EXPLORING THE MODERATING ROLE OF GOVERNMENT OWNERSHIP ON THE NEXUS BETWEEN BOARD ATTRIBUTES AND CAPITAL STRUCTURE OF PUBLICLY TRADED MANUFACTURING COMPANIES IN NIGERIA

This study investigated the moderating role of government ownership on the nexus between board attributes and capital structure of listed manufacturing companies in Nigeria using quantitative approach and a correlational research design in analyzing panel data from thirty-seven firms. Ordinary least square regression was utilized as a tool for data analysis. The outcomes derived from the analysis from the first model revealed a statistical inverse linked between board size and capital structure while board gender diversity and government ownership depicted a significant positive relationship with capital structure. Conversely, board independence exhibits a weak positive relationship with capital structure. However, the moderated model presents evidence that higher levels of government ownership strengthen the effect of board attributes (board independence and gender diversity) on capital structure decision. In line with the findings, it is therefore recommended that firms must thoroughly assess the particular requirements, objectives, and governance structure to ascertain the optimal board composition that best serves the interests of firms and other interested parties. Firms are encouraged to embrace government ownership and equally regulatory authorities in Nigeria such as Security and Exchange Commission should come out with a policy that will encourage female representation and ensure compliance with having autonomous board at any point in time.