EFFECTS OF CORPORATE ATTRIBUTES ON FINANCIAL PERFORMANCE OF LISTED FINANCIAL SERVICES FIRMS IN NIGERIA

This paper investigated the effects of board attributes and board reputation on the financial performance of listed financial services firms in Nigeria from 2017 to 2023. The secondary data was generated from annual reports of financial services firms. The study considers Fixed Effect (FE) model as more appropriate parameter for interpretation through the directions of post estimation test. The study measures financial performance with return on assets which serves as the dependent variable in the econometric model while the independent variable is proxied with three dimensions. Board reputation is a dummy variable of one if there is presence of a reputable director and 0 if otherwise. Board independence is measured as a continuous variable with the proportion of total independent directors to total number of directors in the board. The remaining three variables (expertise, size and meeting) were proxied using absolute values. The results confirm the evidences in the literatures which indicated the positive correlation of both reputation and expertise of corporate board with financial performance. Therefore, the study recommends that board attributes of reputation and expertise explain the direction of financial performance and should be considered as critical components of decision making.