EFFECT OF BOARD ATTRIBUTE ON PROFITABILITY OF QUOTED FINANCIAL SERVICE FIRMS IN NIGERIA

Abstract

Corporate governance practices over the years, especially in the Nigerian financial services firms have come under a sharp focus as a topic for investigation, both by regulators and researchers. This is because, despite the Central Bank of Nigeria (CBN) control measures in the Nigerian financial service firms, the industry still shows symptoms of financial instability which affect profitability. The main objective of this research work is to examine the effect of board attribute on profitability of quoted financial services firms in Nigeria. The population of the study comprised of 43 financial services firms listed in the Nigeria exchange group before 31st December 2024.The period covered in this research is 2014 - 2023, purposive sampling was employed in arriving at the 34 sample size of the study. The study adopts an ex-post facto and correlational research design, and data used were generated from annual reports of the 
financial services firms for the period of ten years from 2014 to 2023. Ordinary least square regression models were employed to analyze data obtained. The findings of the study revealed that board gender diversity (BGD) exhibits a positive and significant influence on ROA. This indicates that gender diverse boards contribute meaningfully to firm performance, supporting the view that inclusion of women enhances board effectiveness and decision quality. Based on the findings, the study recommends, that firms are strongly encouraged to intentionally recruit more qualified women to serve on boards, Regulators (e.g., SEC, CBN) may consider setting 
gender diversity guidelines or quotas to ensure inclusivity and diverse perspectives at the board level.