business and Social Science, 7(9),159-171
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Ardi, A., &Murwaning Sari, D. W. (2018). Board Composition and Its Relationship with Firm Profitability. Journal of Corporate Governance, 66(1), 32-48.
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Loh, A., &Ngagren, D. (2018). Corporate Governance and Firm Success: A Multinational Perspective. International Journal of Governance and Management, 56(3), 256-273.
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Orjinta, H.I. & Evelyn, I.A. (2018). Effect of audit committee characteristics on performance of non-financial firms: Evidence from a recessed economy. International Journal of Innovation and Applied Studied, 24(1),289-298.
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Abad, D., Iucos – Perez, M.E., Minguez-Vera, A. & Yague, J. (2017). Does gender diversity in corporate boards reduce information asymmetry in equity markets. Business Research Quarterly, 20(1),192-205
Abdullah, A. (2022). Market-to-Book Ratio and Its Implications for Firm Valuation. Journal of Business Finance, 40(8), 987-1005.
Abdussalam, F.Y. &Okike, B.M (2018). A board gender diversity and performance: An evaluation of the Nigerian banking industry. Journal of Applied Research, 4(6), 1721-1727.
Abu, S.O., Okpah, A.J. & Okpe, U.J. (2016). Board characteristics and firm performance eo deposit money banks in Nigerian. International Journal of Business and Social Science, 7(9),159-171.
Abu, S.O., Okpah, A.J. & Okpe, U.J. (2016). Board characteristics and firm performance eo deposit money banks in Nigerian. International Journal of Business and Social Science, 7(9),159-171
Abubukar, H., Sulaiman, S. A., & Harana, F. (2018). Independent Directors and Firm Performance in Nigerian Listed Firms. Corporate Governance: An International Review,13(6), 628-643.
Ajayi, O. A., Egwakha, O. S., & Akpa, V. O. (2019). Hiring and Firing of Management: A Board's Responsibility. Journal of Management and Technology, 44(3), 318-335.
Akpakip, E. I. (2017). Board Characteristics and Their Role in Mitigating Agency Costs. Corporate Finance Review, 58(11), 1230-1247.
Ardi, A., &Murwaning Sari, D. W. (2018). Board Composition and Its Relationship with Firm Profitability. Journal of Corporate Governance, 66(1), 32-48.
Ashraf, M.A., Mohamed, M. & Youssef, A.F (2018). The effect of characteristics on firm value: An empirical study on most active firms in Egyptian Stock Exchange. Open Access Library Journal, 5(2),1-16
Ashraf, M.A., Mohamed, M. & Youssef, A.F (2018). The effect of characteristics on financial performance: An empirical study on most active firms in Egyptian Stock Exchange. Open Access Library Journal, 5(2),1-16
Berle, A. A., & Means, G. C. (1932). The Modern Corporation and Private Property. Transaction Publishers.
Bernile, G., Bhaywat, V. & Yonko, S.(2018). Board diversity, firm risks and corporate policies. Journal of financial economics, 127(3),588-612
Chen, Y., Cheung, S., Stouraitis, A., & Wong, R. M. (2005). A Comprehensive Analysis of Market Value Added. Strategic Management Review, 30(7), 854-869.
Clarkson, M. E. (1994). Risk and Business Sustainability. International Journal of Risk, Insurance and Management, 2(3), 229-244.
Coles, J. L., McWilliams, A., & Sen, N. (2021). Evaluating Performance Measures for Corporate Value. Corporate Finance Insights, 54(3), 112-129.
Cox (1993). Cultural diversity in organization: Theory, research and practice. San Francisco: Berrett Koehler.
Davis, J. H., Schoorman, F. D., & Donaldson, L. (1997). Toward a Stewardship Theory of Management. Academy of Management Review, 22(1), 20-47.
Donaldson, L. (1990). The Ethereal Hand: Organizational Economics and Management Theory. Academy of Management Review, 15(3), 369-381.
Donaldson, L., & Davis, J. H. (1991). Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns. Australian Journal of Management, 16(1), 49-64.
Donaldson, T., & Preston, L. E. (1995). The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications. Academy of Management Review, 20(1), 65-91.
Eisenhardt, K. M. (1989). Agency Theory: An Assessment and Review. Academy of Management Review, 14(1), 57-74.
Ekadah, J.W. & Mboya, J. (2021). Effect of board gender diversity on the performance of commercial banks in Kenya. European Scientific Journal, 8(7),128-148
El-Habashy, H. A. (2018). Evaluating the Impact of Corporate Governance on Firm Performance. Strategic Business Management, 29(5), 678-695.
