Financial performance variations experienced by ICT companies in Nigeria have been linked to corporate governance inefficiencies due to the failure to harness board attributes towards the maximization of asset efficiency and profitability. Although the information and communication technology sector is critical to economic development in Nigeria, literature on how corporate board attributes can help improve the financial performance of companies operating in this environment is scarce. This paper, therefore, evaluates the effect of corporate board attributes on the financial performance of quoted ICT companies in Nigeria. Specifically, this study evaluates the impact of board independence, board gender diversity, and board size on financial performance represented by return on assets. A quantitative research design based on the ex-post facto method is adopted, with the target population being all the ten ICT companies operating in Nigeria and listed on the NGX through census technique. Data are obtained from annual reports and corporate governance reports of sampled firms spanning eight years from 2017 to 2024. Panel data analysis is carried out using a fixed-effect regression model which was selected through the Hausman specification test. Data analyses are conducted using Stata software, version 17, with hypothesis testing done at 5 per cent probability level. Empirical results show that board independence has a negative but statistically significant effect on return on assets (p= 0.0015), implying that too much board independence incurs the cost of monitoring and induces decision lags resulting in poor utilization of assets. Board gender diversity has a positive, albeit, statistically insignificant effect on return on assets (p=0.4231), showing that current levels of board gender diversity may be too low to impact financial performance significantly. Board size has a statistically significant positive effect on return on assets (p=0.0489) meaning that moderate-sized boards allow for better access to expertise and other resources that boost financial performance. The control variable, firm size has a statistically significant positive effect on return on assets (p=0.0173). In conclusion, the study reveals that corporate board attributes play an influential role in determining financial performance in Nigeria. The implications of these findings are discussed and recommendations proposed.
Keywords: Board independence, Board size, Financial Performance, board gender diversity, corporate board attributes
