Impact of Female Chief Executive Officers (CEOS) on the Financial Performance of Nigerian Banks: Exploring the Lehman Sisters Hypothesis (Published)
This study investigates the Lehman Sisters Hypothesis by examining whether female CEOs influence bank performance differently from male CEOs in Nigeria. Adopting an ex post facto research design, the study used purposive sampling to select four commercial banks that experienced both male-led (2017–2020) and female-led (2021–2024) leadership. Secondary financial data was obtained from annual reports of the affected banks and analyzed using descriptive statistics, correlation and panel regression with fixed effects. Performance was assessed through Return on Assets (ROA), Return on Equity (ROE) and Earnings per Share (EPS), with bank size as a control variable. Results show that male-led banks reported slightly higher ROA, reflecting greater asset utilization, while female-led banks achieved stronger ROE and significantly higher EPS, suggesting superior shareholder value creation. Regression analysis confirmed CEO gender as a significant determinant of financial performance, with bank size moderating negatively under male leadership but positively under female leadership. The findings indicate that CEO gender matters for Nigerian banks, with female leadership more strongly associated with shareholder-focused performance, offering partial support for the Lehman Sisters Hypothesis. The study recommends greater support for female CEOs in asset productivity strategies, targeted policies to strengthen shareholder returns and deliberate promotion of gender diversity in executive leadership to sustain earnings growth.
Keywords: CEO gender, EPS, Financial Performance, Lehman sisters’ hypothesis, ROA, ROE
The Impact of Credit Risk Management on Commercial Banks Performance in Democratic Republic of the Congo (Published)
The main objective of this study was to find the impact of credit risk management on the financial profitability of the Congo’s commercial banks. The specific objectives were to find the effects of CAR and NPLR considered as independent variables on the performance of commercial banks while the dependent variables were ROE and ROA. We used commercial banks in the Democratic Republic of the Congo as a study population, and as a sample the four largest banks from 2009 to 2016. Using a fixed effects model specification a panel Estimate Generalized Least Squares regression was done on the data using E views software. Adopting a 5% non- directional test of hypothesis, the study found a capital adequacy ratio has statistically significant effect on commercial banks performance in Democratic Republic of Congo. For the second objective which was to determine the relationship between non-performing loans ratio and performance of banks, the study also concluded that NPLR has statistically significant effect on commercial banks. But we have remarked that there is a negative relationship between NPLR and ROE and ROA; and there is a positive relationship between the car and ROE and ROA. The results of the study reveal that banks with high capital adequacy ratios can better advance more loans and absorb credit losses each time they face it, especially in the context of Congolese banks where the uncertainty of reimbursement is high and thus record a better profitability.
Keywords: CAR, Commercial Banks, Credit Risk Management, NPLR, Profitability, ROA, ROE
IMPACT OF WORKING CAPITAL MANAGEMENT ON PROFITABILITY OF CEMENT SECTOR IN PAKISTAN (Published)
The main objective of the study was to find whether financial ratios affect the performance of the companies in the special context of cement industry in Pakistan. This study empirically examines the relationship between working capital management and profitability by using data of 10 Pakistani cement companies listed on Karachi Stock Exchange. The study is based on secondary data collected from financial reports of the sample companies for a period of five years from 2009-2013. The data was analyzed using the techniques of correlation coefficient and multiple regression analysis. All the findings were tested at 0.01 and 0.05 level of significance. We found that the return on equity (ROE) is negatively correlated with the Cash Conversion Cycle (CCC), current ratio (CR), and inventory turnover in days (ITD). While ROE is positively correlated with the Gross Working Capital Turnover (GWCT), Quick Ratio (QR), Average Payment Period (APP), Size of firms (LNSALES), and Funds allocated by government in Public Sector Development Program (LNPSDP). The relationship of Current Ratio is insignificant with ROE, but the relationship is not conclusive.