El-Monde, J.G., Bawa, A.B. &Shamaki, A.R (2018). Effect of board size, board composition and board meetings on financial performance of listed consumer goods in Nigeria. International Business Research, 11(6),1-10
Erhardt, N.C., Werbel, J.D. &Shrailes, C. B (2022). Board of director diversity and firm financial performance. Corporate governance. An International review, 11(2),102-111
Fama, E. F. (1980). Agency Problems and the Theory of the Firm. Journal of Political Economy, 88(2), 288-307.
Fama, E. F., & Jensen, M. C. (1983). Corporate Policy Formulation and Strategic Planning. Journal of Business Ethics, 58(12), 1348-1365.
Fama, E. F., & Jensen, M. C. (1983). Separation of Ownership and Control. The Journal of Law and Economics, 26(2), 301-325.
Fama, E. F., & Jensen, M. C. (1983). Separation of Ownership and Control. Journal of Law and Economics, 26(2), 301-325.
Firoozi, M., Moghona, M. & Fortin, S. (2016). Board diversity and financial reporting quality. Cirano Scientific series, 27(1), 1-24
Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach. Pitman.
Freeman, R. E., Harrison, J. S., Wicks, A. C., Parmar, B. L., & De Colle, S. (2004). Stakeholder Theory: The State of the Art. Cambridge University Press.
Gambo, J. Bello, A. &Rimanshung, S. (2018). Effective of board size, board composition and board meeting son financial performance of listed consumer goods in Nigeria. Canadian center of science and education, 11(6), 1-10
Gambo, J.E. Ahmed, B.B., &Rimamshong, S.A. (2018). Effect of board size, board composition and board meetingsand firm value of quoted consumer goods in Nigeria. International Business Research, 11(6),1-7
Gambo, J.E. Ahmed, B.B., &Rimamshong, S.A. (2018). Effect of board size, board composition and board meetings and financial performance of listed consumer goods in Nigeria. International Business Research, 11(6),1-7
Gembo, E.J., Bello, B.A.&Rimamshung, S.A. (2018). Effect of board size, board composition and board meetings on financial performance of listed consumer goods in Nigeria. International Business Research Journal, 11(6),1-10
Greek, S.A., Luhn, K.M. &Sahajin, A. (2017). Board diversity and employee satisfaction: The mediating role of progressive program. Saye Journal, 10(1),14-27
Hassan, N. & Wiler, T(2017). Does board diversity impact financial performance? South African Accounting Association Journal, 1(2),118-140
Hermalin, B. E., & Weisbach, M. S. (1991). The effects of board composition and direct incentives on firm performance. Financial Management,1(1), 5-16.
Ibrahim, M. A., & John, K. (2018). Board Composition and Its Influence on Corporate Value. Journal of Financial Insights, 66(2), 221-238.
Ilaboyo, O.J. &Obesetin, S. (2015). Board characteristics and firm performance from Nigerian quoted companies. Academy Journal of Interdisciplinary Studies, 4(1),283-289
Ilaboyo, O.J. &Obesetin, S. (2015). Board characteristics and firm performance from Nigerian quoted companies. Academy Journal of Interdisciplinary Studies, 4(1),283-289
Jenaliez, S. A. (2018). Examining the Relationship Between Board Size and Firm Performance. Strategic Management Review, 54(5), 602-620.
Jensen, M. C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. The Journal of Finance, 48(3), 831-880.
Jensen, M. C., & Meckling, W. H. (1976). Agency Theory and Corporate Governance: A Historical Perspective. Corporate Finance Insights, 54(3), 112-129.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 3(4), 305-360.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305-360.
Johl, S.K., Johl, S. & Cooper, B.J. (2015). Board characteristics and firm performance: Evidence from Malaysia public quoted firms. Journal of Economics, business and Management, 3(2),239-243
Johl, S.K., Johl, S. & Cooper, B.J. (2015). Board characteristics and firm performance: Evidence from Malaysia public listed firms. Journal of Economics, business and Management, 3(2),239-243
Joseph, B., &Ironkwe, U. I. (2022). Board Characteristics and Firm Performance: An In-depth Analysis. International Journal of Corporate Governance, 32(4), 189-204.
Joseph, B., & Micah, L. C. (2022). Measuring Firm Value: A Comprehensive Study. Journal of Financial Research, 45(6), 56-78.
Judge, W. Q., Naowmova, I., &Koutzevoi, V. (2003). Performance Evaluation Metrics for Assessing Firm Value. Journal of Corporate Leadership, 48(7), 342-359.
