Effect of Board Attributes on Performance of Listed ICT Companies in Nigeria

Abstract

This study examines the effect of board attributes on the performance of listed Information and Communication Technology (ICT) firms in Nigeria. The study employs an ex post facto research design and utilizes panel data obtained from the annual reports of ICT firms listed on the Nigerian Exchange Group (NGX) over the period 2014–2024. Firm performance is measured using earnings per share (EPS), while board attributes is proxied by board independence, board gender diversity, board tenure, audit committee financial expertise, risk committee independence, and board composition, with firm size included as a control variable. The study adopts the System Generalized Method of Moments (GMM). Findings reveal that board independence, board gender diversity, audit committee financial expertise, board composition, and firm size exert a positive and statistically significant effect on corporate performance. In contrast, board tenure and risk committee independence show no significant impact on firm performance. The study concludes that effective board attributes play a crucial role in enhancing corporate performance in Nigeria’s ICT sector. It recommends strengthening board independence, promoting gender diversity, and ensuring financial expertise within audit committees in line with the Nigerian Code of Corporate Governance (2018). The study contributes to the corporate governance literature by providing sector-specific evidence from the Nigerian ICT industry.