Simon Ayo ADEKUNLE1, Oghenovo Owigho OKERE2, Eseoghene KOKOGHO2, Loretta EZE3 and Princess Eloho ODIO4
1Department of Business Administration, Faculty of Management Sciences, University of Benin, Benin City, Nigeria
2Deloitte & Touche LLP, Dallas, Texas
3Deloitte & Touche LLP, Kansas City, Missouri
4Hossbridge Trent Limited, Lagos, Nigeria
Abstract: This study investigated how board characteristics such as board size (BOSI), board independence (BOID), board gender diversity (BOGD), and board meeting (BOMT) impact the performance of the Nigerian oil and gas sector. Seven oil and gas firms were randomly selected, and data collected on the relevant variables for ten (10) years. Data were descriptively analysed using mean, standard deviation, skewness, and kurtosis, while a panel data model was used as the estimation technique. The study found that BOSI, BOID, and BOGD positively and significantly impact the performance of oil and gas firms in the country. Though the relationship between BOMT and the performance of oil and gas firms is positive, it was not statistically significant. It is, therefore, concluded that critical attention should be paid to board characteristics as they play critical role in monitoring the company’s management, establishing strategic direction, and protecting the interests of shareholders and stakeholders. This study recommends that oil and gas firms maintain stipulated number of independent directors that could help sustain positive and significant association between board independence and performance of the sector.
Keywords: Board size, Board independence, Board gender diversity, Board meeting, Oil and gas firms
JEL Classification: G3, G34, G340.
Cite as:
Adekunle, S.A., Okere, O. O., Kokogho, E., Eze, L., and Odio, E.P., 2024. Board Characteristics and Corporate Performance: Evidence from the Nigerian Oil and Gas Companies. Oradea Journal of Business and Economics, 9(1), pp. 87-97. http://doi.org/10.47535/1991ojbe184.