Kagzi, M., & Guba, O. (2018). Exploring the Link Between Board Characteristics and Firm Value. Journal of Corporate Governance, 66(4), 465-482.
Kajola, S.O., Onaoloapo, A.A. &Adelowotan, M.O. (2017). Effect of corporate board on firm value of Nigeriaquoted banks. Nigerian Journal of Management Sciences, 6(1),205-213
Kajola, S.O., Onaoloapo, A.A. &Adelowotan, M.O. (2017). Effect of corporate board on financial performance of Nigeria listed banks. Nigerian Journal of Management Sciences, 6(1),205-213
Kakanda, M. M., Bello, A.B. & Abba, M. (2016). Effect of capital structure on performance of quoted consumer goods companies in Nigeria. Research Journal of Finance and Accounting, 7(8), 211-219
Kakanda, M. M., Bello, A.B. & Abba, M. (2016). Effect of capital structure on performance eof listed consumer goods companies in Nigeria. Research Journal of Finance and Accounting, 7(8), 211-219
Kiel, G. C., & Nicholson, G. J. (2003). Board Composition and Corporate Performance: How the Australian Experience Informs Contrasting Theories of Corporate Governance. Corporate Governance: An International Review, 11(3), 189-205.
Letting, N., Aosa, E. &Machuki, V. (2020). Board diversity and performance of companies listed in Nairobi Stock Exchange. International Journal of Humanities and Social Sciences, 2(11),172-182.
Lipton, M., & Larsch, P. (2021). The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems: A Response to Jensen. The Journal of Finance, 48(4), 1253-1274.
Loh, A., &Ngagren, D. (2018). Corporate Governance and Firm Success: A Multinational Perspective. International Journal of Governance and Management, 56(3), 256-273.
Low, D.C.M., Roberts, H. & Whiting, R.H. (2022). Board gender diversity and firm performance: Empirical evidence from Hong Kong, South Kereu, Malaysia and Singpore. Pacific – Basin Finance Journal, 35(3),381-401.
Marinova, J., Plantenga, J. &Remery, C. (2020). Gender diversity and firm performance: Evidence from Dutch and Danish Board rooms. Discussion paper series. No. 10-03. Intrecht School of Economics, utrehtUniversity, Utrecht.
Matar, A. &Eneizan, B. (2018). Determinants of financial performance in the industrial forms: Evidence from Jordan. Asian Journal of Agricultural Extension, Economics & Sociology, 22(1),1-10
Mazur, B. (2010). Cultural diversity in organizational theory and practice. Journal of Intercultural Management, 2(2),5-15
Merendino, A. (2022). Corporate governance: The relationship between board of directors and firm performance. Empirical evidence of Italian listed companies, Ph.D Thesis. Universitadeglistudi di ferrara.
Mshetwl, M. (2017). The association between board size, board independence and firm performance: Evidence from Saudi Arabia. Global Journal of Management and Business Research, 17(1),2249-4585
Mshetwl, M. (2017). The association between board size, board independence and firm performance: Evidence from Saudi Arabia. Global Journal of Management and Business Research, 17(1),2249-4585
Muchemwa, M.R. & Padia, N. (2016). Board composition, board size and financial performance of Johnannesburgy Stock Exchange companies. South African Journal of Economics and Management Science (SAJEMS) 19(2),497-513
Nwaiwu, I. (2021). Corporate Governance and Firm Performance in the Nigerian Banking Sector. International Journal of Financial Research, 12(3), 78-93.
Nwaiwu, J. I. (2022). Board Composition and Its Role in Providing Strategic Direction. Journal of Corporate Leadership, 54(7), 342-359.
Ofumba, U. &Onuegha, O(2018). The impact of capital structure on corporate performance in Nigeria. A quantitative study of consumer goods sector: Current investigations in Agriculture and current research, 5(4),697-705
Olabisi, J., Kajoba, S.O., Oladejo, P.A., Ojeaya, P.I. & Abass, T.F (2018). Board characteristics and performance of quoted consumer goods firms: Evidence from Nigeria. Journal of Economics and Business Research, 2(1),7-26
Ombaba, K.M. & Kosgey, D.(2018). Relationship between board tenure and firm value. International Journal of Modern Research in Engineering and Management, 1(5),144-215
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Published
2023-10-25
How to Cite
WEDE CHIKE, A., CLIFFORD, O., & JOHNSON NKEM, N. (2023). Board Characteristics and Firm Values of Quoted Consumer Goods Firms in Nigeria. GPH-International Journal of Business Management, 6(10), 269-297. https://doi.org/10.5281/zenodo.10041440
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Articles
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