Effect Of Board Of Directors’ Attributes On Financial Performance Of Listed Hospitality Companies In Nigeria

Abstract

This study examines the effect of board of directors’ attributes on the financial performance of listed hospitality companies in Nigeria. Expost facto research design was used, relying solely on secondary data extracted from annual reports of selected hospitality companies listed on the Nigerian Exchange Group between 2019 and 2023. Data was analyzed using fixed effect regression model. The findings reveal that foreign directors has an insignificant effect on financial performance. However, independent directors exhibit a significant negative effect, while gender diversity and board expertise show significant positive effects on financial performance. Based on these outcomes, the study recommends that hospitality firms reassess the selection and effectiveness of independent directors, actively promote gender diversity, enhance board financial expertise, and align the appointment of foreign directors with strategic objectives rather than symbolic representation.